Top Traders Unplugged

This week, we discuss how doing less can ensure bigger & better results over time, average client holding periods versus the recommended amount of time, why short trades might be the essential part of a winning system, and why uniqueness is now a key requirement for today’s emerging managers.  Questions we cover this week include: How far should your backtest go? Can emerging Hedge Fund managers still succeed in today’s environment?  Should you adjust past data for volatility? If any listeners would like to leave us a voicemail message to play on the show, you can do so here. Learn more about the free-to-use Top Traders Unplugged Trend Barometer here. You can download your free guide to Systematic Investing, and subscribe to our mailing list by visiting TopTradersUnplugged.com Get a free copy of my latest book "The Many Flavors of Trend Following" here. Send your questions to info@toptradersunplugged.com Follow Niels, Jerry & Moritz on Twitter: @TopTradersLive, @RJparkerjr09 and @MoritzSeibert And please share this episode with a like-minded friend and leave an honest rating & review on iTunes so more people can discover the podcast. Episode Summary 0:00 - Intro 1:21 - Macro recap from Niels 4:11 - Weekly review of returns 7:27  - Top tweets 51:16 - Questions 1: Dane; How far should your backtest go? 54:38 - Question 2: Neal; Do you have a minimum average daily volume when trading stocks? 56:24 - Questions 3/4: James; When using multiple entry signals, do you also use multiple exit signals?  When setting up systems & doing testing, should you adjust past data for intended volatility-weighted position sizing?  Can emerging managers within the hedge fund space still succeed, among pressure for low fees, the cost of running business, & the popularity of indexing? 1:05:18 - Performance recap Subscribe on:

This week, we discuss the differences between recognizing risk and ‘warehousing’ risk, why Fundamental Investors could benefit from implementing Trend Following rules, Diversification as the most important component of risk management, what Traders can learn from Weightlifters, and the delicate balancing act between simple, simplicity, & complexity.  Questions we answer this week include: Is Systematic Investing a form of betting? How do you define a Trend?  Should you scale into positions? If any listeners would like to leave us a voicemail message to play on the show, you can do so here. Learn more about the free-to-use Top Traders Unplugged Trend Barometer here. You can download your free guide to Systematic Investing, and subscribe to our mailing list by visiting TopTradersUnplugged.com Get a free copy of my latest book "The Many Flavors of Trend Following" here. Send your questions to info@toptradersunplugged.com Follow Niels, Jerry & Moritz on Twitter: @TopTradersLive, @RJparkerjr09 and @MoritzSeibert And please share this episode with a like-minded friend and leave an honest rating & review on iTunes so more people can discover the podcast. Episode Summary 0:00 - Intro 1:11 - Origins of Black Friday 2:43 - Weekly review of returns 11:45  - Top tweets 40:52 - Questions 1/2: Michael; Can the number of trades a system signals, give insight as to how well optimized the system is?  Is there a guideline for the number of trades a system should be signalling, for each chosen timeframe (such as Daily/Weekly)? 45:34 - Question 3: Richard; Comment- ‘No deterioration in the overall compound growth-rate of long-term Diversified Systematic Funds, post-2000.’ 46:53 - Questions 4/5: Bing;  Why don’t we risk more per trade? Is trader psychology the main reason for the importance placed on position sizing? 53:21 - Question 6: Jacob; Can you give examples of strategies that ‘warehouse’ risk? 56:41 - Question 7: Nathan; How do we define the parameters of a Trend? 1:01:37 - Question 8: Chad; Do you scale into a position, or go straight to the chosen max risk of equity per security? 1:05:51 - Questions 9/10: Chris;  What should I do with surplus cash once my system reaches its maximum number of positions allowed to be traded simultaneously?  Has the average margin requirements for Bitcoin changed? 1:11:00 - Performance recap 1:24:44 - Final thoughts; Is it becoming harder to be a discretionary macro trader?   Subscribe on:

