Ep. 551: Jack Schwager with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Importance of Skill in Futures
Futures are truly a zero sum game. By definition, that does mean that more people, more money will be lost than is won because everybody has a bid-ass spread to cover except for the people making a market. And there's some sort of commission course, right? So given that, you know, that part of it is almost like a casino where more money will been lost than won. The big difference is a casino is impossible to beat unless you do, unless you're a Thorpe and you do it in some way like Newtonian physics on a roulette wheel. Whereas futures are real markets, they're real fundamentals. You know, prices are just not going up
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