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Trend Following (Updated Edition): Learn to Make Millions in Up or Down Markets Paperback – Feb 15 2009


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Product Details

  • Paperback: 464 pages
  • Publisher: FT Press; 1 edition (Feb. 15 2009)
  • Language: English
  • ISBN-10: 013702018X
  • ISBN-13: 978-0137020188
  • Product Dimensions: 17.8 x 2.8 x 22.9 cm
  • Shipping Weight: 862 g
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (2 customer reviews)
  • Amazon Bestsellers Rank: #40,279 in Books (See Top 100 in Books)
  • See Complete Table of Contents

Product Description

Review

“Michael Covel’s Trend Following: Essential.”

--Ed Seykota, trend follower for 35 years and original Market Wizard

 

"For my staff, Michael Covel's Trend Following is required reading."

Larry Hite CEO, ISAM,

Originally profiled in The Market Wizards by Jack Schwager

 

"My favorite of the new TA [technical analysis] books is 'Trend Following' by Michael Covel. Straightforward, easy to read, this book is rich in details about why trend following is such a successful strategy amongst some of the world's best-performing hedge funds."

Barry Ritholtz, The Big Picture

 

“A mandatory reference for anyone serious about alternative investments.”

--Jon Sundt, president and CEO, Altergris

 

From the Back Cover

Today, you need trend following more than ever. Read this bestselling book, and put it to work for you! 

  • Real proof, real data, real results
    Includes over a decade of detailed performance charts
  • All the Information You Need...in One Number
    Why the market price still tells you all you need to know to trade--and always will--in both bull and bear markets
  • Pinpointing Targets of Opportunity
    What to trade, when to trade, and how much to trade
  • Meet Today's Leading Trend Followers
    Extraordinary trader profiles, from David Harding to John W. Henry to Ed Seykota 

Inside This Book (Learn More)
Browse Sample Pages
Front Cover | Copyright | Table of Contents | Excerpt | Index
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Customer Reviews

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Most helpful customer reviews

1 of 2 people found the following review helpful By FeniksTrader on Sept. 10 2013
Format: Paperback
Overall this is one excellent book on trend following. It clarified a lot of misunderstanding I had about trend following and patterns.
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1 of 2 people found the following review helpful By Mark Goose on Dec 19 2009
Format: Paperback
A great book that completely changed my investment strategy. I am a trend following investor now and this is mostly do to this book...
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Most Helpful Customer Reviews on Amazon.com (beta)

Amazon.com: 295 reviews
99 of 108 people found the following review helpful
A Philsophy Book, Not a Technical Manual July 29 2009
By John Forman - Published on Amazon.com
Format: Paperback
Trend Following is the sort of book that can either be very rewarding or very frustrating. If you pick it up thinking it's going to provide some secret methods and techniques for trading you are going to end up being one of the folks who ends up panning it because they didn't get what they expected. This is not a technical manual full of strategies. If you understand that going in you'll get a lot more out of it.

This book, to my mind is like a trading version of a text exploring a specific philosophy such as Taoism with something of a comparisson to Buddhism, for example. Trend Following describes the philosophy and highlights some of its promonent proponents. And just like most books on philosophy, it sets you up for further exploration rather than presenting you with a "how to" instruction.

I think if you have the philosophy mindset going in it will go a long way toward helping you find value in the book.
56 of 59 people found the following review helpful
excelent overview of the trendfollowing trading strategy June 21 2010
By Eric Cunningham - Published on Amazon.com
Format: Paperback
Mchael did a very good job in putting this piece together. This is NOT a "how to" book so if that's what you are looking for you will be disappointed. However, it is full of philisophical quotes and commentary from some of the best trend following traders. It's a must read for anyone seriously looking at trading as a business venture. The subject matter is well-researched and is a good 'opening introduction book' for the novice trader. Great work Mike!
55 of 58 people found the following review helpful
Something new Jan. 12 2011
By adam kress - Published on Amazon.com
Format: Kindle Edition
I Thought I had seen and read just about everything to do with trading. From histories of great traders, complicated option formulas, economic theory, the meanings of government statistics and more. Hearing about Covel and reading some of his shorter posts I kept wondering how something as simple sounding as trend following could be a whole book. After finally reading it hardly a day goes by that I'm not thankful for letting "Trend Following" showing me how simple it can be.
46 of 48 people found the following review helpful
Trend Following- get off the fence and buy this book Jan. 12 2011
By Bruce - Published on Amazon.com
Format: Paperback
Excellent Book! It challenges the conventional television pundit/CNBC wisdom and approach to succesful trading and traders. Covel is effective in cutting through all the barage of fundemental data and boiling it down to simple and reliable truth: Price/Momentum/Trend. You will be encouraged, educated and equipped!
49 of 52 people found the following review helpful
The Trend Follower Manifesto April 27 2009
By korova - Published on Amazon.com
Format: Paperback Vine Customer Review of Free Product
Michael Covel is out to save you! He wants to free you from worrying about every little news item that shows up in the WSJ or on CNBC. He'll show you how to stop wasting time trying to make forecasts. And, best of all, he knows how to make money in both advancing and declining markets. Sound good to you?

Well, don't get *too* excited. Trend Following is not a how-to-guide. It doesn't contain any trading "secrets" or tricks. It's really a foundational text that thoroughly describes the philosophy and concepts underlying a trading system driven solely by price trends. Covel uses both hard data and anecdotal evidence, with a strong emphasis on behavioral finance concepts throughout, to make his case.

Keep in mind that if you end up being convinced by Covel, you will have to do a fair amount of additional work to implement his strategy. In other words, just reading Trend Following will not make you ready to start making trend-based trades, much as simply reading chemistry and physics textbooks won't make you a chemist or a physicist. You will need to determine which markets to trade, your parameters for opening and closing positions, and how much risk you are willing to assume. As such, this book is not for novice investors or for people who are not able to make a deep commitment to developing their own trading methodology.

Nonetheless, Trend Following is a book every serious investor should read. Even if you don't buy everything Covel says, it is always useful to question your assumptions, preconceptions, and past actions. No trading strategy is perfect. At a minimum, Trend Following will help you recognize the flaws and weaknesses in what you're currently doing.

Bottom line: four stars, with the caveat that Trend Following is most appropriate for people who have experience trading and are comfortable moving beyond basic mutual fund and retirement account investing.

-----
Two books for anybody who wants to learn more about behavioral finance:
Beyond Greed and Fear (Shefrin)
Why Smart People Make Big Money Mistakes And How To Correct Them (Belsky, Gilovich)

And for comparison, three well-known alternatives to trend following:
A Random Walk Down Wall Street (Malkiel): indexing, very passive compared to trend following
Unconventional Success (Swensen): wide diversification across asset classes, but with a buy-and-hold bias not found in trend following
The Only Three Questions That Count (Fisher): top-down forecasting, the antithesis of trend following

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