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The Trend Following Bible: How Professional Traders Compound Wealth and Manage Risk Hardcover – December 17, 2012

3.8 out of 5 stars 32 customer reviews

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  • The Trend Following Bible: How Professional Traders Compound Wealth and Manage Risk
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Editorial Reviews

From the Inside Flap

There is no easy way to make money in today's markets. If you're looking for get-rich-quick advice or the holy grail of trading, the only thing you're really doing is wasting time and money. In order to truly excel at this difficult endeavor, you have to work hard, stay focused, and follow a method that will put the odds of success in your favor.

Nobody knows this better than author Andrew Abraham—a commodity trading advisor with over eighteen years of experience using trend following techniques to compound wealth and manage risk. And now, in The Trend Following Bible, he shares valuable insights, from the perspective of a professional who trades for a living, of what you need to know and internalize to become a consistent and successful trend trader over time.

Written with the serious trader in mind, this unique guide skillfully puts trend trading in perspective. It discusses the development of a robust trading plan, which is applicable to all time frames and markets, details how to manage the inherent risks of trading, and reveals how important patience and discipline are in order to see your plan through.

Along the way, Abraham explains the psychology behind successful trend trading, provides practical examples of traders who have applied it, and addresses the underlying principles you'll need to know in order to make this approach work for you—from trading the best markets, betting small, and using stop-losses to trading with the trend, cutting losses, and avoiding overtrading.

Trend trading is a journey filled with ups and downs. But by taking the ideas found here, and applying them to your own personality and risk tolerance, you'll discover what it really takes to capture trends and make money with them in the long run.

From the Back Cover

Praise for The Trend Following Bible

"I like Andy's statement that trading has to fit one's personality. Everyone is different. I've met quite a few successful traders over the twenty years I've been trading professionally. Ironically not one person uses the same system. What Andy does capture are the true building blocks of building a successful trading system."
—Ken Kinkopf, President, Kinkopf Capital Management, LLC

"I have been registered in the futures industry since 1987, and the information on trend following provided by Andrew Abraham is some of the most comprehensive and easy to follow that I have seen. Andrew provides pure information with no hidden agendas. He does not hide the risk nor simplify the work a trader needs to do. Discipline and patience, two of the most key elements in money management, are stressed. I would highly recommend that anyone serious about trading should read this book."
—Chuck Bohm, Pioneer Futures Inc.

"Where I feel that Andy's insight is so valuable is that he is an active practitioner. He gives us views, and posts articles, that highlight the discipline and self-belief needed to be successful in this arena. Trend following sounds so simple; looking at a chart is easy to say, in hindsight, that we would have bought there and sold here. Now tell me where we are going tomorrow. Andy's blog shows us that trend following is about percentages. Increasing your chances of calling the future direction of a market correctly over time, and having an exit plan in place before one takes a position. I encourage anyone with exposure to the markets, regardless of experience, to read this!"
—Benjamin Smith, ADM Investor Services International

"The best investors are not afraid to share their trading plan with others as they know that there is no secret recipe in all this, that risk management and discipline are really 95% of the battle. Clearly Andy is not afraid of providing his."
—Gerald Rehn, Principal, Rehn Capital Management, LLC

"Andy gives a structured, simple, and concise way to understand trend following and, most importantly, the discipline and patience this strategy needs in order to work. I really enjoyed his personal views and risk management tools that have kept him in trading for many years."
—Eduardo Frid, EF Financial Services

"Right on Andy!"
—Todd Miller, Availeth Capital, LLC

"Andy's explanation of trend following is extremely informative and should be very useful for any individuals who hope to begin trading in a trend following strategy. One of my favorite aspects of his book is that he is relaying the message that trend following and trading are, indeed, work. So many individuals have the wrong impression entirely as to what it is that a trader or trend follower does with his or her time. As with any other career path, trading takes time, research, and extraordinary effort in order to be successful. I would highly recommend that any individual interested in trend following read Andy's blog as well. The information is accurate and effective."
—John David McDonnell, RCO Financial, Inc.

