Trend Following: How Great Traders Make Millions In Up Or Down Markets, New Expanded Edition, (Paperback) Download Free (EPUB, PDF)
THE INVESTMENT STRATEGY THAT WORKS IN ALL MARKETS...WITH PROOF TO BACK UP THE PROMISES *Reveals the trading strategy that made John W. Henry rich enough to buy the Boston Red Sox.*Contains 50+ pages of easy-to-understand charts, actual results from top Trend Followers.*Shows how to apply trend following in your portfolio--one step at a time, in plain English. "Trend Following will replace Market Wizards as the must-read bible for a new generation of traders." --Jonathan Hoenig, Portfolio Manager, Capitalistpig Hedge Fund LLC/Fox News Contributor "Michael Covel's Trend Following: Essential." --Ed Seykota, Trend Follower for 35 years and Original Market Wizard "Investment books that have a lasting appeal offer insight that resonates with a large number of investors. We believe Michael Covel's Trend Following will be such a book." --Richard E. Cripps, Legg Mason Chief Market Strategist "A mandatory reference for anyone serious about alternative investments." --Jon Sundt, President and CEO of Altegris "Michael Covel does an excellent job of educating his readers about the little-known opportunities available to them through one of the proven best hedge fund strategies. This book is like gold to any smart investor." --Christian Baha, CEO, Superfund "Please read [Trend Following] whether you think you have an interest in trend following or are not quite sure!Covel has hit a home run with it." --Gail Osten, Editor-in-Chief, Stocks, Futures & OptionsMagazine "Covel has created a very rare thing--a well documented and thoroughly researched book on trend following that is also well written and easy to read. This is one book that traders at all levels will find of real value." --John Mauldin, author of Bull's Eye Investing For more than 30 years, one trading strategy has consistently delivered extraordinary profits in bull and bear markets alike: Trend Following. Just ask the billionaire traders who rely on it...traders like John W. Henry, whose trading profits bought the Boston Red Sox! In Trend Following, New Expanded Edition, you'll meet them...and discover exactly how to use trend following in your own portfolio. This expanded edition includes more than 50 pages of easy-to-understand performance charts. It is the book multi-billion-dollar hedge funds have made mandatory reading for their staffs. Michael Covel goes right to the source, presenting powerful insights straight from the world's top trend followers, and debunking Wall Street myths and misinformation from well-known pros who ought to know better. You'll learn how to manage risk, employ market discipline, and, when the moment is right, swing for the home run. *Real proof, real data, real results *Decades of actual performance charts from professional money managers*All the information you need...in one number Why the market price tells you all you need to know to trade*Pinpointing targets of opportunity What to trade, when to trade, and how much to trade*How it's done: classic case studies Who profited from the global scandals of the last 15 years!and how they did it*Meet today's leading trend followers Extraordinary trader profiles, including top traders from the past 30 years MICHAEL W. COVEL is the founder and President of Trend Following . A researcher of the most successful trend following investment managers, he has been in the alternative investments industry consulting on trend following to individual traders, hedge funds, and banks for ten years. From his writing to public speaking, Covel pulls no punches. Passionately educating his clients in order to find that "edge" has made Covel a widely respected expert in the field. He writes for numerous industry publications and is continually quoted and interviewed by Barron's, Bloomberg, and RobTV, to name but a few. An experienced and successful entrepreneur, he is a frequent guest on national TV and radio shows and regularly gives presentations at international hedge fund conferences from Hong Kong to Tokyo, advising listeners on proper trading, decision-making, risk management, and trend following. Covel is also Managing Editor at TurtleTrader.com, the leading trend following news and commentary resource since 1996. Living and working in Virginia, he is a lifelong baseball fan. Contents Foreword by Charles Faulkner Foreword by Larry Hite Preface Acknowledgments 1 Trend Following 2 Great Trend Followers 3 Performance Data 4 Big Events in Trend Following 5 Baseball: Thinking Outside the Batter's Box 6 Human Behavior 7 Decision-Making 8 Science of Trading 9 Holy Grails 10 Trading Systems 11 ConclusionAfterword Introduction to Appendices A Fidelity Wealth-Lab Pro B Performance Guide C Short-Term Trading D Personality Traits of Successful Traders E Trend Following Models F Trading System Example from Trading Recipes G Modern Portfolio Theory and Managed Futures H Critical Questions for Trading Systems Resources Endnotes Bibliography About the Author Index
Paperback: 448 pages
Publisher: FT Press; Expanded edition (March 19, 2007)
Language: English
ISBN-10: 0136137180
ISBN-13: 978-0136137184
Product Dimensions: 7 x 1.2 x 9.2 inches
Shipping Weight: 1.8 pounds
Average Customer Review: 3.2 out of 5 stars See all reviews (68 customer reviews)
Best Sellers Rank: #1,226,602 in Books (See Top 100 in Books) #417 in Books > Business & Money > Investing > Commodities #987 in Books > Textbooks > Business & Finance > Investments & Securities #23101 in Books > Business & Money > Economics
I read this book and I must say that I liked it but it really was just a bunch of hype as to why you should be a trend follower. Everyone in the trading business knows that the trend is your friend. Most have heard of the Turtles and know that trend following can be a great way to make money trading. But what this book doesn't address is how to trend follow. It talks alot about the money managers that do trend follow, but nothing about how, which the title of the book implies. It says "How" but fails to address "How" other then to say these guys are trend followers and you should be too. I would say the title is a little misleading. The title should be , "These Great Traders Make Money by Trend Following". So if you want to learn the "how to" then just forget this book as it will give little insight into that.
