Trend And Turtle

What does it really mean to follow a trading system?

In Episode 7 of Trend & Turtle, Ben Lichtenstein and original Turtle trader Jerry Parker dig into the discipline behind systematic trend following — taking every trade, accepting small losses, letting profits run, and resisting the temptation to override the rules.

Jerry explains why traders should “love their losses,” why more risk-management rules aren’t always better, and why trading smaller can sometimes be the answer. They also discuss diversification across hundreds of markets, why highly correlated markets can still produce very different outlier trends, and why trying to predict which markets will trend can be a mistake.

Ben also walks through several trades and the lessons they’re providing as he puts the system into practice.

And ultimately, Jerry explains why learning the rules is only the beginning:

You can’t become a Marine just by reading the handbook. Sometimes you need Turtle Boot Camp.

For educational and informational purposes only. Nothing discussed should be considered investment advice. Trading involves risk, and past performance is not indicative of future results.

In Episode 6 of The Trend and Turtle Podcast, Ben Lichtenstein and original Turtle Trader Jerry Parker explore one of the most important — and difficult — parts of systematic trend following: following the rules consistently.Jerry explains why knowing the rules is only the beginning. The real challenge is following them when they’re uncomfortable — taking small losses, letting winners run, accepting drawdowns, and trusting a well-tested system when the market makes you question it.Ben and Jerry also discuss consistency in entries and exits, ATR-based risk, trading multiple systems, missed signals, and why trying to improve a system based on how a trade “looks” or feels can lead traders away from the process.As Jerry puts it:"Choose The Hard Right Over The Easy Wrong."The takeaway: the system doesn’t have to feel right. The discipline comes from doing the same thing, the same way, consistently.Follow along as Ben continues his journey into systematic, rules-based trend following with Jerry Parker.trendandturtle.com**Disclaimer:** This podcast is intended for educational and informational purposes only and should not be considered investment or trading advice. Trading involves substantial risk, and past performance is not indicative of future results.

When should you enter a trade? When should you get out? And which matters more?

In this episode of Trend and Turtle, Ben Lichtenstein sits down with original Turtle Trader Jerry Parker for a deep discussion on one of the most misunderstood topics in systematic trading: entries and exits.

Jerry explains why modern trend following has evolved from the original Turtle rules, why today's systems tend to use longer-term breakouts, and why trying to "improve" a system by filtering trades often does more harm than good.

The conversation explores why every trade must be treated equally, why missing just one outlier can dramatically change long-term results, and why successful trend following isn't about predicting markets—it's about following a tested process with unwavering consistency.

Along the way, Jerry shares lessons from Richard Dennis, reflects on the famous February 1984 heating oil trade that many Turtle Traders missed, explains the evolution from multiple entries to today's one-entry, one-exit approach, and discusses why multiple systems can provide diversification without sacrificing the big winners.

Topics include:

• Learning to love your trading system
• Why losses are an essential part of the process
• The importance of taking every signal
• Why filters often become expensive mistakes
• Buying breakouts vs. buying pullbacks
• Why trend following is systematic—not predictive
• Modern entries and exits versus the original Turtle approach
• Multiple systems and exit diversification
• Why execution matters more than opinion
• Letting the market do the work

As Jerry reminds us:

"If you've followed your rules, taken every trade, managed your risk, and stayed disciplined... give yourself an A+, regardless of how much money you made."

No predictions. No opinions. Just the discipline to follow the rules.

Trend and Turtle follows Ben's journey from discretionary trading to a systematic, rules-based approach under the guidance of original Turtle Trader Jerry Parker.

Educational purposes only. Nothing discussed should be considered investment or trading advice.

Years ago, after returning from Italy, my dad came home with a few stories, a black wool gambler's hat... and a phrase he repeated every chance he got:

"Eccomi qua."

For most of my life, I thought he was simply saying, "Here I am." It wasn't until years after he was gone that I realized I'd misunderstood him.

He wasn't announcing his arrival.

He was reminding himself—and all of us—to be present.

In this video, I reflect on that lesson, how it shaped my decision to leave a career I loved, move to the Outer Banks, pursue trading full time, and build a life that's measured by more than promotions, deadlines, or the next accomplishment.

Sometimes the biggest changes begin with the smallest words.

Eccomi qua. I am here.

Episode 4: Position Sizing, Risk, and Letting Profits Run

Most traders focus on finding the perfect entry.

Trend followers know that's only the beginning.