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Product Details

  • Hardcover: 224 pages
  • Publisher: Wiley; 1 edition (December 17, 2012)
  • Language: English
  • ISBN-10: 1118407741
  • ISBN-13: 978-1118407745
  • Product Dimensions: 6.3 x 0.8 x 9.4 inches
  • Shipping Weight: 1.2 pounds (View shipping rates and policies)
  • Average Customer Review: 3.8 out of 5 stars  See all reviews (32 customer reviews)
  • Amazon Best Sellers Rank: #588,216 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

By Michael E. Strupp on December 28, 2013
Format: Hardcover Verified Purchase
I have a lot of respect for Andrew Abraham as a veteran trader who is passionate about the markets, has talked to lots of traders, and is willing to share the hard-earned insights he has gained through years and years of trying to grinding out profits in the market. His dedication to sharing his craft is admirable and commendable.

You will find a some really good trading gems in this book, and some well-deserved discussions regarding how hard it is to trade and make money year in and year out. I wish more trading books placed such emphasis on the "realities" of trading. As Andrew points out, if you're new to the markets and expect to make 50% to 100% per year using someone else's "trading robot", you are deluding yourself. Trading is a tough and ugly business, by far the hardest "easy money" you will ever make. The chapter on "The Trend Follower Mindset" was especially good - anyone who wants to trade systematically should read this chapter and take it to heart. In fact, you should probably read that chapter twice.

My sole disappointment with this book is just how poorly it is edited. I don't know if the responsibility for this rests on the writer, or the publisher (or more likely, a combination of both), but at points it feels like the author is rambling, almost to the point of incoherence.

Let me give you one example: in Chapters 7 and 8 ("trend breakouts" and "trend retracements"), the author spells out pretty clearly his methodology for trend trading the markets. He lays out his rules and he provides examples for how he trades. However, in Chapter 9 ("The trend following mindset"), on page 138, he writes: "My goal is to enlighten you and teach you what it took decades to learn.
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Format: Hardcover
Andrew Abraham is a commodity trading advisor who has traded professionally for 18 years. He specializes in trend following strategies and recently published The Trend Following Bible.

The author profiles successful traders and warns of false messiahs and "geniuses" in the early part of the book. Abraham clearly states the objective of the book (always the first thing I look for!), but does not do so until page 79, which makes the "introduction" lengthy and repetitive. He promises to show readers how to have an exact trading plan, how to take low risk bets, how to take losses, how to allow profits to run, and how to develop the proper mindset of a trader. These are worthwhile topics and in short I believe he achieved those objectives despite some of the other shortcomings of the book.

His trading plan begins with a discussion of risk and capital management. He then shows how he identifies trending markets, including his use of Rate-of-Change (ROC) and MACD. He then shows precisely where he places his hard stops and trailing stops and how he takes profits.

Abraham's objective was not to sell his exact trading system to his audience, but rather his process. He encourages readers to create a system which fits his or her personality. As he states "strategies do not make good traders". He also notes that the tenets of trend following are simple and intuitive but in practice difficult to apply due to our own fear and greed.

Abraham repeats many trading psychology tips and tricks in an effort to help develop the proper mindset of a trader. While he repeats many of the same slogans pertaining to discipline and patience, they are worth repeating because they are so crucial to long-term trading success.
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Format: Hardcover Verified Purchase
I rated this 5 stars because I am someone that is looking to seriously create a trading plan to get a consistent return of my trading over time using a trend following methodology. Andrew Abraham delivered an out of box trading method that he has used to generate returns for himself over 18 years. Using a combination of Andrew's methods mixed with the understanding of some market psychology and discipline found within yourself can actually work! I liked this book because it reinforces the trading methods I was introduced to through Michael Covel's books which I highly recommend and I was searching for more like minded traders and read Andrew's book who actually recommended Covel in this book.

Trend Following Bible is about 200 pages worth of information with what sort of mindset/psychological makeup you should have as a trader, proving the successes of others over long periods of time with compounding returns, his trading method, and guides you along your path. From my experience reading there is no book out there that is a "holy grail" that just by simply reading will show you how to "win" at trading, but this one comes pretty close.

If you are not wanting to put in any time in doing your own research and using your knowledge learned to develop your own rules and stick with them then this book is not for you. This book is guidance for people that are serious about trading and will help your learning curve. If you are looking for trading tips to get rich fast then you would be better off to not start trading at all.
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