There are two kinds of finance books. The ones written by traders, and the ones written by finance writers. Books written by traders are steeped in experience, but often badly put together. The ones written by finance writers are sleek and professional looking, but lack the realism of people who have been battle hardened by hundreds of trades.This is one of the latter. The writer has gotten hold of one idea, "Trend Following", and beats it to death. The problem that he goes well beyond his brief.For instance, he claims that Jesse Livermore was a trend follower. Nothing could be farther from the truth. Livermore was a momentum trader. His motto was "no stock is too high to buy, or too low to short". Livermore loved breakouts, and didn't limit his trades to the middle of the move.What is more, the writer lets Ed Seykota get away with his Dr. Seuss witticisms, without having him divulge any of his trading methods. There is nothing new to that, because the same thing happened in The Market Wizards. However, it is not exactly informative.Without trying to sound like Ed Seykota, trend following only works when there is a trend to follow. Unfortunately, 80% of the time, markets move sideways.
I really believe in trend following - I use this strategy. I bought this book with an expectation of gaining more knowledge about the strategy. After I read it, I can honestly say that it gave me nothing but an overview of the greatest trend followers. Actually, I should have known that before hand, since the title of the book is "How Great Traders Make....", it does not say "How YOU can make...".So, if you are looking for "trend following" know-how, you will not get it from this book. You can learn a lot more by reading the "trending" tutorial on the clearstation.
This book's sub-title say, "How Great Traders Make Money in Up or Down Markets."The content of this book falls far from delivering its promise. The cover of this book promises that it will show you how to apply trend following techniques to your trading. "Covel walks you through the process, one step at a time, in plain English." He certainly does no such thing.If you are looking for a trend-following system, you will not find it in this book; nor will you find any help or guidance in how to go about developing your own trend following system.As someone who trades for a living, I found nothing between the covers of this book applicable to improving real-world trading results.
I own this book, I even recommend this book. But let me explain the 2 star rating....While the book is a good history lesson, and shows how some of these guys make a lot of money, it's just not practical advice for the rest of us. I highly doubt that many of us have a billion dollar hedge fund to run.Also, there are no real strategies in this book.However, it did get me thinking in a different way. So for that, it is worth the money. (The main thing was to allow for larger swings against your position, allow the market a little more room than I did before.)I know that this guy sells other products on his website, but to be honest, I don't see them being worth it. Most of this book is about defending trend traders, which is fine, but I wasn't attacking them in the first place.I have begun to use the 4 hour chart more with his thinking, and I have to say it makes a little more sense. Not to get caught up in "micro-movements" as I call them. But to allow massive 300 pips swings against you on a weekly chart isn't practical for most of us.So in conclusion, I think it's a good read, but if you get what I got out of it from my review, then it may or may not be worth the money.
The cover of this book promises that it will show you how to apply trend following to your porfolio. "Covel walks you through the process, one step at a time, in plain English." This is misleading. Aside from a back test on some basic systems, there is no concrete discussion on how to trade trends in the entire book. The portraits of the major trend followers are not uninteresting, but Jack Schwager's Market Wizard series is far superior. Covel also goes to great lengths to "prove" that trend followers were on the winning side of all the major crises and meltdowns of the last decade (e.g. LTCM), but the only proof he offers is that a number of trend followers had gains in the months where others were losing. Much of the book is packed with statistical data on performance that might be of interest to someone writing a thesis on the subject. If that's who you are, buy the book, but don't expect much nuts and bolts information on making money in the market.
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