Is the concept of being a great stock picker overrated?  Are Trend Following returns mean-reverting over time?  Will Sharpe Ratios of Trend Following strategies permanently stay lower from now on?  Is it becoming harder to be a successful discretionary macro trader?  Should you use the same stop-loss for every position? We also give our thoughts on the process of adding a new market to your Trading Universe, ATR and how to apply it to your strategies, when a visit from the SEC can be taken as a compliment, why pain and suffering can sometimes be a necessary component of profitable Trend Following, Louis Bacon deciding to close down his funds, and much more. If any listeners would like to leave us a voicemail message to play on the show, you can do so here. Learn more about the free-to-use Top Traders Unplugged Trend Barometer here. You can download your free guide to Systematic Investing, and subscribe to our mailing list by visiting TopTradersUnplugged.com Get a free copy of my latest book "The Many Flavors of Trend Following" here. Send your questions to info@toptradersunplugged.com Follow Niels, Jerry & Moritz on Twitter: @TopTradersLive, @RJparkerjr09 and @MoritzSeibert And please share this episode with a like-minded friend and leave an honest rating & review on iTunes so more people can discover the podcast. Episode Summary 0:00 - Intro 0:57 - Macro recap from Niels 1:55 - Weekly review of returns 8:22  - Top tweets 46:30 - Questions 1/2: Derek; How do you adapt Trend Following models for a constrained universe of markets?  How do you educate fundamental Traders about quant investing? 53:31 - Questions 3/4/5: Jonathan; Does having a 5000 sample size backtest apply to each market in each system? Do you use out-of-sample testing? Do you optimize using multiple time-periods? 1:00:37 - Questions 6/7: Indrius; How do you use ATR? Do you take less risk per market as you trade more positions? 1:04:22 - Question 8/9: Brian; How many other Trend Following managers should you invest in?  How would you seek out other managers to invest in? 1:12:13 - Question 10: Maurici; Do you use the same stop-loss for every position? 1:19:15 - Question 11: Michael; Why incur personnel costs if all you need is a computer to run your systems? 1:23:37 - Performance recap 1:24:44 - Final thoughts; Is it becoming harder to be a discretionary macro trader? Subscribe on:

In this week’s edition, we discuss the possible benefits of running a multi-strategy portfolio, whether or not you need to have a ‘feel’ for the markets before constructing a model, the new all-time highs on the Dow, Trend Following as a viable solution to the end of the 60/40 portfolio, and the longer-term drawbacks of chasing performance from different fund managers.  Questions we cover this week include: What really went wrong with LTCM? Should Trend Followers also employ Buy & Hold strategies? Is it ok to ‘leave money on the table’?  How would you go about getting into the CTA industry? If any listeners would like to leave us a voicemail message to play on the show, you can do so here. Learn more about the free-to-use Top Traders Unplugged Trend Barometer here. You can download your free guide to Systematic Investing, and subscribe to our mailing list by visiting TopTradersUnplugged.com Get a free copy of my latest book "The Many Flavors of Trend Following" here. Send your questions to info@toptradersunplugged.com Follow Niels, Jerry & Moritz on Twitter: @TopTradersLive, @RJparkerjr09 and @MoritzSeibert And please share this episode with a like-minded friend and leave an honest rating & review on iTunes so more people can discover the podcast. Episode Summary 0:00 - Intro 1:05 - Events review 4:00 - Review of returns & more 17:10 - Top tweets 51:50 - Question 1: Carl; Is the stop price impacted by the cost of execution? 55:30 - Question 2: Saleh; Can you design a system that works in both trending markets and range bound markets? 1:01:55 - Question 3: Edrico; When adding new markets, do you consider correlations to existing markets in a system? 1:04:10 - Question 4: Glen; How would you break into the CTA industry? 1:13:35 - Performance recap Subscribe on:

