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Following the Trend: Diversified Managed Futures Trading Hardcover – January 14, 2013


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Product Details

  • Hardcover: 300 pages
  • Publisher: Wiley; 1 edition (January 14, 2013)
  • Language: English
  • ISBN-10: 1118410858
  • ISBN-13: 978-1118410851
  • Product Dimensions: 9 x 6.2 x 0.9 inches
  • Shipping Weight: 1.3 pounds (View shipping rates and policies)
  • Average Customer Review: 4.9 out of 5 stars  See all reviews (52 customer reviews)
  • Amazon Best Sellers Rank: #53,176 in Books (See Top 100 in Books)

Editorial Reviews

Review

“Following the Trend is an absolute must read for anyone with an interest in systematic trend following whether as an investor, trader, or aspiring manager. The book is at the same time comprehensive and easy to read. As someone who has designed these types of systems, it is absolutely clear to me that Clenow writes as a knowledgeable practitioner, not an armchair theoretician. I admired Clenow’s repeatedly pointing out real life difficulties and drawbacks and his refusal to use optimization or well-chosen examples as virtually all other books of this type tend to do. In short, this is a real life presentation of the subject matter. In one particularly innovative chapter, Clenow creates close replications of some of the best and largest trendfollowing funds by combining his set of simple, non-optimized rules with variations in portfolio composition and volatility level.”—Jack Schwager, Author of Market Wizard and Schwager on Futures series and Market Sense and Nonsense

From the Inside Flap

“Andreas Clenow has written a very unique book that provides a rare insight into how an actual CTA hedge fund manager trades. Backing up all his claims with hard research, he cuts right to the point and educates the reader about how the real value of trend-following futures trading is achieved and how to replicate the success of the major hedge funds. A must read and an essential part of any serious trader's library!”—Carl Gyllenram, CEO, Ability Asset Management / Author of Trading with Crowd Psychology 

“Following the Trend truly captures what it is to be a systematic manager day in and day out. It is a must read for someone with ambitions to create his own systematic fund; highly recommended for everyone who is planning to invest in or understand the intricacies of systematic strategies.”—Sanjiv Kumar, Principal, Fort LP.

“In this excellent work, Andreas has shed light on some very important and previously undocumented aspects of trend following.  This book should be of great interest to Managed Futures managers and investors alike.”—Nigol Koulajian, Founder, Quest Partners, LLC

“This is must read for anyone involved in trading markets.  The thoughtful analysis of how models work and fail will help anyone interested in trading futures. This book adds to the short list of intelligent analysis available for investors to beat the market.”—Robert Savage, CEO, Track.com

“If you want to trade professionally by managing other people’s money, then this is one of the first books I recommend that you read.”—Van K. Tharp, Ph.D., Author, Trade Your Way to Financial Freedom, Supertrader and The Definitive Guide to Position Sizing Strategies

“Trend following is the largest sub-category of managed futures, driven by the market environment of price persistence.  Andreas has taken a complicated topic and provided an insightful viewpoint.”—Mark H. Melin, Author, High-Performance Managed Futures / Editor, Opalesque Futures Intelligence

“A no- nonsense view into the real world of trend following and how it can be done.”—Kathryn M. Kaminski, PhD, CIO and Founder, Alpha K Capital


More About the Author

Andreas Clenow is a hedge fund trader specializing in systematic cross asset strategies. He has a background in quantitative financial modelling as well as prop trading and has been a managing partner of multiple hedge funds.

A Swedish expatriate, Mr. Clenow is currently based in Zurich, Switzerland. He is married and has one son.

You can reach him via his website, www.FollowingTheTrend.com.

Customer Reviews

4.9 out of 5 stars
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This is one of the best, if not THE BEST, book you could read on the subject.
M. Todd Miller
What I really enjoyed about Andreas book is that it is firstly, well written, packed with good information and is extremely hands-on.
Robert
Then, when you are truly ready to pull it all together into a coherent strategy, read Following the Trend by Andreas F Clenow.
ASmith

Most Helpful Customer Reviews

38 of 39 people found the following review helpful By ASmith on January 31, 2013
Format: Hardcover Verified Purchase
The best summary of this book is in the foreword by Curtis Faith, original turtle trader. He recommends to budding trend followers that they first read Reminiscences of a Stock Operator to learn about Jesse Livermore. The original and the best. Then read Jack Schwager's Market Wizards books to learn about other successful traders and trend followers. Then, when you are truly ready to pull it all together into a coherent strategy, read Following the Trend by Andreas F Clenow.

