Trend Following, 5th Edition

How to Make a Fortune in Bull, Bear and Black Swan Markets
Length: 34 hrs and 18 mins
4.2 out of 5 stars (154 ratings)

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Publisher's Summary

Want to take the financial journey to a new investing philosophy that might very well affect the rest of your moneymaking life? No one can guarantee the yellow brick road, but Michael Covel promises the red pill will leave you wide awake. Trend Following reveals the truth about a trading strategy that makes money in up, down, and surprise markets. By applying straightforward and repeatable rules, anyone can learn to make money in the markets - whether bull, bear, or black swan - by following the trend to the end when it bends. In this timely reboot of his best-selling classic, Michael Covel dives head first into trend following strategy to examine the risks, benefits, people, and systems. You'll hear from traders who have made millions, and learn from their successes and mistakes - insights you'll only find here. You'll learn the trend philosophy and how it has performed in booms, bubbles, panics, and crashes. Using incontrovertible data and overwhelming supporting evidence, with a direct connection to the foundations of behavioral finance, Covel takes you inside the core principles of trend following and shows everyone, from brand new trader to professional, how alpha gets pulled from the market. His newest edition has been revised and extended, with seven brand new interviews and research proof from his one-of-a-kind network. This is trend following for today's generation. If you're looking to go beyond passive index funds and trusting the Fed, this cutting-edge classic holds the keys to a weatherproof portfolio.

PLEASE NOTE: When you purchase this title, the accompanying reference material will be available in your My Library section along with the audio.

©2017 Michael W. Covel (P)2017 Michael W. Covel

What listeners say about Trend Following, 5th Edition

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    4 out of 5 stars

Absolute disappointment and a total treasure all in one

I have so much to criticize about this book, yet I would recommend it to absolutely anyone who’s trying to become a trader, or a better trader. I’ll start with the criticisms but please, please read through to the compliments as well, because there are plenty. 1. The biggest disappointment for me was that the title is very misleading; after reading this book you will not be able to go to your laptop and start trading a trend trading strategy. 2. The book is excessively long and becomes very repetitive in the middle. 3. As much as he’s an absolutely great guy and backs up his beliefs thoroughly, Mr Covel is very critical of those who might disagree with him. And now... The Compliments🍾🎉🎉🎉 A. The academic rigor of this book is absolutely outstanding! Although I got no strategy from this book, I got absolutely excellent questions to ask along the way, questions that should help me develop a robust trading system and know how what to do before I can trust it. B. Towards the end, he adds on some interviews with great traders such as Tom Basso, from which you get insights that you could never get from any one else! He also interviews experts, including a Nobel Prize winner, in critical areas such as Game Theory, Deliberate Practice, NLP and Psychology of Thinking This is a book that will definitely help you become a better trader, but even more than that, it will help you become a better person if you endure and listen right until its end.

14 people found this helpful

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Lots of content, but...

There is a lot of time in this audiobook but not much depth. Half the book is also repeated as audio interviews. Its good general info but don’t expect to get any specifics from this book.

3 people found this helpful

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Buy the earlier addition

This audiobook was insanely too long 39 hours is crazy. Cut out all of the famous quotes and learn to be more concise. I can’t believe your publisher and editor let you keep all that fluff in the book. this was a huge waste of time and whatever the point was It was lost. Now I need to buy another book that actually explains trend following and more in importantly how to do it as this book does not.

2 people found this helpful

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Definitely not a "how to" book

After listening to the first 11 chapters, and finding out that the remainder of the book was merely more interviews and research notes, I realized that this is another typical book from Michael Covel. I have listened to three of his books. They are all entertaining, but not informative. This one is no exception. It is not a how-to book. If you are looking for a book to show you how to do Trend Trading, look elsewhere. If you are looking for a book that entertains you about Trend Traders and their successes, read all of the books by Jack Schwager instead. They are much more entertaining, and they don't pretend to try and position themselves as instructive.

1 person found this helpful

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Boring!

it's a waste of time if you want to learn something. It's just an advertising for trend following with no real content.

1 person found this helpful

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books that change you

this book cahnged my Outlook on life and how to make money via a system. I reread this book often. and have owned it through audio since the first day it came across my audible. I enjoy challenges and the systematic way is challenging in so many good ways. give it a shot. I double dog dare you. thank you m. covel.

1 person found this helpful

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80/20

This book follows the 80/20 rule, just take in trend following and trader stories and everything else is mostly amateurish statistics and psychology blabber, still good though

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title is misleading. no actual trading system

this was terrible. vast majority of the book was spent on defensive mode talking about how trend following is good, and very little on actual system. does not actually teach 'how'. instead focuses a lot on self promotion. I've read blogs or articles that teach more techniques

1 person found this helpful

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Fantastic!

A must read for anyone interested in Trend Following!! Covel again knocks it out of the park with his latest edition! The audiobook is awesome too, especially the added interviews at the end! You will not want to stop listening to this masterpiece!!