In this week’s episode, we discuss the recently published book on Jim Simons & Renaissance Technologies, why you shouldn’t be too focused on one position, why it can be difficult to avoid overriding your system based on recent fundamentals, what investors can learn from the world’s best Poker players, and why luck should only be the result of following your edge.  Plenty of questions answered this week including: Should you add to winning positions?  Do you only trade Breakouts or do you also use indicators?  Does less volatility mean more robustness?  Do you trade ETFs? Thank you very much to Jim for submitting your voicemail. If any listeners would like to leave us a voicemail message to play on the show, you can do so here. Learn more about the free-to-use Top Traders Unplugged Trend Barometer here. You can download your free guide to Systematic Investing, and subscribe to our mailing list by visiting TopTradersUnplugged.com Get a free copy of my latest book "The Many Flavors of Trend Following" here. Send your questions to info@toptradersunplugged.com Follow Niels, Jerry & Moritz on Twitter: @TopTradersLive, @RJparkerjr09 and @MoritzSeibert And please share this episode with a like-minded friend and leave an honest rating & review on iTunes so more people can discover the podcast. Episode Summary 0:00 - Intro 0:50 - Live event review 2:45 - Review of returns 10:40-  Voicemail from Jim 13:20 - Top tweets 36:05 - Question 1: Matt; Do you use indicators beyond price action and new highs/lows? 42:00 - Questions 2/3: James; How do you calculate sample size? Does each lookback window need to be treated independently or should risk be managed in aggregate? 51:40 - Questions 4/5: Brian; Why are more volatile systems considered more robust? Does lower volatility lead to better compound returns? 1:06:40 - Question 6: Gaetano; Do you trade ETFs? 1:10:00 - Performance recap 1:11:00-  Ray Dalio discussion     Subscribe on:

This week, we cover some of the dangers of ‘Home Bias’, and the benefits of diversification mixed with good risk management. We also discuss the differences between common Trend Trading and Systematic Trend Following, why investors tend to hold on to losing positions longer than winning positions, why people being hopeful with losses and afraid with profits may be the reason for why Trend Following works, Dunn’s Capital’s recent milestone of 45 consistent years in the business, why Trend Following strategies are more than just the ‘perfect hedge’, ways that Trend Following can be applied to life, and we touch Abbey Capital’s recent article regarding Trend Following performance over the current decade, compared to previous decades.  Questions answered this week include: Should long and short entries be symmetrical?  Should you limit position sizing in particular markets?  What do you define as a small loss? If any listeners would like to leave us a voicemail message to play on the show, you can do so here. Learn more about the free-to-use Top Traders Unplugged Trend Barometer here. You can download your free guide to Systematic Investing, and subscribe to our mailing list by visiting TopTradersUnplugged.com Get a free copy of my latest book "The Many Flavors of Trend Following" here. Send your questions to info@toptradersunplugged.com Follow Niels, Jerry & Moritz on Twitter: @TopTradersLive, @RJparkerjr09 and @MoritzSeibert And please share this episode with a like-minded friend and leave an honest rating & review on iTunes so more people can discover the podcast. Episode Summary 0:00 - Intro 1:05 - Macro recap from Niels 2:20-  Weekly review of returns 9:00 - Top tweets 35:05 - Questions 1/2: David; Should a bearish strategy mirror a bullish strategy (i.e. 100 day hi/lo entry for both)? Should you expect bearish strategies to do as well as bullish strategies? 39:45 - Question 3: Walter; Do you have position size limits on individual contracts? 44:15 - Question 4: Neil; What is the definition of a “small loss”? 49:50 - Performance recap 50:55 - Discussion of Abbey Capital white paper Subscribe on:

On the show today, we cover some of the dangers of investing in something based on its story alone, how market environments can change while the behaviour of participants stays the same, why Trend Followers rely on secret fundamental information being baked into price, the importance of avoiding Outcome Bias,  how cockroaches behave in ways that should be the basis of any robust Trading System, and Niels explains how to use the Top Traders Unplugged Trend Barometer.  Questions we answer this week include: Do you prefer simple or exponential Moving Averages? Should you use the closing price or the settlement price? Do you measure ATR from the closing price or settlement price?  How would you best illustrate trend strength over particular periods of time? If any listeners would like to leave us a voicemail message to play on the show, you can do so here. Learn more about the free-to-use Top Traders Unplugged Trend Barometer here. You can download your free guide to Systematic Investing, and subscribe to our mailing list by visiting TopTradersUnplugged.com Get a free copy of my latest book "The Many Flavors of Trend Following" here. Send your questions to info@toptradersunplugged.com Follow Niels, Jerry & Moritz on Twitter: @TopTradersLive, @RJparkerjr09 and @MoritzSeibert And please share this episode with a like-minded friend and leave an honest rating & review on iTunes so more people can discover the podcast. Episode Summary 0:00 - Intro 0:50 - Live event recap 6:00 - Macro recap from Niels 9:55 - Weekly review of returns 12:45 Niels describes his trend indicator 16:40 - Top tweets 34:55 - Questions 1/2: Scott; Do you prefer a specific type of moving average? Do you use settlement or last trade in your models? 38:50 - Question 3: Carl; Do you calculate ATR using the closing price (versus entry price)? 40:30 - Question 4: Nathan; How do you articulate the current volatility environment versus history? 50:00 - Performance recap 51:40 - More live event comments Subscribe on:

This week, we discuss Bank of America’s declaration of the end of the traditional 60/40 portfolio, the different attitudes to having ‘insurance’ in the markets, the reasons why too many fund managers are aiming for average returns, and the importance of consistently being present to profit from the biggest price moves.  Questions we cover this week include: what can be considered a large enough sample size when performing a backtest? What is the best investing advice you have ever received? Should Trend Following funds screen potential clients? How do you deal with positions that show no price movement for a period of time? If any listeners would like to leave us a voicemail message to play on the show, you can do so here. You can download your free guide to Systematic Investing, and subscribe to our mailing list by visiting TopTradersUnplugged.com Get a free copy of my latest book "The Many Flavors of Trend Following" here. Send your questions to info@toptradersunplugged.com Follow Niels, Jerry & Moritz on Twitter: @TopTradersLive, @RJparkerjr09 and @MoritzSeibert And please share this episode with a like-minded friend and leave an honest rating & review on iTunes so more people can discover the podcast. Episode Summary 0:00 - Intro 1:05 - Macro recap from Niels 4:10 - Weekly review of returns 7:00-  Top tweets 38:00 - Question 1: Jacob; How do you do actual executions (order types, manual, etc.)? 40:50 - Question 2: Jacob; When you get a fill, how do you set your stop? 42:40 - Question 3: Jacob; What happens if a stop is hit on the day of entry? 45:40-  Question 4: Mannik; What sample size is sufficient for a backtest? 49:30 - Questions 5/6: Craig; Should TF investors be screened for patience? What personality traits are best for TF and the required patience? 57:40-  Questions 7/8: Dimitri; How do you handle positions that haven’t moved in a long time? Does the potential for a large move increase the longer a price goes sideways? 1:03:20 - Performance recap Subscribe on:

