Trend Following With Michael Covel

My guest today is Alpesh Patel, a hedge fund manager, Financial Times columnist and Bloomberg TV presenter. The topic is his book How to Win at Spread Betting: An Analysis of Why Some People Win at Spread Betting and Some Lose. In this episode of Trend Following Radio we discuss: Comparisons betweens stocks and futures What the winners have in common Trade frequency, and why active traders tended to do better in Patel's study Buy & holders vs. spread betters Academic vs. practical insights Whether Patel finds himself at odds with other Financial Times writers Why people like to imagine that trend following and momentum trading doesn't exist Patel's experience as an expert witness with "trend following on trial" Why the average person has difficulty with betting small, cutting losses, and letting winners ride George Soros, game theory and trading psychology Win/loss ratios A coin flipping experiment performed with Ph.D's, the importance of position sizing, and why systems aren't everything Why gut instinc