Trend Following: How Great Traders Make Millions in Up or Down Markets, New Expanded Edition, (Paperback)
by Michael W. Covel
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Book Summary Information
Author: Michael W. CovelEdition: Paperback
Audio: English (Original Language); English (Unknown); English (Published)
Published: 2007-03-19
ISBN: 0136137180
Number of pages: 448
Publisher: FT Press
Book Reviews of Trend Following: How Great Traders Make Millions in Up or Down Markets, New Expanded Edition, (Paperback)
Book Review: All sizzle, no steak
Summary: 2 Stars
I understand lots of folks like this book and the purpose of this review is not to offend them. My concerns fall into two primary areas.
1. Covel has a hard time defining what a trend follower actually is. After reading this book several times, I'm still not sure he ever does it. It seems to me that he thinks a trend follower is a swing trader who takes positions longer than a day but shorter than a year. He uses program trading with technical indicators like moving average crosses and oscillators. Unfortunately, there are a number of other ways to follow trends as well, but the book doesn't go there. Frankly, all systems based on technical analysis are "trend following" systems since TA is backward looking by nature.
2. Covel is rather dismissive of other systems that don't fit neatly into his thesis. For example, in the chapter entitled Holy Grails, he goes out of his way to rip Warren Buffet. You may or may not be a fan of Buffet, but you can't argue with his results. More importantly, why go there? Scuba divers and bass fisherman both use boats and play in the water, but beyond that there is no similarity in what they do. The same is true of a comparison between a value investor like Buffet and short term traders. They are in different businesses. Warren Buffet can take care of himself, but reading this particular part of the book was painful. As good as some of the swing traders in the book are, none have amassed the fortune Buffet has with his strategy. Covel looks small when he criticizes Buffet for not investing in firms like Cisco and Microsoft.
I had hoped for a book that provided me with some insight of how great traders think. I got very little of that, so I am naturally disappointed. I understand that Ed Seykota is great. I understand that John Henry is great. I understand that Michael is friends with a lot of really great people. I don't care, but I understand it now.
Like a lot of writers in the sales/business field, Covel is first and foremost a self-promoter. After reading this book, it appears to me that he falls firmly into the Kiyosaki camp. The stories are charming, they cause the reader to get excited, but at the end of the day they leave him hungry and there's always this nagging doubt that none of the anecdotal stories are true. That's because the purpose of the book isn't really to help the reader, but to sell more books, or a system. In short, the goal appears to be to sell Michael Covel, not to help you become a better trader.
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Summary of Trend Following: How Great Traders Make Millions in Up or Down Markets, New Expanded Edition, (Paperback)
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 IndexFutures Books
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