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Trend Following: How Great Traders Make Millions in Up or Down Markets (Financial Times Prentice Hall Books)

4.5 out of 5 stars 49 customer reviews
ISBN-13: 007-6092025474
ISBN-10: 0131446037
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Product Details

  • Series: Financial Times Prentice Hall Books
  • Hardcover: 336 pages
  • Publisher: Financial Times Prentice Hall (April 23, 2004)
  • Language: English
  • ISBN-10: 0131446037
  • ISBN-13: 978-0131446038
  • Product Dimensions: 7.3 x 1.2 x 9.6 inches
  • Shipping Weight: 1.8 pounds
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (49 customer reviews)
  • Amazon Best Sellers Rank: #489,101 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

By A Customer on June 30, 2004
Format: Hardcover
Why should you read this book? Is the book worth the time and effort? The book layed the foundation for my trading career. Brick by brick and chapter by chapter the author supported why trading as a trend follower is so important. Examples of the successes of current trend followers are peppered through the book.
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.
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Format: Hardcover
What's great about this book is that it goes straight for jugular of anyone who can't stop themselves from making predictions about the markets. Like those chart reading traders who think they can actually forecast the market direction. Prediction with charts is a losing game. If 100 traders stare at a chart, they come up with 100 different subjective interpretations. This book may actually make them realize that pretending they have unique skill through years of ink blot study is just blowing smoke.
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.
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Format: Hardcover
I heard about this book from a buddy of mine who trades using a mechanical system similar to trend following. Now I know why he recommended it. The book is a must read for investors and traders alike. Had I read this book three years ago I would have known why my investments were getting slammed by the bear. The author knows his subject inside-out and breaks it down in so many ways, I can't help but be embarrassed by my once magical belief in my broker's insight. I particularly recommend the chapter on behavioral finance that speaks to everyone who has had gut wrenching losing spells.
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By A Customer on May 6, 2004
Format: Hardcover
I got this book a couple days ago and highly recommend it. As an occasional trader and avid reader, I pick up a few books about investing and the markets each year, but I seldom have the reading pleasure of being educated and entertained at the same time. This book does both. Covel manages to be a good storyteller and cover all the basics of trend following. Plus he's spent enough years researching the subject that it's hard to argue with his data. My only question is why aren't there more people trend following if it works so well? Covel names a few of the handful of trend followers who are making millions and none of them are on Wall Street -- very interesting. Bottom line: the quotes in the margin alone qualify this book as a good beach read.
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Format: Hardcover
You don't have to be a trader to enjoy this book, but it helps if you are a stat-head and know your baseball. In one chapter Covel uses the game to break down trend following and how it works. I knew John Henry as the owner of the Boston Red Sox but when Covel explains how Henry who is a trend follower, uses the same strategies to run his baseball team that he does in trading, that was when I appreciated what he was talking about. Here's what I mean: "part of the problem from John W. Henry's perspective is baseball's old guards' love of the Adonis athlete over pure production - hitting, power, plate discipline. Are you smarter than the market? If you could find the data that would prove otherwise but still enable you to win, would you be able to set aside your ego and play the game by a set of rules? If so, you might be on the same path as John. W. Henry." But even if you're only a marginal fan of baseball, and you're an investor, you should still read this book. It pitches a basic truth about investing that anyone can use. If you have enough good data like baseball has stats, you can use that data to make profitable investments if you have discipline. In my opinion that's sound economical advice.
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