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

4.7 out of 5 stars 81 customer reviews

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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: 6.3 x 0.9 x 9.4 inches
  • Shipping Weight: 1.3 pounds (View shipping rates and policies)
  • Average Customer Review: 4.7 out of 5 stars  See all reviews (81 customer reviews)
  • Amazon Best Sellers Rank: #104,512 in Books (See Top 100 in Books)

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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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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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Format: Hardcover
This is my first book review, and as the title shows - I wish this book was ONLY written for me. This is truly one of the best books I have read on trend following, risk management, backtesting and on running a managed fund.

You should be lucky enough to ever get this much information in one book - as opposed to Michael Covel's books, which lead to bits and pieces being given over time. You truly cannot compare the level of Andreas Clenow vs Michael Covel.. it is that far apart.

The in depth analysis of every year the strategy was being implemented over, clearly shows his understanding and frame of mind needed to execute such a strategy. Andreas Clenow manages money, Michael Covel has never managed money.

It's very simple and Richard Dennis said it best: "I always say that you could publish your trading rules in the newspaper and no one would follow them." The author of this book proves that with the year to year analysis in addition to the psychology needed to prepare for the kind of results trend followers REALLY experience.

I will not give more information than that.. like I said, I wish this was only written for my eyes to see.
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Format: Hardcover Verified Purchase
I really liked the ideas in this book and I enjoyed the writing style of the author. Unfortunately the book was targeted to investment professionals who are managing other people's money as a CTA fund manager, so the concepts suggested in the book require a larger investment portfolio than most individual investors would have in order to gain the proper diversification. Even the author says implementing his ideas requires a total portfolio of at least $1 million. That is a fairly significant portfolio for one asset class and is, unfortunately, out of my league.

Despite those comments, I thought Mr. Clenow wrote an investment classic and both individual investors and professionals can gain important insights from reading this book. I am investigating if there is some way I could implement his ideas using avenues other than the exact ones he presented in his book and given a much smaller portfolio that I can dedicate to commodities/futures.
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Format: Hardcover Verified Purchase
This review contains two primary elements. The book review aspect--and the subsequent interaction I had directly with the author after reading the book.

First off--I am not a long term trend follower. I am very short term focused--and often a fader. I am also not a statistical guy and I did not read the book within a backdrop of years of long term trend following using statistics.

I originally picked up the book because of its high reviews--and to see if there were trend lessons in the book that might transcend time frames. There were. In fact it started me thinking about how longer term trade traders think as market circumstances unfold--and gave me many insights as to how they might react as trends continue on, correct or reverse. His insights provided numerous insights for me as to market behaviors I have observed for years watching and trading markets--but could not readily explain.

As an example of my observations---you need look no further than his counter trend "plunger" indicator to find evidence of what I uncovered in the book itself--and observe for yourself how long term trend followers---who often represent large institutional money flows in the market--think and react when a correction of 'X%' occurs. Very simple when someone else points it out--never obvious to me though until the insights I gained from reading the book and and combing through his website.

It now seems much more obvious to me that many of these similarly situated institutional traders are acting in similar fashion as markets trace their course to key levels---correct--resume trends--etc. I have seen the results of their behavior before--after the fact---but never really appreciated what might be going on 'underneath' the market until I read Clenow's book.
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