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Trend Following: How Great Traders Make Millions in Up or Down Markets (Financial Times Prentice Hall Books)
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From the Back Cover
About the Author
Top Customer Reviews
Does the author give you the secrets to trading? No. Are there any secrets to trading? No. Buy if the price is going up and sell short if the price is going down. Is it that simple? Yes. The author goes out of his way to show example upon example of successful trend traders. These traders are not Wall Street names. They do however, beat the S&P on average year after year, and do so very quietly.
What does it take to be successful? How can I be successful? Simple, find someone who has what you want and then model their behavior. Find a mentor. If you want to make money in the markets then model the behaviour of those who are successful. Granted most of these traders would not take you under their wing, so buy the book and let it serve as your focus. Their behavior is thoroughly outlined through the pages.
People with nothing to say always talk the loudest. In trading the ones who have nothing yell.
Better yet this book is not based off hypothetical testing or experiments in what may work. It uses real performance data from guys who have traded for decades as trend followers. If you worship technical indicators as "it" don't read this book unless you want a hard cold splash of reality. If you worship technical indicators as some market tonic -- go ahead -- but don't forget the best in the business do nothing of the sort.
One of my favorite parts is the description of the hundreds of millions of dollars trend followers won at the same time Long Term Capital Management was imploding and losing their shirts. Wow, what an example of risk and volatility in stark terms.
But ultimately it is the no holds barred condemnation of fundamental analysis that sticks with me. Trend followers don't waste their time trying to understand forces influencing market participants (fundamental analysis) They care about the market price and what they should do in response to market price movement. Isn't that a goal for all of us? Round of applause for the diligent research and clear writing.
Most Recent Customer Reviews
Great book, incredible author, and very readable study into an effective trading technique. I do feel that the book is a tease for bigger and better things though. Read morePublished 9 months ago by Robert Kirk
Some theoretical points, but no technical details, some story from successful traders, I got some insight from them, but as a book I expected more details, how to make money in up... Read morePublished 10 months ago by KAUNG-TI YUNG
If you are looking to expand your overall understanding of the market and want to move beyond 'just buying stocks', its worth the time it will take to read and understand.Published 14 months ago by Richard Mueller
This is a book very much in the tradition of Jack Schwager's Market Wizards. Like Schwager, author Michael Covel interviewed a number of great traders and attempted to capture the... Read morePublished on April 28, 2005 by Rolf Dobelli
I've always been intrigued by what makes top traders tick like the ones in Market Wizards. Because like most people what I do is just keep on investing in the same mutual funds... Read morePublished on July 1, 2004
Good overview book. The information presented is substantial and meaty. Trading biographies, reviews of major events in the markets and trading psychology are all covered. Read morePublished on June 30, 2004
If you want to spend a few hours glued to the pages of a book, pick up a copy of Trend Following. Covel gives you the unvarnished truth about why most of us are on the losing end... Read morePublished on June 30, 2004