Trend Following: How Great Traders Make Millions in Up or Down Markets, New Expanded Edition (英語) ハードカバー – 2005/11/12
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How did John W. Henry quietly become rich enough to buy the Boston Red Sox? How have traders like Keith Campbell, Bill Dunn, Jerry Parker, and Salem Abraham consistently generated immense wealth in bull and bear markets? The key is trend following -- the only strategy proven to consistently make money. Michael Covel reveals the "underground" network of little-known traders and hedge fund managers who've been following trend for decades. He introduces its fundamental concepts and techniques, showing why market prices contain all the information investors need, and how to understand price movements well enough to profit from them. Using 100 pages of easy-to-understand charts from top trend followers, Covel proves the strategy works -- and shows why only a technical system based on following price trends can win over the long term. Covel presents more than a decade's worth of data: even more backtested trend following results. Covel thoroughly debunks misinformation and failed advice. This timely book capitalizes on today's intense volatility and uncertainty to give investors what they're desperately searching for: a strategy that really works.
A recent interview with Michael Covel on Bloomberg Radio (6.5 MB MP3 audio file) about trend following.
"Please read [Trend Following] whether you think you have an interest in trend following or are not quite sure. I guarantee you will be happy that you took the time. It, of course, covers how trend following works, how it's done, and who can do it, and it doesn't beat around the bush with generalities. Again, get this book. Covel has hit a homerun with it."
Gail Osten, Editor-in-Chief
Stocks, Futures & Options Magazine
Official Journal for Personal Investing in Stocks, Futures and Options
"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
"A most interesting book -- definitely a 'must have' on your shelf. Pull out the plastic and get it!...Trend Following is well constructed, well written and an excellent distillation of the research undertaken by the author. Backed up by trading 'legends' like Ed Seykota, it convincingly argues that the most successful trading systems are based on trend following...While you may read the book in bed, especially the first time, it is best read at a desk with a notepad handy. While seeming to come from the perspective of technical analysis it is still a very good book on trading psychology...The book is both a great read and an insightful textbook for all traders and investors."
Your Trading Edge Magazine/strong>
"Michael Covel's Trend Following: Essential."
Trend Follower for 35 years, Incline Village, NV
The Trading Tribe
Ed was originally profiled in The Market Wizards by Jack Schwager
"Michael Covel's book is the definitive guide to trend trading. Backed by real world results from some of the biggest and best money managers in the United States, his book will put you on the path to successful trend trading."
"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. It touches on a wide variety of the principles and practices which make for successful trend following. This is one book that traders at all levels will find of real value."
Millennium Wave Investments, Arlington, TX
Author of Bull's Eye Investing and editor of Thoughts from the Frontline
"I think the book did a superb job of covering the philosophy and thinking behind trend following (basically why it works). You might call it the Market Wizards of Trend Following."
Van K. Tharp, Ph.D.
Author of Trade Your Way to Financial Freedom
President, International Institute of Trading Mastery, Inc.
Van was originally profiled in The Market Wizards by Jack Schwager.
Trend followers do not try to predict the future, they only follow the momentum of the market and get in or out when their system tells them. They go both long and short with no bias to either. While they may have steeper draw downs in the short term they always have high returns in the long term. They almost always find themselves positioned correctly during big events, crashes, and panics because the market was already warning by the herd behavior.
In the first week of January of 2008 with the DOW failing to make new highs and a downward trend beginning in the market on increased volume and money flowing out of the market, I made the decision to take my 401k and brokerage accounts to all cash until the trend turned back possible. I stayed in 100% cash through the collapse of the stock market all the way through March 2009. I only day traded stocks in my brokerage account, and started dollar cost averaging back into mutual funds in my 401K when the DOW was at 7500 to 6500 and back to 8100. Trend following is what what helped me resist the temptation to get back into a falling market, thinking I was getting stocks cheap. I promised myself after the year 2000-2002 losses I suffered I would never give back my profits in a nasty bear market. Michael Covel's book gave me the principles I needed to lock in my 20% annual profits I made in 2003-2007. Saving me over $100,000 in losses that would have occurred from buy and hold investing. Thank you Mr. Covel, the book is worth much more than the cover price!!!