Trend Following: How Great Traders Make Millions in Up or Down Markets, New Expanded Edition, (Paperback) | 
| Author: Michael W. Covel
Publisher: FT Press
Category: Book
List Price: $19.99
Buy New: $13.49
You Save: $6.50 (33%)
New (29) Used (15) from $8.98
Rating:  85 reviews
Sales Rank: 73423
Media: Paperback
Edition: Expanded
Pages: 448
Number Of Items: 1
Shipping Weight (lbs): 1.7
Dimensions (in): 9 x 6.9 x 1.2
ISBN: 0136137180
Dewey Decimal Number: 332
EAN: 9780136137184
ASIN: 0136137180
Publication Date: March 19, 2007
Availability: Usually ships in 1-2 business days
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Product Description
THE INVESTMENT STRATEGY THAT WORKS IN ALL MARKETS...WITH PROOF TO BACK UP THE PROMISES *Reveals the trading strategy that made John W. Henry rich enough to buy the Boston Red Sox.*Contains 50+ pages of easy-to-understand charts, actual results from top Trend Followers.*Shows how to apply trend following in your portfolio--one step at a time, in plain English. "Trend Following will replace Market Wizards as the must-read bible for a new generation of traders." --Jonathan Hoenig, Portfolio Manager, Capitalistpig Hedge Fund LLC/Fox News Contributor "Michael Covel's Trend Following: Essential." --Ed Seykota, Trend Follower for 35 years and Original Market Wizard "Investment books that have a lasting appeal offer insight that resonates with a large number of investors. We believe Michael Covel's Trend Following will be such a book." --Richard E. Cripps, Legg Mason Chief Market Strategist "A mandatory reference for anyone serious about alternative investments." --Jon Sundt, President and CEO of Altegris "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, CEO, Superfund "Please read [Trend Following] whether you think you have an interest in trend following or are not quite sure!Covel has hit a home run with it." --Gail Osten, Editor-in-Chief, Stocks, Futures & OptionsMagazine "Covel has created a very rare thing--a well documented and thoroughly researched book on trend following that is also well written and easy to read. This is one book that traders at all levels will find of real value." --John Mauldin, author of Bull's Eye Investing For more than 30 years, one trading strategy has consistently delivered extraordinary profits in bull and bear markets alike: Trend Following. Just ask the billionaire traders who rely on it...traders like John W. Henry, whose trading profits bought the Boston Red Sox! In Trend Following, New Expanded Edition, you'll meet them...and discover exactly how to use trend following in your own portfolio. This expanded edition includes more than 50 pages of easy-to-understand performance charts. It is the book multi-billion-dollar hedge funds have made mandatory reading for their staffs. Michael Covel goes right to the source, presenting powerful insights straight from the world's top trend followers, and debunking Wall Street myths and misinformation from well-known pros who ought to know better. You'll learn how to manage risk, employ market discipline, and, when the moment is right, swing for the home run. *Real proof, real data, real results *Decades of actual performance charts from professional money managers*All the information you need...in one number Why the market price tells you all you need to know to trade*Pinpointing targets of opportunity What to trade, when to trade, and how much to trade*How it's done: classic case studies Who profited from the global scandals of the last 15 years!and how they did it*Meet today's leading trend followers Extraordinary trader profiles, including top traders from the past 30 years MICHAEL W. COVEL is the founder and President of Trend Following . A researcher of the most successful trend following investment managers, he has been in the alternative investments industry consulting on trend following to individual traders, hedge funds, and banks for ten years. From his writing to public speaking, Covel pulls no punches. Passionately educating his clients in order to find that "edge" has made Covel a widely respected expert in the field. He writes for numerous industry publications and is continually quoted and interviewed by Barron's, Bloomberg, and RobTV, to name but a few. An experienced and successful entrepreneur, he is a frequent guest on national TV and radio shows and regularly gives presentations at international hedge fund conferences from Hong Kong to Tokyo, advising listeners on proper trading, decision-making, risk management, and trend following. Covel is also Managing Editor at TurtleTrader.com, the leading trend following news and commentary resource since 1996. Living and working in Virginia, he is a lifelong baseball fan. Contents Foreword by Charles Faulkner Foreword by Larry Hite Preface Acknowledgments 1 Trend Following 2 Great Trend Followers 3 Performance Data 4 Big Events in Trend Following 5 Baseball: Thinking Outside the Batter's Box 6 Human Behavior 7 Decision-Making 8 Science of Trading 9 Holy Grails 10 Trading Systems 11 ConclusionAfterword Introduction to Appendices A Fidelity Wealth-Lab Pro B Performance Guide C Short-Term Trading D Personality Traits of Successful Traders E Trend Following Models F Trading System Example from Trading Recipes G Modern Portfolio Theory and Managed Futures H Critical Questions for Trading Systems Resources Endnotes Bibliography About the Author Index
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| Customer Reviews: Read 80 more reviews...
 Not a good book on the subject. June 21, 2009
P. Harrington (Fountain Hill, PA United States)
This book is quite the mixed blessing. Inside the front cover it says that the book will teach you:, "What to trade, how to trade and how much to trade." Now I don't expect the book to give me specific investment or trading ideas, not only because they would quickly be useless but also because that's not the aim of the book. But this book does little towards helping you find out how to do those three things.
