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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 3 x 23.1 cm
  • Shipping Weight: 862 g
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (2 customer reviews)
  • Amazon Bestsellers Rank: #126,750 in Books (See Top 100 in Books)
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Product Description


“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


"I think that Michael's Trend Following is an outstanding read from which all

investors can learn to trade markets better by limiting their risks and maximizing

their profits through a more disciplined approach to investments."

Marc Faber

Managing Director, Marc Faber Limited

Editor, Gloom, Boom & Doom Report


"I think the book did a superb job of covering the philosophy and thinking behind

trend following (basically why it works). You might call it the Market Wizards of

Trend Following."

Van K. Tharp, Ph.D.

Author of Trade Your Way to Financial Freedom


"Michael Covel does an excellent job of educating his readers about the little-known

opportunities available to them through one of the proven best hedge fund

strategies. This book is like gold to any smart investor."

Christian Baha



"Michael Covel's book is the definitive guide to trend trading. Backed by real world

results from some of the biggest and best money managers in the United States, his

book will put you on the path to successful trend trading."

Larry Connors


"Michael Covel's Trend Following is a breakthrough book that captures the essence

of what really makes markets tick. Diligently researched and comprehensive in

scope, it will replace Market Wizards as the must-read bible for a new generation of


Jonathan Hoenig

Fox News Contributor


"Trend Following: Definitely required reading for the aspiring trader."

David S. Druz

Tactical Investment Management


"I think that this book documents a great deal of what has made Trend Following

Managers a successful part of the money management landscape (how they manage

risk and investment psychology). It serves as a strong educational justification on

why investors should consider using Trend Following Managers as a part of an

overall portfolio strategy."

Tom Basso

Originally profiled in The New Market Wizards

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 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 

See all Product Description

Inside This Book

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Front Cover | Copyright | Table of Contents | Excerpt | Index
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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 (beta) 362 reviews
106 of 116 people found the following review helpful
A Philsophy Book, Not a Technical Manual July 29 2009
By John Forman - Published on
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.
47 of 49 people found the following review helpful
Trend Following- get off the fence and buy this book Jan. 12 2011
By Bruce - Published on
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!
59 of 63 people found the following review helpful
Something new Jan. 12 2011
By adam kress - Published on
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.
329 of 374 people found the following review helpful
A marketing driven success. More fluff than substance. Dec 24 2009
By Online - Published on
Format: Paperback
I believe the positive review on this book are questionable. It was a huge waste of my time. The book has information about trend followers, who they are, why the do it, why they prefer following price over fundamentals, etc. I believe all that. It also talk about the fact trend follows have risk management systems, why they are important, but doesn't say what those systems are. Nor does it explain how to be a trend follower, what to look for, how to create a system, what risk management looks like. Its 200+ pages that says a lot of nothing. Sure, there are people that follow trends and make huge money doing it. But it does not say how to be a trend follower, or how the average person can buy commodities, FX, futures etc, the markets trend followers use. I hate books that promote stuff, but then don't actually tell you anything or how to do it. It does suggest that stocks are the hardest asset class to be a trend follower, but then an appendix had an interesting study that supported trend following in stocks. So who knows. But don't promote trend following if you're not going to then at least suggest resources of how the regular investor (the person this book is directed towards) can buy commodities, fx or futures and be a trend follower

If you're looking for strategies about trend following, when to buy or sell, which type of strategies to follow, which strategies successful trend follower use, don't buy this book. It does not disclose anything about trend following systems. I'll summerize...trend following exists, some people make huge money doing it, they view the world this way. That's it.

I firmly believe that this book is highly ranked because the author is a successful and smart marketing individual. He knows how to promote a product, but does not deliver on the value proposition that product offered. Not surprisingly, he also offers expensive on-line programs and class on trend following, a website, and even has an upcoming self-produced documentary. Its a full-court press to sell the idea of trend following, but does not share how. I suspect, hedge funds or CTAs buy this book and give it to clients because its marketing fluff that validates what they do, without saying how they do it. But that it does not make it a valuable book.

Admittely, I'm always skeptical of authors that write about investing. They are making money by selling books not by investing. For more interesting books written by authors that discuss investor, Jack Swagger's New Market Wizards at least provides more insight into the strategies successful investors follow. So too does the "little black book series".

Ironically, I am a trend following. Its something I believe does work for certain individuals. I was hoping to learn more about the strategies of rock-star trend followers, or ideas to help refine my investment approach or strategy. But this had zero information on the actually strategies, process, models, or even how to create a model.
57 of 62 people found the following review helpful
excelent overview of the trendfollowing trading strategy June 21 2010
By Eric Cunningham - Published on
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!

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