Bill B.

1 person found this helpful

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24 hour book that could have been 10 minutes

"Trend following works", blah blah, literally 20+ minutes of random quotes with no analysis, blah blah, listen to author's podcast. Literally no actionable information in the book.

4 people found this helpful

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  • Kindle Customer
  • 01-21-20

Absolute waste of time!!

1 - Bad habit of the author is keep saying how great trend following is, instead of the technicals of what constitutes a start of a trend, continuation and end of the trend. 2 - Also consistently praising how good traders use trend following. Way too much. Like over 30 times, just bragging about how this trader succeeded because of “trend following”. But if the trader failed, then its not trend following’s fault 3 - Its also annoying when the author reads out a statistics table which doesnt make sense for an audiobook. 4 - chapter 2 ( 4 ) is also very bad as it goes though multiple opinions of traders in many areas. Basically a bit of nothing, no significant in anything. 5 - the beginning author indulges in self-praise so much saying how people loved his book so much 6 - some chapters are just quotes of too many people without context to what the author wants to highlight. 7 - author is encouraging GAMBLING instead of smart trading when he is saying its OK to make regular losses because one big win will cover for all the losses and more. THIS IS NOT SMART FINANCIAL MANAGEMENT. Still going though chapter 4, I’m giving it a chance & trying to get my value for money by ending listening to the audio book, ill update this review and say whether it was worth the time or not or I have more things to complain about. I wish there was a demand refund button!

4 people found this helpful

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  • Karl Eglington
  • 04-27-18

Trend Following

I can only imagine the hardwork, doggedness, frustration, time and joy involved in making this work of art/science. Trend Following has changed my thought process in life, not just trading. Well done Michael Covel and thank you!

2 people found this helpful

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  • Mr
  • 04-26-19

Covel's Trend Following Magnum Opus!

This is really not one book, but three books spliced together. The first part is Covel's original book on trend-following, updated for recent events. The second is a series of studies looking at various aspects of the strategy in various formats, and the third a series of interviews from Covel's podcast. The whole package is a very long (perhaps a little too long), very comprehensive, and an utterly fascinating look at this classic but little-loved trading style. As someone who loves trading and loves financial markets, I found the whole package very satisfying. If you're hard-core into analyzing statistics, you probably want to get the paper-version, as the long list of numbers and cross references to the PDF, quickly get confusing in audio format. It dove-tails very nicely with the works of Nassim Taleb's work on unpredictability and hindsight bias. As the core message of trend following is "follow, don't predict". Narrator is fine. And it was good to hear Covel's interviews with various market participants and analysts in the 3rd part.

1 person found this helpful

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  • Stella
  • 01-08-18

A wealth of information

Informative, eye opening and a must read for any serious trader whether a beginner or experienced.

1 person found this helpful

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  • JZ
  • 11-10-19

Much content little substance

It is very much like detailed academic research paper on trend following. Only few trading techniques and wisdom shared for us to internalized to be more trader. Dont waste time on this book

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  • Stephen ryng
  • 04-27-19

Covel, the gift that keeps on giving.

I really rate Michael Covel's books, There's just so much content and depth. Each chapter in this audiobook covers another angle of the Trend Following world and was a joy to listen to. Not only do we get to listen to the authors extensive knowledge but we're then treated to Titans of the Game and their thought processes. I think it speaks volumes when these types are thanking Mr Covel for his contribution and it's required reading at their company's. The audio interviews at the end was the cherry on the top! Let's see what Trend Commandments is all about...

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  • MrKenO
  • 03-19-19

Lives Up To Expectations

The reference book on Trend Following. Learn and observe and take action. Thank you Mr Covel.

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  • sashko
  • 09-14-17

Repetitive - 34 hours of "trend following is great

If this book wasn’t for you, who do you think might enjoy it more?

People who need to be reassured that trend following works

Has Trend Following, 5th Edition put you off other books in this genre?

Yes. It's an endless advertisement for how great trend following is without going into any specific trend following strategies. Really boring after 5 minutes.

Which character – as performed by Joel Richards and Michael Covel – was your favourite?

None of them. They all said the same thing and so were all the same character.

If you could play editor, what scene or scenes would you have cut from Trend Following, 5th Edition?

The endless quotations are tedious. The whole thing on speculation was really tedious and unnecessary. Cut everything after the first chapter.

Any additional comments?

This book is a boring rant on how great trend following is. How about some specific strategies and comparing and contrasting relative strengths and weaknesses? That is what I was hoping for but what I got was a long winded outpouring of pseudo research extolling the benefits of trend follwoing as a concept. No kidding -- buying at the start of s trend and selling at the end of a trend can make you money - hardly a revelation, but the author presents it as a radical idea. It is not, nor has it ever been. The book is an interminable statement of the obvious.

6 people found this helpful