» Trend Following: How Great Traders Make Millions in Up or Down Markets, New Expanded Edition, (Paperback)
Price: $12.31
Rating: 4.0 / 5.00 (81 reviews)
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Manufacturer: FT Press
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Rating: 4.0 / 5.00 (81 reviews)
Usually ships in 24 hours
Manufacturer: FT Press
Click to Buy
Trend Following: How Great Traders Make Millions in Up or Down Markets, New Expanded Edition, (Paperback) Details
Binding: PaperbackDewey Decimal Number: 332
EAN: 9780136137184
ISBN: 0136137180
Label: FT Press
Manufacturer: FT Press
Number Of Items: 1
Number Of Pages: 448
Publication Date: 2007-03-19
Publisher: FT Press
Studio: FT Press
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Trend Following: How Great Traders Make Millions in Up or Down Markets, New Expanded Edition, (Paperback) Reviews
Customer Rating:Summary: Detrimental!
Comment: For 200 pages you read how much trend followers made, trend followers are so great, they are always winners.... It's almost like the book is promoting some money managers. Seriously the book is pretty bad, I almost feel embarrassed to write a review. According to the author you don't need to know anything about what you are really buying, as long as it trends up. So I wonder if Mr. Covel would buy a bag of dirt for $10 just because it was $7 last week. I don't want to get to the dynamics of trends and explain that after you buy a up-trending security you may lose money. But I wonder if Mr. Covel plays rulette and bets on red after red hits 3 in a row, thinking the new trend is red. I had the feeling that this book is written to increase the number of trend followers so when the time comes some people can dump the stocks easier. I wonder how Mr. Covel knows that you wont be the one standing without a chair when the music stops. Anyway, I will say one thing, buying this book may cost you a lot more than its price.
Customer Rating:
Summary: Where's the Beef?
Comment: I agree with all the other reviewers who complain that this book is big on generalizations and has almost nothing to say on how to actually identify and follow a trend. I've rarely read a trading book with so little practical information or one that repeated generalizations so many times.
Customer Rating:
Summary: data mining and overly verbose
Comment: This book was filled with anecdotal reports of traders can have done better than buy and hold through trend following, but the results seemed to be a case of data mining to me. The benefits over buy and hold in the examples were small, but individual years' returns departed so much from the market that these trading methods would be psychologically very difficult to stick with. Finally, there was no comparison of trend following to a broadly diversified and regularly rebalanced portfolio, which should be superior to straight buy-and-hold on a risk-adjusted basis.
The actual "how" to implement trend following was roughly only 30 pages worth of the appendix.
Customer Rating:
Summary: The book that changed me (as a trader)
Comment: I think the title says it all. This is a great book not because of any single sentence or in some great secret formula explained within. Instead it's a great book because after reading it, and absorbing it all, it changed me as a trader. I now ride the market long as it trends up, ride the market short while it trends down, and quietly sit on the sidelines if the market is not trending.
There are some sample programs as an appendix that have actual how-to info on developing mechanical trading systems based on these ideas. I found them to be invaluable in understanding and as further insight into perhaps how the highly successful trend traders profiled in the book actually trade.
If you are willing to leave the 95% of unsuccessful retail traders who sadly spend all of their energy trying to predict the market, and instead want to become part of the 5% that consistently beat the market then perhaps this book is for you. Happy trading.
Customer Rating:
Summary: Repetitive Generalisms With Little 'How To'
Comment: This author repeats generalisms interspersed with many quotations (presumably to add authenticity) but rarely not get specific about 'how to's'.
For example in the section 'How Much of a Market do you Buy or Sell at Any Time', the author tells us numerous trite stories (e.g., money mgmt is like sex) but never lays out a specific money management strategy nor compares different approaches. Unfortunately, this pattern is repeated for about 246 pages.
Also, way too much time is spent describing and then defending Trend Following - I got the point after the first few pages and decided to jump ahead after torcherous repetition.
Good story book but not a practical guide to trading.
More Reviews for Trend Following: How Great Traders Make Millions in Up or Down Markets, New Expanded Edition, (Paperback)
Editorial Review for 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 Index