Ep. 320: Mike Shell Interview with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
00:00
How to Decide in Advance What Price You'll Sell at if You're Wrong
Mike Shell: The idea that you will know in advance, decide in advance the price you'll sell at if you're wrong is still tricky for most people to accept. If I've got something and I want to get into it 50 because some signal said that I should, then I have to know at 45 or whatever, what point am I going to get out? He says when he buys a stock with an over-bought position of $50, he already has lost money by doing so. "I'm ultimately looking at this stuff every morning about 6am until about 11am"
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