I would personally read Trend Following by Michael Covel before this book, but that's just me. I've known about the turtle rules for a while now, and have backtested hundreds if not thousands of variations of it before reading Following the Trend. Although I am not a CTA nor am I live trading a diversified futures trend following strategy, almost every issue that I've thought about in the past is addressed in this book. Really. From what to do about contract rolls, to what markets to choose, Clenow shows that he's not just some author trying to make a buck. He's been there and done that. His thoughts and solutions only come from personal experience in trading this system. In particular there's a lot of information in here regarding running a fund. This is a book not just for the individual trader but especially for the would-be fund manager.

Before reading this book, I thought I pretty much had all the turtle/donchian channel/moving average concepts down. I didn't think there was really any knowledge that I lacked in getting the strategy up and running. I still found myself underlining a ton of this book, and realize now that I had plenty of gaps in my knowledge of diversified futures trading. This should be required reading material for anyone wanting to get into this type of strategy or business. Clenow is a pro, and I think it's rare for someone who has obvious experience in this business to share step by step what it takes to be a trend following fund.
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19 of 20 people found the following review helpful By Amazon Customer on March 10, 2013
Format: Kindle Edition
Been trading Forex since 2005 and I have read many so called books on trend following but this books knocks it out he park, even though its geared toward larger size institutional level players the historical analysis and strategies you will see professionals use here are truly an eye opener. I have not seen anyone break the data down like this and provide some simple ideas one can play with and test. I am happy to have found this work and a real professional in the industry sharing some knowledge with the small players out there. This is not a one read and your done type book its something you can study and assimilate over time. Then again its said you can publish the rules to the holy grail in the news paper, and no one would follow it. The book touches on so many things I was wondering about like money management, trend filtering, breakouts, and diversifying correctly.
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10 of 11 people found the following review helpful By Broomy on June 9, 2013
Format: Hardcover Verified Purchase
Many of the other reviews here are from established traders. I am not. I have a retirement account with limited investment options, and I was skeptical that the buy-and-hold strategy was a winner. I heard about trend trading and wanted to know more. I read Michael Covel's book Trend Following, which made a persuasive case that trend following was a better strategy. But after reading it I wanted answers to questions such as how does it work in practice? Can you devise a strategy that is less risky, and if so, how do you do it? And what is the tradeoff in return?

Clenow's book had the answers to these questions and more. It really pulled trend trading together for me, and has given me a new perspective on investing. It is pointless for me to think I know what the markets will do. There are plenty of professional asset managers that spend their entire career trying to beat the market, and cannot. Unfortunately, I cannot implement the strategy due to limitations placed on my retirement funds. But since I am retiring soon I will have a lot more investment options available, and I intend to implement the strategies discussed in the book. One limitation of the strategy, as the author mentions in the book, is that you need to have at least US $1 million to get started. But even with limited funds and a strong aversion to risk--I don't want to jeopardize my retirement by taking big risks--the principles described in the book can be used by typical small investors like me. I'm not sure how I'm going to do that just yet, but I will continue to do my research and hopefully figure it out.

The book would also be good reading for clients with investments in hedge funds that use trend trading techniques.
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5 of 5 people found the following review helpful By JR on March 23, 2013
Format: Hardcover Verified Purchase
This is simply the best book on trend following. It's not the easiest nor the most difficult, but it represents trend following honestly and clearly. Clenow delves into the details a real-money trend follower would need [I know since I am one].

Having said that, for a beginner, I would recommend starting with Level 1: Michael Covel's book called "Trend Following" and then Curtis Faith's "Way of the Turtle." Clenow's "Following the Trend" is the perfect Level 2 book following Covel and Faith.
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5 of 5 people found the following review helpful By Lewis Bowker on February 24, 2013
Format: Hardcover
As a practitioner rather than an academic or hobbyist, Andreas gives plenty of insights into of the practical issues you'd encounter when developing a trading system and trading a live account. Ones you'll be unlikely to find anywhere else.

He has written a practical and detailed guide for building a systematic, long-term trend following strategy. The essential building blocks you need to consider, when designing a trading strategy are all covered- from entry and exit rules, portfolio composition, position sizing and risk management.

Although the book is fairly technical by nature, you wont find any programming code or advanced mathematics. It is clearly written and easy to understand for those already familiar with trading and statistics.

The strategies presented are described in enough detail that you should be able to verify the results with most software platforms that offer portfolio-level backtesting capabilities. Then the core strategy could be modified in countless ways to suit your own needs and goals.

A great resource for any systematic traders, or for investors who want to understand how systematic trading works.
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