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Enter your email address below, to receive updates from Spreadex. Share your thoughts with other customers. Write a customer review. Read reviews that mention trend following little book michael covel trend trading trend follower book of trading successful traders covel books successful trend read this book waste your money trend followers must read buy and hold risk management look elsewhere get back make money complete turtle easy to read.
Showing of reviews. Top Reviews Most recent Top Reviews. There was a problem filtering reviews right now. Please try again later. Kindle Edition Verified Purchase. I have no doubt that it is not easy to write a fascinating overview of trend following because the strategy itself can be basically explained in a paragraph.
The problem then is how to make a full book out of this without going into some of the hardcore theory of risk and sizing that would alienate the beginner. It is a problem the author hasn't really solved.
Some of the faults include the following. The character sketches are so meager that one doesn't get a decent feel for the traders mentioned. The order of the chapters, paragraphs and even sentences often seem random, as if the author had made a list of things vaguely related to investing, trading and trend following and then put them in one of those transparent shufflers you see in lotto type games, turned the handle to mix the tickets and out popped the book.
Finally, there is a snarkiness embedded in the book that gets annoying. If you've never been exposed to trend following, perhaps this book can serve as an introduction. For those who are familiar with trend trading, I'd steer clear. Audible Audiobook Verified Purchase. We've all seen them before. Websites offering get rich quick strategies for day trading penny stocks, options, and forex. These websites usually focus more on the "getting rich" part. Unfortunately, after completing The Little Book of Trading, I found this to be akin to such websites.
As another reviewer said, it is all sizzle and very little steak. If you're looking for a turn-key trading system, just go to his website and save your Audible credits for something else. I went into this book without reading reviews, and the negative reviews are pretty accurate. The little pieces of actionable information can be derived from reading the positive reviews.
This book is a collection of short stories about traders who developed their own trend following systems and became multi-millionaires. After a few chapters, you'll start to hear the same themes over and over again. It's ultimately about believing in your system and not liquidating your account when you go through massive drawdowns - which is easier said than done. Throughout the book, Covel advises readers to not watch the news and to only look at charts.
While I personally agree that technical analysis is more powerful than fundamental analysis, I think watching CNBC or Bloomberg and reading Barrons is perfectly healthy and helps generate awareness of the market.
It's also extremely arrogant to conclude that if retail investors were trend traders in , they would have profited trading pork belly futures instead of losing their homes. My issue with the book is that it never once discusses what to look for and what is noise. The only tidbit I picked up was to look for stocks that have made a channel breakout or stocks where the simple moving averages are above each other.
The anecdotes in this book are from decades ago when traders had to draw their own charts nightly based on the previous days closing prices. Fortunately, the market has changed immensely since then. With tools like ThinkOrSwim, TradeStation, eSignal, and TC, we have professional grade programs that are more powerful than what the pros had years ago. We have hundreds of technical indicators to choose from. Covel mentions Richard Donchian many times and rightfully so, as he is the father of trend trading , but never mentions Donchian Channels or any of the strategies that Donchian used.
I'd also like to add that Richard Donchian had degrees from Yale and MIT - which sort of goes against the notion that anyone can be a successful trend trader. You may also qualify for the CME Group market data fee waiver. Barchart Trader's trading features include trading direct from charts, DOM trading and a variety of order types and tools. Barchart Trader provides an interactive charting tool that offers advanced features yet is simple to use.
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