In this episode, Ben and original Turtle Trader Jerry Parker explore one of the most misunderstood aspects of systematic trading: position sizing, risk management, and why letting profits run is often far harder than taking losses.

Topics include:

• Why every trade must be treated the same
• The importance of sample size in trend following
• Position sizing and risk allocation
• Why most traders think about profits and losses backwards
• The difference between risk and volatility
• Drawdowns on winning trades
• Why trend followers ignore many common market clichés
• The challenge of staying disciplined during losing periods

If you're interested in rules-based trading, long-term trend following, and the psychology required to follow a system through difficult periods, this episode is for you.

A reflection on patience, preparation, and the lessons that stay with us long after childhood.In this short between-episode piece, Ben shares a saying his father repeated throughout his childhood:“Good things come to those who wait.”What once felt frustrating as a kid slowly revealed itself as something much deeper — a lesson in patience, endurance, delayed gratification, and preparation.Drawing connections between life, parenting, and classic systematic trend following, Ben reflects on how successful trading is about far more than simply waiting. It’s about preparation, discipline, managing uncertainty, and consistently doing hard things well.Featuring thoughts and philosophies inspired by original Turtle Trader Jerry Parker and the quote from Beyond Babylon:“Opportunity is a haughty goddess who wastes no time with those who are unprepared.”The Trend and Turtle Podcast follows Ben Lichtenstein’s real-time journey from discretionary trader to systematic trend follower alongside original Turtle Trader Jerry Parker.No shortcuts.No predictions.Just rules.

In Episode 3 of The Trend and Turtle Podcast, Ben Lichtenstein and original Turtle Trader Jerry Parker dive deeper into the philosophy behind classic trend following — before moving into the mechanics.

What does trend following actually mean?

Why do trend followers focus on price instead of prediction?

And why is doing the psychologically difficult thing often the key to long-term survival in the markets?

Jerry shares insights from more than four decades of systematic trading experience, discussing:

• Letting winners run and cutting losses short
• Why only a small percentage of trades often drive performance
• The importance of diversification and systematic rules
• Why trend following is about participation — not prediction
• The evolution from shorter-term Turtle systems to longer-term trend models
• “Trend Following Plus Nothing” and resisting over-engineering
• Why discipline and persistence matter more than brilliance

This episode explores the mindset behind systematic trading — the commitment required to follow rules through volatility, uncertainty, and inevitable drawdowns.

No shortcuts. No predictions. Just process.

⚠️ This podcast is intended for educational and informational purposes only and should not be considered investment or trading advice. Trading involves substantial risk and past performance is not indicative of future results.

A simple idea. A powerful reminder.

“New day. Fresh start.”

From a construction site in college…
to the trading floor…
to today—

this is about more than a saying.

It’s about adapting. Evolving. Putting in the time.
Taking what you’ve learned—and making it your own.

A short film to hold you over until the next episode of Trend and Turtle.

🎧 New episodes coming soon
👉 https://trendandturtle.com

For educational and informational purposes only. Not investment advice. Trading involves risk.

Ben continues his journey from discretionary trading to a rules-based, systematic approach — exploring what it really takes to follow a trend following system in real time.

With perspective from original Turtle Trader Jerry Parker, this episode focuses on discipline, consistency, and the challenge of trusting a process over instinct.

Process over prediction.
Rules over emotion.

This is Trend and Turtle.

From the chaos of the Chicago trading floor to the quiet of the Outer Banks — this is where the journey begins.In Episode 1, Ben Lichtenstein shares how he got his start in the markets and the core idea that shaped everything that followed: the trend. He breaks down a simple but powerful framework:- Markets move in two phases — vertical (trend) and horizontal (range)- Understanding value is key to finding opportunity- Most traders fail because they can’t step back from the noiseAfter years on the trading floor and hosting at the Schwab Network, Ben walks away to trade full-time… only to realize something is missing.That realization leads him to one of the greatest trend followers of all time — Jerry Parker, an original Turtle Trader.This podcast is a real-time experiment. A modern-day version of the Turtle experiment — no shortcuts, no hype, just the work.What to expect:A front-row seat to the journeyReal conversations on trend followingThe wins, the setbacks, and everything in betweenNew episodes drop monthly.Subscribe and join the mailing list for updates and bonus content.Next up: Jerry Parker joins the show.That’s where the real work begins.This content is for educational and informational purposes only and should not be considered financial or investment advice. Trading involves risk, and past performance is not indicative of future results.