Top positive review
25 people found this helpful
Every Financial Blogger's Library
on 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.