On this week’s episode, we discuss the tendency for investors to confuse volatility & noise with risk and instability, the benefits of great mentorship, why the best investments are those that have survived calamitous periods, why risk from any single market shouldn’t be able to ruin your portfolio, and Larry Hite’s observation that there is very little magic in Trend Following. Questions we answer this week include: can a 10-year track record can be considered as anything more than noise? Is there a way to achieve exceptionally high returns with minimal risk & volatility?  What really is a ‘fat tail’?  Can Trend Followers make money in rising interest-rate environments?  Can you apply Trend Following to the VIX index? If any listeners would like to leave us a voicemail message to play on the show, you can do so here. Register your interest for our upcoming live event in New York here. You can download your free guide to Systematic Investing, and subscribe to our mailing list by visiting TopTradersUnplugged.com Get a free copy of my latest book "The Many Flavors of Trend Following" here. Send your questions to info@toptradersunplugged.com Follow Niels, Jerry & Moritz on Twitter: @TopTradersLive, @RJparkerjr09 and @MoritzSeibert And please share this episode with a like-minded friend and leave an honest rating & review on iTunes so more people can discover the podcast. Episode Summary 0:00 Intro 1:15 Macro recap from Niels 8:15 Top tweets 45:45 Question 1: Gaetano; Is it reasonable to TF volatility/VIX futures? 50:00 Debate: Can TF make money in a rising rate environment? 1:01:20 Performance recap 1:03:30 Live event update 10/26/19-10/27/19; Special Guest: Denise Shull Subscribe on:

This week, we discuss the potential risks of aiming for smooth & steady returns, the pitfalls of having to make predictions, the higher-than-expected appearances of tail events, why it’s dangerous to look at the ‘average performance’ of an industry, and why aiming to trade in a style that suits your personality can actually turn out to be a bad idea.  Questions we cover this week include: Have you encountered any CTAs with unusually low-frequency trading strategies? Should the optimization of your strategy come from an ideas-based approach or a data-based approach?  How do you feel about the integration of Value Investing into a Trend Following strategy?  What does discipline mean to you, and how do you stay disciplined? If any listeners would like to leave us a voicemail message to play on the show, you can do so here. Register your interest for our upcoming live event in New York here. You can download your free guide to Systematic Investing, and subscribe to our mailing list by visiting TopTradersUnplugged.com Get a free copy of my latest book "The Many Flavors of Trend Following" here (only 1 space left). Send your questions to info@toptradersunplugged.com Follow Niels, Jerry & Moritz on Twitter: @TopTradersLive, @RJparkerjr09 and @MoritzSeibert And please share this episode with a like-minded friend and leave an honest rating & review on iTunes so more people can discover the podcast. Episode Summary 0:00 Intro 1:05 Request for podcast reviews 1:30 Macro recap from Niels 4:00 Weekly review of returns 11:10 Top tweets 43:25 Live event update 10/26/19-10/27/19; Special Guest: Denise Shull 44:20 Question 1: Chris; What should an individual pay in fees (data, commissions, etc.)? 47:45 Question 2: Chris; Do you follow front month or highest open interest contracts/continuous contracts or the month you are trading? 54:30 Question 3: Jacob; Have you encountered extremely low frequency CTAs? 1:00:20 Question 4: Jacob; What is your opinion on optimizing using ideas (vs data) first? 1:03:50 Question 5: Jacob; How do you feel about TF meets value investing? 1:08:30 Question 6: Adrian; What does discipline mean to you and how do you stay disciplined? 1:15:00 Performance recap Subscribe on:

“We do two of the hardest styles of investing that I am aware of.” - Alan Sheen (Tweet) Today on Top Traders Unplugged, I continue our conversation with Alan Sheen, talking about how and why he designed Dalton Street Capital’s investment strategy the way he did, and how it has performed compared to the market average over the past three years. Listen in to today's episode to learn how Alan’s strategies are different from traditional managed futures, his managerial approach that enables employees to innovate, and what an investor should ask a potential manager when doing their due diligence. Thanks for listening and please welcome our guest Alan Sheen. In This Episode, You'll Learn: * Why Alan developed a hedging strategy based on volatility and liquidity * The connection between the Australian and US markets * Why Alan does not trade in US markets in his intra-day strategy * Why Dalton Street Capital focuses on Australiasian markets “Our managed futures have had a very similar experience to most managed futures - we’ve been flat to down over the last three years. But what has dragged us through these last three years is that equity exposure.” - Alan Sheen (Tweet) * Where Dalton Street Capital’s return profile comes from * Why Alan also trades in medium to long-term trend following * How Dalton Street Capital’s equity portfolio performs against the market average * Alan’s perspective on model decay “If you’re not going to invest the way we do in a systematic manner, good luck with anything else because it’s not repeatable.” - Alan Sheen (Tweet) * Why alignment of interest is important in an investment strategy * How Alan approaches market research * What questions should investors be asking themselves Connect with Dalton Street Capital: Visit the Website: Dalton Street Capital Call Dalton Street Capital: +61 2 8651 3489 “Model decay occurs significantly in strategies that are risk based and not behavioral.” - Alan Sheen (Tweet) Subscribe on:

