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25 of 31 people found the following review helpful
4.0 out of 5 stars Every Financial Blogger's Library
Michael Covel in my estimation is a master marketer. The book is full of stories about successful traders having made millions because they were trend followers. Fantastic. Then what happened?

I agree with his philosophy about trading that with trend following your returns can be high if you cut your losses and let your winners ride; that's how baseball...
Published on October 22, 2006 by Jack Stevison

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78 of 86 people found the following review helpful
3.0 out of 5 stars One Big Idea
There are two kinds of finance books. The ones written by traders, and the ones written by finance writers. Books written by traders are steeped in experience, but often badly put together. The ones written by finance writers are sleek and professional looking, but lack the realism of people who have been battle hardened by hundreds of trades.

This is one of...
Published on December 11, 2005 by AK van Deelen


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78 of 86 people found the following review helpful
3.0 out of 5 stars One Big Idea, December 11, 2005
By 
There are two kinds of finance books. The ones written by traders, and the ones written by finance writers. Books written by traders are steeped in experience, but often badly put together. The ones written by finance writers are sleek and professional looking, but lack the realism of people who have been battle hardened by hundreds of trades.

This is one of the latter. The writer has gotten hold of one idea, "Trend Following", and beats it to death. The problem that he goes well beyond his brief.

For instance, he claims that Jesse Livermore was a trend follower. Nothing could be farther from the truth. Livermore was a momentum trader. His motto was "no stock is too high to buy, or too low to short". Livermore loved breakouts, and didn't limit his trades to the middle of the move.

What is more, the writer lets Ed Seykota get away with his Dr. Seuss witticisms, without having him divulge any of his trading methods. There is nothing new to that, because the same thing happened in The Market Wizards. However, it is not exactly informative.

Without trying to sound like Ed Seykota, trend following only works when there is a trend to follow. Unfortunately, 80% of the time, markets move sideways.
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46 of 49 people found the following review helpful
2.0 out of 5 stars Trend Hype, June 19, 2006
I read this book and I must say that I liked it but it really was just a bunch of hype as to why you should be a trend follower. Everyone in the trading business knows that the trend is your friend. Most have heard of the Turtles and know that trend following can be a great way to make money trading. But what this book doesn't address is how to trend follow. It talks alot about the money managers that do trend follow, but nothing about how, which the title of the book implies. It says "How" but fails to address "How" other then to say these guys are trend followers and you should be too. I would say the title is a little misleading. The title should be , "These Great Traders Make Money by Trend Following". So if you want to learn the "how to" then just forget this book as it will give little insight into that.
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37 of 41 people found the following review helpful
2.0 out of 5 stars A lot of hype, but not enough useful material, February 14, 2007
By 
I really believe in trend following - I use this strategy. I bought this book with an expectation of gaining more knowledge about the strategy. After I read it, I can honestly say that it gave me nothing but an overview of the greatest trend followers. Actually, I should have known that before hand, since the title of the book is "How Great Traders Make....", it does not say "How YOU can make...".

So, if you are looking for "trend following" know-how, you will not get it from this book. You can learn a lot more by reading the "trending" tutorial on the clearstation.
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23 of 25 people found the following review helpful
1.0 out of 5 stars Title is Misleading, February 25, 2007
This review is from: Trend Following: How Great Traders Make Millions in Up or Down Markets, New Expanded Edition, (Paperback) (Paperback)
This book's sub-title say, "How Great Traders Make Money in Up or Down Markets."

The content of this book falls far from delivering its promise. The cover of this book promises that it will show you how to apply trend following techniques to your trading. "Covel walks you through the process, one step at a time, in plain English." He certainly does no such thing.

If you are looking for a trend-following system, you will not find it in this book; nor will you find any help or guidance in how to go about developing your own trend following system.

As someone who trades for a living, I found nothing between the covers of this book applicable to improving real-world trading results.
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21 of 23 people found the following review helpful
2.0 out of 5 stars Not bad, but not very useful, June 3, 2007
This review is from: Trend Following: How Great Traders Make Millions in Up or Down Markets, New Expanded Edition, (Paperback) (Paperback)
I own this book, I even recommend this book. But let me explain the 2 star rating....

While the book is a good history lesson, and shows how some of these guys make a lot of money, it's just not practical advice for the rest of us. I highly doubt that many of us have a billion dollar hedge fund to run.

Also, there are no real strategies in this book.

However, it did get me thinking in a different way. So for that, it is worth the money. (The main thing was to allow for larger swings against your position, allow the market a little more room than I did before.)

I know that this guy sells other products on his website, but to be honest, I don't see them being worth it. Most of this book is about defending trend traders, which is fine, but I wasn't attacking them in the first place.

I have begun to use the 4 hour chart more with his thinking, and I have to say it makes a little more sense. Not to get caught up in "micro-movements" as I call them. But to allow massive 300 pips swings against you on a weekly chart isn't practical for most of us.

