Trend Commandments: Trading for Exceptional Returns

( 5 )

Overview

Do you ever think the stories you hear about great trading, and the gains produced, sound like luck? Do you ever wonder if there is a real method and philosophy behind the success stories? The concepts condensed into Trend Commandments were gleaned from Michael Covel's 15 years of pulling back the curtain on great trend following traders. It is a one of a kind money making experience that forever lays to rest the notion that successful trading is akin to winning the lottery. Winning has a formula, as does losing....

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Overview

Do you ever think the stories you hear about great trading, and the gains produced, sound like luck? Do you ever wonder if there is a real method and philosophy behind the success stories? The concepts condensed into Trend Commandments were gleaned from Michael Covel's 15 years of pulling back the curtain on great trend following traders. It is a one of a kind money making experience that forever lays to rest the notion that successful trading is akin to winning the lottery. Winning has a formula, as does losing. Michael Covel nails both head on. Getting rich is a fight; make no mistake about it, but at least now with Trend Commandments you have a primer that allows you to crack the code of the winners.

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Editorial Reviews

From the Publisher

"An outstanding book [Trend Commandments] for anyone who wants to become rich by trading markets. Today, government regulations and fiscal and monetary policies are badly distorting financial markets. Covel accurately explains why, in this 'manipulated' financial environment, you should never expect markets to move as you wish or expect. Rather, disregard your fundamental beliefs and simply follow the trend. Highly recommended!"

Marc Faber

Managing Director, Marc Faber Ltd.

Editor, Gloom Boom & Doom Report

"If you are even thinking of a career in trading, put down all the other books. Buy this one [Trend Commandments]. Read it. Now you can start your career."

James Altucher

Managing Director, Formula Capital

"Fire up the barbecue. Michael Covel skewers the sacred cows of Wall Street with tasty bite-sized bits of the truth about what it really takes to succeed in trading and life. Wide-ranging, irreverent, revealing, eminently quotable, and right on the money."

Charles Faulkner

Market Wizard Trading Coach

"A rapidly moving, non-technical, and outside-the-box effort that smartly captures the essentials of trend following."

Peter Borish

Chairman and CEO, Computer Trading Corp

"Michael Covel's Trend Commandments is full of practical wisdom in bite-size portions on the benefits of trend trading--written in a straightforward storytelling format. It's definitely one to add to your financial bookshelf."

David Stendahl

Signal Financial Group

"Michael Covel is the very best at explaining the concepts of successful trend following in plain English. I'm certain you'll be a successful trader if you follow the ideas he outlines in Trend Commandments. This book (and his previous two!) are required reading for new employees in my office."

Steve Sjuggerud

DailyWealth

"Investors have experienced two bear markets in the last decade. This has led to rising volatility, uncertainty, and investor angst. For some it has been a lost decade, but for trend traders it has been a decade of opportunity. Trend Commandments helps you focus on what matters most: the trend of the markets, whether up or down. You can profit from either. Trend Commandments is essential reading for those who have the desire to thrive and survive in an era of fast-paced trending

markets."

Jim Puplava

CEO, Chief Investment Strategist, PFS Group

"Buy and hold has been a difficult investment system for investors for a decade. In Trend Commandments, Covel challenges readers to think differently and question their beliefs about market 'truths' ingrained in them for years. Forewarned, you just may never see the world the same way again."

Mebane Faber

Cambria Investment Management

"Covel's Trend Commandments offers a breezy rumination on what is right about trend following and what is wrong about conventional trading approaches."

Jack Schwager

Author of Market Wizards and Schwager on Futures series

"Trend Commandments is a compelling read taking on serious issues in an entertaining format. The chapter of 'Inefficient Markets' is a must read, and I'm still laughing at the 'Intoxication' chapter--because in truth there is humor."

Mark H. Melin

Author of High Performance Managed Futures

Director, Managed Funds, Peregrine Financial Group

"Successful traders need rules and the rules in this book are better than most since they are from the most successful traders in the world. Catch my drift? To be successful you must learn and apply these rules. I rate this book a 3x--as to be read at least three times."

Timothy Sykes

Author of An American Hedge Fund

"In Trend Commandments Covel writes, 'Golf Legend Jack Nicklaus is famous for saying: 'Don't be too proud to take a lesson. I'm not. Learn the fundamentals of the game and stick to them.' Every beginning or experienced trend follower should take lessons from this book and your previous books. I have been a trend follower for over 40 years and I am not too proud to take lessons."

James O. Rohrbach

Investment Models, Inc.

Kirkus Reviews

A disciple of trend following lays down a few laws—many esoteric—for investing successfully in any market.

By investing using an established trend-following system, we leave all prognostications at the door and make buy-and-sell, long-and-short decisions on price and price alone. Entrepreneur Covel (Trend Following: Learn to Make Millions in Up or Down Markets, 2009, etc.) writes that the secret—around for 200 years or more in one form or another—is to ride profits and cut losses. Based on the simple expectation that when trends hold sway, rising prices tend to continue upward and falling prices tend to continue down, market history suggests these trends persist at least for a time. There will be rude surprises, such as financial meltdowns like 2008 and Black Swan events that mean losses. But on the whole, steady profits or, as the author promises, exceptional returns will accrue to investors in any market who stick with the system. Trend followers won't be the first in or last out, but if all goes according to plan, they will have a computer-driven numbers matrix that reliably spots price trends up or down and allows for profit making. Readers will have to refer to other Covel books or his TurtleTrader website for details. Here, the intent is to persuade, if not cajole. Pages are packed with sometimes cloying and contradictory inspirational sidebars. Moses would have needed a lot more tablets for all the author's commandments.

