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Trading Wisdom from Trend Followers

The Price and Ego

In an interview with Daniel Dunn (son of Bill Dunn and #2 man at Dunn Capital) he was asked if he had a crystal ball projection for [gold]?:

Absolutely we have no crystal balls and anyone bringing one to work would be thrown out summarily.

Think about the daily financial press that never stops with the next prediction. It is all white noise. It is plain useless as Daniel Dunn states.

Jerry Parker – Price and Ego

Technicians seem to be more willing to accept a small loss generated by the trading system than fundamental traders. Traders must accept the assumption that the markets reflect the true reality. Our pride and opinions should not interfere with sound trading approaches.

Jerry Parker – Trend Following for Stocks

Chesapeake has adopted its system to stock trading for both performance and client reasons. Parker says his trend detection techniques work well with stocks, particularly outlier moves in stocks that are in single industries.

Richard Rudy – Buy and Hold: Conflicts of Interest?

The buy and hold investor has been led to believe (perhaps by an industry with a powerful conflict of interest) that if he has tremendous patience and discipline and stays with it he will make a good long term return. These investors fully expect that they will make back most, if not all, of recent losses soon enough. They believe that the best place for long-term capital is the stock market and that if they give it 5 or 10 or 20 years they will surely do very well. Such investors need to understand that they can go 5, 10 and 20 years and make no return at all and even lose money.

Alpesh B. Patel – Honest with Yourself

You have to be very, very honest with yourself. You must not kid yourself. Whether you have a position that is underwater or you are sitting on a huge profit, you have to look at it in exactly the same way. That is the main reason why people lose money in the market. I am very glad that that’s the case because if it wasn’t the case, it would be very difficult for people like me to consistently make money in the market.

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