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Bestselling author Michael Covel is the host of Trend Following Radio with 15+ million listens. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trading -- all passionately explored and debated. Guests include Nobel Prize winners: Robert Aumann, Angus Deaton, Daniel Kahneman, Oliver Hart, Harry Markowitz & Vernon Smith. More guests: Jack Canfield, Howard Marks, James Altucher, Dan Ariely, Jean-Philippe Bouchaud, Kathleen Eisenhardt, Marc Faber, Tim Ferriss, Jason Fried, Gerd Gigerenzer, Larry Hite, Sally Hogshead, Ryan Holiday, Jack Horner, Ewan Kirk, Steven Kotler, Michael Mauboussin, Tucker Max, Barry Ritholtz, Jim Rogers, Jack Schwager, Ed Seykota, Philip Tetlock & Walter Williams. 1200+ episodes.

Oct 11, 2013

My guest today is Larry Williams, an American author, stock and commodity trader, and politician from the state of Montana.

The topic is trading.

In this episode of Trend Following Radio we discuss:

  • IRS and Congress
  • Targeting of individuals and groups by the government
  • Facing the government in a court case and negotiating with the IRS
  • How Williams approached trading at the beginning, and his motivations to do so
  • How growing up in Montana affected Williams personally
  • How Williams came to run for Senate and his reasoning for doing so
  • The importance of speculation, and the difference between speculation and gambling
  • How Williams made the migration from stocks to thinking about futures
  • How Williams approached the emotional and money management sides of the equation
  • Risk control
  • Understanding what kind of system "fits" you best
  • The changing condition of markets
  • Keeping it simple
  • The importance of learning from injury
  • How Williams came to his Libertarian mindset

Jump in!


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:

You can watch a free video here:

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