Rhetorical overkill, but at its core worth considering.

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Product Details

  • ISBN-13: 9780132695244
  • Publisher: FT Press
  • Publication date: 6/28/2011
  • Edition number: 1
  • Pages: 288
  • Sales rank: 693,729
  • Product dimensions: 6.20 (w) x 9.10 (h) x 1.10 (d)

Meet the Author

Michael Covel is the author of five books: including the international bestseller, Trend Following and his investigative narrative, The Complete TurtleTrader. Fascinated by traders that quietly generate spectacular returns, those going against the grain of investment orthodoxy, he has uncovered astonishing insights about how they think, strategize and execute their systems.

His cutting-edge and unorthodox perspectives have garnered international acclaim and have earned him invitations with: China Asset Management Co., Ltd., GIC Private Limited (Singapore sovereign wealth fund), BM&F Bovespa, Managed Funds Association, Bank of China Investment Management, Market Technicians Association. He also has the distinction of interviewing four Nobel Prize winners in economics, including Daniel Kahneman and Harry Markowitz and has been featured by major press, including: The Wall Street Journal, Bloomberg, CCTV, The Straits Times and Fox Business.

Covel’s Trend Following Podcast now has over 2.5M listens (trendfollowing.com/podcast) and has ranked as high as #2 on iTunes. He splits his time across USA and Asia and sees location independence as our future.

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Table of Contents

Acknowledgments 1

Ignition 3

Expectations 9

Jargon 11

Show Me the Money 15

Blowing Bubbles 25

Speculari 29

Fundamentals Are Religion 33

Everything Flows 39

Systematic Trend Following 41

Change 45

No Prediction 47

Price Action 51

Place Your Bet 55

Trading Systems 59

Trade Everything 65

Drawdown 69

Entry 73

This Way to the Egress 75

Losers Average Losers 79

Home Run 81

Robust 85

Push the Button 87

Wash, Rinse, Repeat 91

Zero-Sum 95

Crash and Burn 97

Inefficient Markets 101

Benchmark 105

Haters 109

The Root of All Evil 113

Panicky Sheep 117

IQ vs. EQ 123

Commitment 127

Decide Now 131

Science 135

Statistical Thinking 137

Aha! 143

Hero Worship 147

Buy and Hope 151

Convert 155

Oracle of Omaha 157

A Seinfeld Moment 161

Snow Job 165

Twit Me a River 169

Goldline 173

Intoxication 175

Parliament of Whores 181

Crowded House 185

Black Box 187

Lucky Monkey 189

Honest 193

Under the Radar 199

Ethos 201

Games People Play 205

Blood Hound 207

Epilogue 211

Extras 213

Surprise, Surprise, Surprise 215

Origins 221

Cheat Sheet 235

Quick Commandments 239

Bibliography 242

Endnotes 246

About Trend Following & Michael Covel 265

Index 267

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Customer Reviews

Average Rating 5
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Sort by: Showing all of 5 Customer Reviews
  • Posted July 15, 2011

    more from this reviewer

    Covel Hits the Nail on the Head

    Anyone who has read anyof Michael W. Covel's books knows from the outset that this newest book TREND COMMANDMENTS is going to be not only a learning experience but a very supportive tome of advice and reassurance about a subjct few of us understand. Having read 'The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires' this reader jumped at the chance to see what else Covel has up his sleeve.

    Trend Trading may seem like yet another of those big money terms that leaves the bulk of us on the outside. But as presented by Covel it is understandable as a concept and accessible as a means of approaching the money market. By definition, 'Trend following is an investment strategy that tries to take advantage of long-term moves that seem to play out in various markets. The strategy aims to work on the market trend mechanism and take benefit from both sides of the market, enjoying the profits from the ups and downs of the stock or futures markets. Traders who use this approach can use current market price calculation, moving averages and channel breakouts to determine the general direction of the market and to generate trade signals. Traders who employ a trend following strategy do not aim to forecast or predict specific price levels; they simply jump on the trend and ride it.'

    And that is exactly what Covel encourages in this well-written book. He offers insights into the strategies that the big moneymakers use to be true winners 'grounded in real performance results and not squishy opinions.' In these chaotic eonomic times it is comforting to read a book by an informed man who tells it like it is and follows those realities with his own brand of optimism and self-sufficiency. the book reads well, does not bog down with data charts that are page flippers for novices, but steadily stands behind our insecurities and creates positive transformations.

    Grady Harp

    3 out of 3 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted January 8, 2013

    Fernash

    Wait.......thats not the real velvetstar! I can tell..............

    0 out of 1 people found this review helpful.

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  • Anonymous

    Posted January 7, 2013

    Seeker

    Cheater!! Why wud u cheat on ur mate?!!!?!

    0 out of 1 people found this review helpful.

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  • Anonymous

    Posted January 7, 2013

    Velvtstr

    Moans

    0 out of 1 people found this review helpful.

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  • Anonymous

    Posted November 17, 2011

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