The Importance of Process in Trend Following

Good investing isn't one event. It's a process, yes. A good process has got steps in place to deal with the uncertainty of the future. But if they build this process, then all you have to do is follow it with discipline. And that's always been missing ingredient. I'm a200-day crossover with a 200-day average will work over the long term but people won't stick with it when they get into those transition zones. They'll abandon it after a few whipsaws. Because the markets do trend.

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