It seems to me that whomever designed the cover for the 2009 edition did not read the book or consult the author. For instance from pages 299-302 there is a reprint of the "Foreward to the First Edition." In it Charles Faulkner correctly described what that edition(and for the most part the 2009 edition) entailed. This seems to contrast with what the cover and inside flap say the book contains.
Another thing that I didn't like is that most of the advice seemed to be based around things like "believe in the trend trading and absolute returns." That in and of itself is fine to say and also say many times but in this book its said a bit too much. I get it, Trend Trading works. I get it that people seem to discount it even though they should keep at it. But please don't keep telling me that over and over again.
I may be nit-picking but it seems like the author contradicts himself. Sometimes he says to follow the trend but sometimes he says you should remain nimble. Take this last paragraph with a grain of salt because it's just something that bothered me and probably not something of use.
Are there positive points? Sure! If you want to get into the lives of traders then this book does quite a good job of letting you know about the lives of the people who follow this strategy. So after reading this you might think a better title would have been "The Trend Trading Life," or "The Lives of Trend Followers."
Finally, and much like in the book, they save the best part for at the end. It seems like the most useful information and data is in the appendixes. Shouldn't appendixes support and supplement the main text and not be more useful than the text itself? Maybe it's just me.
All in all, two and a quarter stars.
Plus: Good view of the lives of Trend Traders.
Minus: Not much in the way of useful guidance or information.
 Waste of Money May 2, 2009
retrade
1 out of 1 found this review helpful
I have read many trading/investing books and this one is a total waste of time and money. Mr. Covel seems most interested in dropping names and showing you lots of graphs and charts from the trend traders he has interviewed, without disclosing anything of value on the parameters for entering and exiting trades.
Not useful April 13, 2009
Trader Is Me (Hartford, CT United States)
3 out of 4 found this review helpful
Misleading title - Doesn't tell you anything about "HOW" great traders are making money. It just repeats itself that there are great traders who use trend following and have made money. Well, good for them. But the book title should say that.
I did not get anything out of the book. Donated my copy to the library.
There are a lot of trading books out there that get hyped. This is one of them.
All sizzle, no steak February 26, 2009
BajaTexas (Deep in the Heart, TX)
4 out of 5 found this review helpful
I understand lots of folks like this book and the purpose of this review is not to offend them. My concerns fall into two primary areas.
1. Covel has a hard time defining what a trend follower actually is. After reading this book several times, I'm still not sure he ever does it. It seems to me that he thinks a trend follower is a swing trader who takes positions longer than a day but shorter than a year. He uses program trading with technical indicators like moving average crosses and oscillators. Unfortunately, there are a number of other ways to follow trends as well, but the book doesn't go there. Frankly, all systems based on technical analysis are "trend following" systems since TA is backward looking by nature.
2. Covel is rather dismissive of other systems that don't fit neatly into his thesis. For example, in the chapter entitled Holy Grails, he goes out of his way to rip Warren Buffet. You may or may not be a fan of Buffet, but you can't argue with his results. More importantly, why go there? Scuba divers and bass fisherman both use boats and play in the water, but beyond that there is no similarity in what they do. The same is true of a comparison between a value investor like Buffet and short term traders. They are in different businesses. Warren Buffet can take care of himself, but reading this particular part of the book was painful. As good as some of the swing traders in the book are, none have amassed the fortune Buffet has with his strategy. Covel looks small when he criticizes Buffet for not investing in firms like Cisco and Microsoft.
I had hoped for a book that provided me with some insight of how great traders think. I got very little of that, so I am naturally disappointed. I understand that Ed Seykota is great. I understand that John Henry is great. I understand that Michael is friends with a lot of really great people. I don't care, but I understand it now.
Like a lot of writers in the sales/business field, Covel is first and foremost a self-promoter. After reading this book, it appears to me that he falls firmly into the Kiyosaki camp. The stories are charming, they cause the reader to get excited, but at the end of the day they leave him hungry and there's always this nagging doubt that none of the anecdotal stories are true. That's because the purpose of the book isn't really to help the reader, but to sell more books, or a system. In short, the goal appears to be to sell Michael Covel, not to help you become a better trader.
Detrimental! January 3, 2009
Ozan S (USA)
4 out of 8 found this review helpful
For 200 pages you read how much trend followers made, trend followers are so great, they are always winners.... It's almost like the book is promoting some money managers. Seriously the book is pretty bad, I almost feel embarrassed to write a review. According to the author you don't need to know anything about what you are really buying, as long as it trends up. So I wonder if Mr. Covel would buy a bag of dirt for $10 just because it was $7 last week. I don't want to get to the dynamics of trends and explain that after you buy a up-trending security you may lose money. But I wonder if Mr. Covel plays rulette and bets on red after red hits 3 in a row, thinking the new trend is red. I had the feeling that this book is written to increase the number of trend followers so when the time comes some people can dump the stocks easier. I wonder how Mr. Covel knows that you wont be the one standing without a chair when the music stops. Anyway, I will say one thing, buying this book may cost you a lot more than its price.
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