Following The Trend: Diversified Managed Futures Trading Download Free (EPUB, PDF)
During bull and bear markets, there is a group of hedge funds and professional traders which have been consistently outperforming traditional investment strategies for the past 30 odd years. They have shown remarkable uncorrelated performance and in the great bear market of 2008 they had record gains. These traders are highly secretive about their proprietary trading algorithms and often employ top PhDs in their research teams. Yet, it is possible to replicate their trading performance with relatively simplistic models. These traders are trend following cross asset futures managers, also known as CTAs. Many books are written about them but none explain their strategies in such detail as to enable the reader to emulate their success and create their own trend following trading business, until now. Following the Trend explains why most hopefuls fail by focusing on the wrong things, such as buy and sell rules, and teaches the truly important parts of trend following. Trading everything from the Nasdaq index and T-bills to currency crosses, platinum and lean hogs, there are large gains to be made regardless of the state of the economy or stock markets. By analysing year by year trend following performance and attribution the reader will be able to build a deep understanding of what it is like to trade futures in large scale and where the real problems and opportunities lay.Written by experienced hedge fund manager Andreas Clenow, this book provides a comprehensive insight into the strategies behind the booming trend following futures industry from the perspective of a market participant. The strategies behind the success of this industry are explained in great detail, including complete trading rules and instructions for how to replicate the performance of successful hedge funds. You are in for a potentially highly profitable roller coaster ride with this hard and honest look at the positive as well as the negative sides of trend following.
Hardcover: 300 pages
Publisher: Wiley; 1 edition (January 14, 2013)
Language: English
ISBN-10: 1118410858
ISBN-13: 978-1118410851
Product Dimensions: 6.2 x 0.8 x 9.2 inches
Shipping Weight: 1.3 pounds (View shipping rates and policies)
Average Customer Review: 4.7 out of 5 stars See all reviews (79 customer reviews)
Best Sellers Rank: #91,164 in Books (See Top 100 in Books) #28 in Books > Business & Money > Investing > Futures
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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