Ep. 654: No Real Magic with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Zero-Sum Theory of Trading
If you have no edge, you should not trade for profit. Recognizing your edge is a prerequisite to predicting whether trading will be profitable. For every long there is an equal and opposite short in the world of futures speculation. Money is neither made nor lost in futures, it is simply moved from one pocket to the next as margins are swapped each day.
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Transcript
