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Zero-Sum Trading: Key Trading Insight for Trend Following Traders

“…winning traders can only profit to the extent that other traders are willing to lose. Traders are willing to lose when they obtain external benefits from trading. The most important external benefits are expected returns from holding risky securities that represent deferred consumption. Hedging and gambling provide other external benefits. Markets would not exist without utilitarian traders. Their trading losses fund the winning traders who make prices efficient and provide liquidity.”
Lawrence E. Harris (homepage)
Chair in Finance, University of Southern California

Download the PDF. This free report is about zero-sum trading, the single biggest reason trend followers win. In the long run, winners profit from trading because they have some consistent advantages allowing them to win slightly more often and, upon occasion, far larger profits than losers. Trend following provides those consistent advantages.

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Michael Covel Trend Following Products

Michael Covel Trend Following Products

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Trend Following Books
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Pricing for trend following systems, risk management, trading psychology and black swan strategies. Absolute return systems and education for brand new traders and established pros. Thousands of clients across 70+ countries. Client feedback.


The Trend Following™ podcast. Listen now on iTunes and Android. Top authors and traders plus alternative commentary. 5M+ listens across 188 countries & territories.

Small Town Guy Makes Millions

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TurtleTrader® Site Map

Small town guy makes trend following fortune. His free lesson delivered on video: GET VIDEO NOW.