In this week's episode, we discuss why Sharpe Ratios should be taken with a pinch of salt, the benefits of using a Trading Coach, why consistently aligning with the best odds may be a better strategy than trying to predict future price moves, DUNN Capital’s recent award from HedgeWeek magazine, why ‘the standout hedge fund traders this year have been computer-driven Trend-Followers', and why Risk Management is more important than strategy or philosophy.  Questions answered this week include: Why are commodities seen as more risky than equities?  Can you use Options in a Trend Following strategy? Should you keep your stop-loss proportionately the same across different time-frames?  Are there any markets to be avoided by new managers? If any listeners would like to leave us a voicemail message to play on the show, you can do so here. Register your interest for our upcoming live event in New York here. You can download your free guide to Systematic Investing, and subscribe to our mailing list by visiting TopTradersUnplugged.com Get a free copy of my latest book "The Many Flavors of Trend Following" here. Send your questions to info@toptradersunplugged.com Follow Niels, Jerry & Moritz on Twitter: @TopTradersLive, @RJparkerjr09 and @MoritzSeibert And please share this episode with a like-minded friend and leave an honest rating & review on iTunes so more people can discover the podcast. Episode Summary 0:00 - Intro 1:05 - Reading of various podcast reviews 3:00 -  Macro recap from Niels 6:20 - Weekly review of returns 10:15 - Discussion of Mercer Trend Following paper 18:15 - Live event update 10/26/19-10/27/19; Special Guest: Denise Shull 20:35 - Top tweets 36:10 - Questions 1/2/3: Eric; Do you hedge with OTM options? Can you use options to trade trends? Will HFT algos negatively impact TF systems? 41:40 - Question 4: Sam; Should stop distance (ATR multiple) adjust with the trend speed? 47:50 - Question 5: Noobe; Are there any contracts a new manager should avoid? 54:20 - Question 6: Clay; With minimal trading activity, what do TF do all day? 1:00:50 - Question 7: Giangitano; Should you have real stop orders in the market (vs stop alerts)? 1:09:20 - Performance recap 1:10:15 - Closing thoughts Subscribe on:

“I learned everything I ever needed to know about systematic and quantitative investing even before I set foot in the field because systematic and quantitative investing, at the end of the day, is about discipline.” - Alan Sheen (Tweet) Today on Top Traders Unplugged, I’m speaking with Alan Sheen, Founder and CIO of Dalton Street Capital. Alan has an interesting background in science and engineering, and also spent time in the military, which allowed him to later thrive in rules-based investing. He’s also the first Australian manager to be on the podcast. Listen in to today's episode to learn about Alan’s journey from the Australian military to starting his own investment firm, why investors should look at volatility not as risk but as an opportunity, and what an investor’s own personal car says about their investment strategies. Thanks for listening and please welcome our guest Alan Sheen. Subscribe on: In This Episode, You'll Learn: * What Alan’s childhood was like in Australia * Why Alan studied aeronautical engineering * How Alan equates gas-turbine engines with robust investing * How Alan’s experience in the military helps him as an investor “I was stunned when I came into the investment market and realized that the mentality was have a hunch, bet a bunch.” - Alan Sheen (Tweet) * How Alan was influenced by Darwin’s “The Origin of the Species” * Quantitative investment’s prevalence in Australia in the early '90s * The influence the VIX Index had on Alan’s career * How Alan’s hedging strategy turned into a managed futures strategy “What I’ve tried to explain to people is volatility is not risk, volatility is opportunity.” - Alan Sheen (Tweet) * Why Alan use an equity portfolio as collateral instead of cash * How volatility can be opportunity and a friend * How Berkshire Hathaway has benefited from a volatile market * The importance of an investment manager to personalize their hedge funds Connect with Dalton Street Capital: Visit the Website: Dalton Street Capital Call Dalton Street Capital: +61 2 8651 3489 “Humans, no matter how far we’ve evolved, no matter who we mate with, no matter how intelligent we think we’ve become, our behavior doesn’t change.” - Alan Sheen (Tweet)   Links Mentioned: * Sensation Seeking and Hedge Funds

