A monthly podcast for trend followers
Trend and Turtle is a long-form podcast and real-time trading experiment that revisits one of the most influential ideas in market history: that great traders are made, not born.
Hosted by veteran financial journalist Ben Lichtenstein, the series documents his shift from decades of market commentary to systematic trend following — guided by Jerry Parker, one of the original Turtle Traders.
Join us as we educate, entertain, and inspire through the realities of rules-based trading, discipline, and long-term thinking.
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Episode 8: The Cost of Trend Following
Episode 8 Ben continues his journey into systematic trend following — exploring the real cost of following the rules: whipsaws, drawdowns, giving back profits, mistakes, uncertainty, and learning to stay with the process when it gets uncomfortable.
The Cost of Trend Following.
All Episodes
Episode 1 - From Floor To Shore
The premiere episode of Trend and Turtle. The journey begins.
Episode 2 - Becoming A Modern Day Turtle Trader
Process over prediction. Rules Over emotion
Episode 3 - Trend Following Plus Nothing
Discretionary trading to a rules-based, systematic approach
Episode 4 - Position Sizing, Risk, and Letting Profits Run
Risk less. Stay in the trade. Let the market decide.
Episode 5 - Entries, Exits, the Discipline to Follow the Rules
Trust the system. Take every signal. Stay consistent.
Episode 6 - Following The Rules
Do the hard thing. Trust the system. Stay consistent.
Episode 7 - Turtle Boot Camp
Risk less. Stay in the trade. Let the market decide.
Episode 8 - The Cost of Trend Following
Endure whipsaws. Accept the drawdowns. Give back profits. Stay in the game.
Episode 9 - Season Finale with Jerry Parker
One final conversation with Jerry to close out Season 1. Coming in November.
Who we are - How we got here - Where we're headed... Trend and Turtle began with a simple question...
What happens when a market commentator stops talking—and starts trading by the rules?
For more than three decades, Ben Lichtenstein built a career explaining markets from the inside. From the trading floors of the CME and CBOT to anchoring daily live market shows on the Schwab Network, Ben’s role was to observe, analyze, and interpret price action in real time.
But commentary is not commitment.