4.6 • 730 Ratings
🗓️ 11 November 2024
⏱️ 48 minutes
🧾️ Download transcript
My guest today is Steve Burns, the founder of New Trader U in 2011. He started investing in 1993, and trading his own accounts in 1995. It was love at first trade. A natural teacher with a gift for cutting through the bull and making complex ideas simple. He offers an extensive blog resource with thousands of original articles, as well as online courses and best-selling books covering a variety of topics.
The topic is trading.
In this episode of Trend Following Radio we discuss:
Jump in!
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I’m MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I’m proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show.
To start? I’d like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/
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0:00.0 | My guest today is Steve Burns, a repeat guest. |
0:04.2 | Steve is a trader, an author. |
0:06.2 | And I like to think of him as the social media guru. |
0:13.4 | A lot of business experience across many different areas. |
0:18.9 | I always enjoy catching up with Steve, and I hope you do too. Please enjoy this |
0:24.7 | conversation. I saw a post of yours about favorite, let's say, market or money movies. I thought your list |
0:47.7 | is pretty fair. You talked about Wolfo Wall Street, Moneyball, social network, big short, |
0:52.7 | the accountant, which was an interesting choice, which I really |
0:55.1 | enjoyed. I think that was with Matt Damon's friend, Ben Affleck. I want your view on it too, |
0:59.0 | and you can talk about some others as well. But the thing I loved about the Big Short was |
1:02.9 | that it got it right for those particular types of traders. But was interesting for me was |
1:10.7 | it left out the kind of traders that I write |
1:13.6 | about, which made a bloody fortune in the fall of 08. The trend following traders were not mentioned |
1:18.5 | in the big short because the trend following traders did not have a fundamental view about |
1:24.1 | what was going to happen. They just made money regardless of what happened. I'm sure for |
1:30.3 | 99.9% of market players out there, they have no idea about that insight. And maybe they missed |
1:36.8 | what I just said. I don't know. Give me your thoughts about the big short. Yeah, I agree with you. |
1:41.3 | I think that's the best realistic trading movie that was realistic on how it actually works and what their thought processes were, what their risk order ratio was, what they were thinking when they made the trades, how they stayed in the trades. |
1:53.5 | I loved the part with Michael Burry, where how he was trying to get the stress off the holding that big position and playing the drums. |
2:00.1 | There's so many things were just so good about it, but really captured it. |
2:04.1 | Sort of like the rogue trader movie also did in the recent dumb money. |
2:08.4 | I think dumb money was up there with the big short, a real new movie. |
... |
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