Ep. 515: Epic Trend Following Episode with Michael Covel
Michael Covel's Trend Following
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The Effect of Rules-Based Approaches on Trading Volume
When the system is not doing well, what you see is that the period is not because we're losing bigger amounts. But when we trigger it in a bad period, you will find that holding period for losing trades remains approximately the same. Holding period for winning trades is for shortening. We don't have the foggiest notion how to measure any risk, unless in price. And we take the view that if you can't measure it, you can't manage it. I'm not saying that other people can't and can't do so successfully, and I wish them good luck, but I know we can't.
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