Jerry Parker talks about trend following, how to approach wins and losses, dealing with drawdowns, managing correlations in asset classes and how changing market dynamics have impacted trend following and the solution. He also gives us some tips on systematic trading including how he trades without relying on optimal values of the past.

Topics discussed
What types of characteristics Dennis and Eckardt were looking for in the Turtle traders program
How the Turtles were taught to approach losses
Common traits amongst the most successful Turtles
The hardest part of trading as a Turtle
How Jerry overcame the fear of taking trades
The biggest lesson being a Turtle
What Jerry did with the Turtles approach after the program ended
The impact managing other peoples money can have on trading
The key factors that make trend following work
Managing correlations between asset classes
Longterm vs shortterm trend following
Dealing with drawdowns
How changes market dynamics have impacted trend following and solutions
How to diversify to lessen the impact of any one parameter
How to trade without relying on optimal values of the past

PLUS questions submitted by listeners:

The difficulties in knowing when to adjust strategy parameters
Adjusting your system for whipsaws
Tips to avoid data mining
Do the Turtles systems still work in the todays markets?
Are there any markets where the strategies no longer work?
Short versus Long trades
Overcoming emotions in trading
Biggest mistakes and the lessons learnt
What todays Turtle program would look like

** Timestamps (thanks to Kyle Merriman for providing) **
00:00 Start
02:04 Background on the Turtles
07:55 What was the hardest part when trading as a Turtle?
09:35 How did you overcome missing trades?
09:58 What was the biggest lesson you learned as a Turtle?
11:06 What did you do after the program?
12:20 What improvements did you make to your system after the Turtles?
14:38 How did things change when you started managing other people's money?
15:53 How do you make trendfollowing actually work?
18:23 Rebalancing positions
19:35 How do you make your trading longerterm?
21:19 Managing drawdowns
23:00 How have the markets changed?
30:50 How does one measure the health of their system?
33:17 Do you believe the original Turtle strategy is still profitable?
37:53 Are there markets where the Turtle strategy is not as successful?
41:30 What was the hardest thing to overcome in your trading career?
44:49 What is the biggest misconception about trading?
46:33 Can you share some of the mistakes you've made in the past and what you have learned from them?
47:22 What do you look for in your hired CTA's?

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Trading in the financial markets involves a substantial risk of loss and is not suitable for everyone. All content produced by Better System Trader is for informational or educational purposes only and does not constitute trading or investment advice. Past performance is not necessarily indicative of future results.