So in conclusion, I think it's a good read, but if you get what I got out of it from my review, then it may or may not be worth the money.
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33 of 38 people found the following review helpful
1.0 out of 5 stars A waste of money, November 4, 2006
By 
Bluehat (Berlin, Germany) - See all my reviews
The cover of this book promises that it will show you how to apply trend following to your porfolio. "Covel walks you through the process, one step at a time, in plain English." This is misleading. Aside from a back test on some basic systems, there is no concrete discussion on how to trade trends in the entire book. The portraits of the major trend followers are not uninteresting, but Jack Schwager's Market Wizard series is far superior. Covel also goes to great lengths to "prove" that trend followers were on the winning side of all the major crises and meltdowns of the last decade (e.g. LTCM), but the only proof he offers is that a number of trend followers had gains in the months where others were losing. Much of the book is packed with statistical data on performance that might be of interest to someone writing a thesis on the subject. If that's who you are, buy the book, but don't expect much nuts and bolts information on making money in the market.
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28 of 32 people found the following review helpful
3.0 out of 5 stars So Far So Good, May 7, 2006
This book is not as good as I expected. It talks much about the trading records and philsophy of the great trend following winners. However, only few pages out of the 400+ pages are about how to build trading system. It seems that the author is trying to ask the readers to attend his trading courses. This is skeptical to me because I do not learn anything how to trade in practice after reading this book.
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17 of 20 people found the following review helpful
2.0 out of 5 stars Impressionable, but..., August 25, 2007
By 
Ash Aragam (Worcester, PA) - See all my reviews
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This review is from: Trend Following: How Great Traders Make Millions in Up or Down Markets, New Expanded Edition, (Paperback) (Paperback)
If you are looking for clear cut set of rules/strategy that you, the individual investor, can follow to make money, then look elsewhere. The trend followers solely follow the movement of the price in exclusion to everything else. They identify a trend - uptrend or downtrend - and play upon it. As noted in the book, they react to and not predict the prices.

The methods, far and few, explained in the book are definitely not suitable for me - the retail investor. First of all, I don't have access to a trading system that can follow the rules outlined. Second, I am not a trader in the strict sense myself, where trades are triggered by a system without me realizing what is happening. To perfect such a system would take me ages given that investing isn't my main bread winner. This book will pass off as a great text book in the annals of the Ivy League schools, but when it comes to making money for you, the individual investor again, I think you are better off reading the likes of Jesse Livermore, Nicolas Darwas and William O' Neal. Read the Lessons from the Greatest Stock Traders of All Time' by John Boik or any of William O'Neals books. They define clear cut rules that we can all follow and make money. How else would I have made about 80K in the past three years compared to the first 8 years of my investing where I barely made any.

There are a lot of anecdotes in the book - literally, every page has 2-3 of these. All of these may impress, but in the end they are nice to feel scholarly about. If you are a beginning investor, the first chapter -Trend following, all of 22 pages - lays the foundation by explaining the different schools of thought regarding investing. Then there is 55 pages outlining the great trend followers are their performance but never in clear and precise terms or rules what their methods are. It almost feels sycophantic reading about other 'great' beings the way it is written. At last, after reading almost 210 pages, I got to see some system of trading. All these are pretty dry.

This is possibly the only one exception to the many great investing books in my library that I could have borrowed from the library. You will be better off reading 'How to make money in stocks..' by William O' Neal again and again and again.
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21 of 25 people found the following review helpful
2.0 out of 5 stars Trend Following: How Great Traders Make Millions in Up or Down Markets, New Expanded Edition, (Paperback), May 12, 2007
By 
M. Mosher (North York, Ontario Canada) - See all my reviews
(REAL NAME)   
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This review is from: Trend Following: How Great Traders Make Millions in Up or Down Markets, New Expanded Edition, (Paperback) (Paperback)
Disappointing. Long on theory and very short on practical advice. Not of much use to an individual investor. I would not recommend this book to someone looking for a "how to" book.
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25 of 31 people found the following review helpful
4.0 out of 5 stars Every Financial Blogger's Library, October 22, 2006
Michael Covel in my estimation is a master marketer. The book is full of stories about successful traders having made millions because they were trend followers. Fantastic. Then what happened?

I agree with his philosophy about trading that with trend following your returns can be high if you cut your losses and let your winners ride; that's how baseball hitters (a reference he uses in the book) can make a living. You can have an overall winning percentage lower than 30% and still win big if you let your winners run. People buying this book for the clues to set up your own trend following system will be disappointed though.

This book is a story telling adventure of successful trend followers who have made it big testifying to the fact that they made it big. If you want evidence of actual systems and how they are put together, well, those secrets are not in there, which gets me to the point of my review. I think the people who rated this book a "3" or less were looking for those secrets, something the author makes clear that that is homework you'll have to do yourself.

It's a good book. If you want the secrets of "how to" do it yourself, you'll never find those ideas or mathematical formulas in a book. That can only come from your own experience, education, creativity, and self-discipline.
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Trend Following: How Great Traders Make Millions in Up or Down Markets, New Expanded Edition, (Paperback)
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