23 minutes | May 5, 2013

Ep. 119: On Being Picked with Michael Covel on Trend Following Radio

Michael Covel talks about getting "picked" on today's episode of the podcast. Starting off with Blind Melon's "No Rain" Covel sets the groundwork for what's inspiring him today. This isn't a trading specific podcast today, at least for those of you out there that think that trading psychology and trading philosophy are irrelevant. Covel meets people all the time looking for the "secret sauce". Today, you aren't going to get the secret sauce; or at least the secret as you perceive it to be. Inspired by Seth Godin's recent thoughts on being picked Covel talks about Marc Maron, a comedian who recently has found success through his own podcast. Covel talks about how Maron wasn't picked through traditional means: Meeting with Lorne Michaels of Saturday Night Live, Maron's meeting went sideways, he was rejected, and he ultimately had to carve out his own path. Maron started a podcast which became viral, and now even though Lorne Michaels did not pick Marc Maron, Maron sits with his own destiny in front of him, chosen by him. All because he looked at the world slightly differently. Today, he enjoys massive success through an IFC television show, a new book, and a top rated podcast all because of setting out on his own path. Circumstances forced him to do this, but he learned that being picked was not the end all be all. Covel relates this back to his audience: you weren't picked for the trading job, you weren't picked for the investment banking team, and you're already psyching yourself out. A lot of people do this: they don't get picked and then complain for the rest of their lives and essentially quit. If you don't see the relevance in picking yourself to success in trading, you might not ever see it. Godin received complaints through his article on Marc Maron and Covel has received similar complaints which he retells here in the podcast. Some people want to do specific things. Doing "this" requires being picked: "I want to play the flute in this particular orchestra", "I want to trade for Goldman Sachs". At the end of it all, there is a great Buddhist thought: "Live like a mighty river". A mighty river flows. A mighty river does not complain. A mighty river gets it done. Covel talks about his own experience of not being "picked" for CNBC. They were looking for Jim Cramer, Jr. Covel went into the meeting with his eyes wide open and was looking to get the experience to pass along to you today that CNBC, behind the scenes, is a farce. Covel wanted to see behind the scenes for himself, and he got that opportunity being interviewed for CNBC. Covel wasn't picked by CNBC, but they weren't picked by Covel either. That's the attitude to have. Covel concludes with a recent story about being picked that he experienced himself in Thailand, and with what Godin says in his blog post: The problem is that it's frightening to pick yourself, Godin says. "It's far easier to put your future into someone else's hands than it is to slog your way forward, owning the results as you go." Free trend following DVD? Go to http://www.trendfollowing.com/win.

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