In this episode, we discuss Howard Mark’s comments regarding not losing money being more important than missing opportunities, how solid Trend Following performance can often stay on the edge of randomness, recent opposing comments from the AHL founders on the effectiveness of Trend Following in today’s markets, why complexity and complication might actually be different from one another, and we also touch on a white paper which points out an increased inaccuracy with backtests the more complex a system gets.  Questions answered this week include: How easy is Trend Following to carry out? Are funds today charging too much in fees?  Is there a way to accurately predict future price moves?  Daniel Crosby mentioned in a recent Top Traders Unplugged interview, that 'the best investments were the ones that were left alone', what do we think about that statement? How do we keep our cool around friends & family after a very bad week in the markets?  Do clients have a wide & varied attitude toward portfolio volatility? If any listeners would like to leave us a voicemail message to play on the show, you can do so here. Register your interest for our upcoming live event in New York here. You can download your free guide to Systematic Investing, and subscribe to our mailing list by visiting TopTradersUnplugged.com Get a free copy of my latest book "The Many Flavors of Trend Following" here. Send your questions to info@toptradersunplugged.com Follow Niels, Jerry & Moritz on Twitter: @TopTradersLive, @RJparkerjr09 and @MoritzSeibert And please share this episode with a like-minded friend and leave an honest rating & review on iTunes so more people can discover the podcast. Episode Summary 0:00 - Intro 1:00 - Weekly recap from Niels 4:10 - Weekly review of returns 9:00 - Top tweets 39:00 - Question 1: Francois; How do you stay cool after a bad week trading? 48:30 - Question 2: Adrian; What is the optimal level of trading activity in a robust system? 52:20 - Question 3: James; Should CTAs offer the same program with different vol targets? 1:02:00 - Question 4: James; Is Jerry trading individual stocks or a basket of stocks? 1:05:45 - Performance recap Subscribe on:

“Emotion overrides cognition pretty dramatically” - Daniel Crosby (Tweet) Welcome to Top Traders Round Table, a podcast series on managed futures brought to you by CME Group. On today's episode, host Niels Kaastrup-Larsen continues his conversation with Dr. Daniel Crosby, Chief Behavior Officer of Brinker Capital, and the host of The Standard Deviation Podcast. Niels and Daniel discuss how emotion affects investment decision-making, the problem with financial media, and what investors can do to correct their bad investment behavior. Subscribe on: In This Episode, You'll Learn: * The key points of dealing with emotion as an investor * Why rules are better than goals * Daniel’s Four “C”s of investing * The importance of rule-following for investment managers * What is the role of clarity in investing “More than anything, overcoming emotion is just about automating.” - Daniel Crosby (Tweet) * Why an overabundance of data can be detrimental to decision-making * The role of courageousness in investments * Why process over outcome is important * Why volatility is not the same as risk This episode was sponsored by:     Connect with our guests: Learn more about Daniel Crosby and Brinker Capital “There has never been a better time in the history of the world to be an investor.” - Daniel Crosby (Tweet)