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3.9 out of 5 stars
3.9 out of 5 stars
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on 8 February 2011
I wasted time and money on both of Covell's books. He doesn't give up the good stuff in either, you have to buy his Trend Following course for that.You will not "learn to make millions in Up or Down Markets". I don't understand the mass of positive reviews for this book. It tells the story about Richard Dennis and the Turtles but not their methods, that will cost you $1,200.I made a mistake buying this book, don't you repeat it.
Just started Curtis Faith's book from which I am already getting more facts.
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on 4 December 2014
As a few other people have noted, this book contains virtually nothing of real, material value. There are plenty of stories about trend following and how it's so wonderful, plus people who have made money out of it. However, there is no information about how to spot trends, the use of indicators like MACD's or RSI's, etc. to identify entry or exit points or indeed, anything of real use at all.

After finishing the book, I went through it again to see if I'd missed something - but I hadn't, aside from some stories and vague pieces of advice, there's nothing here.

If you wish to read it, try and get a copy through your library but trust me, don't waste money on buying it.
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on 19 June 2011
I bought and read this book because I am interested in profiting from trend following, but all this book says is basically that trend following works, which is pretty obvious to anyone who can read charts. All he does is bombard us with loads of charts and endless stories about alleged trend followers. It would have been better to analyse a particular trading system.
I give it one star because he takes 400 pages to say something that could have been said in one page.
Don't waste your money on this book.
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on 13 January 2011
It a good background read, even if very frustrating because the author never really gets to meat and potatoes of how to actually trend trade. I would have liked to see a large range of examples of entries and exits using a trend following approach; like what Dr. Elder's book 'Entries and Exits' does. This book focuses on persuading the doubters and 'buy and hold' readers that trend following is a better approach. It is not for those of us who want to actually trade in that way. Disappointing that the author either does not have the detailed experience or has deliberately held back this information. There is a very short piece in one of the appendices, showing an example of a trend following strategy, but why only one and why so brief? Without those few pages near the end, the book would have been largely a waste of my time, except that it has raised my awareness of and curiosity about trend following.
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on 28 November 2011
This book is basically a very long propaganda of the trend following advantages. I read it once quickly and then got into it again thinking that I may have missed something initially but nope - apart from defending the trend following approach there is no practical help "to make millions".
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on 29 April 2015
This book provides no real substance in relation to using trend following if you are a trader. Which probably speak volumes for its author whom sells training in something he doesn't actually do, managing money as a professional trader. This comes through and you can tell he is pulling quotes and historical graphs which support his hypothesis (which I don't have an issue with) but it is clear his understanding is very light... at this in this book... pay him for his training course however and perhaps you will be truly enlightened... or not perhaps. As much as I respect Covel as a business person this book really missed the mark for me. Best summed up as lacking substance and detail. But perhaps thats on purpose.
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on 7 December 2009
I am a finance student, looking to become a full time trader. As a result of this, I have tried to read as many books on trading as possible. I find Trend Following to be one of the books that really stand out from that giant crowd.

My main reason for this feeling is the books feeling of completeness. When it comes to the subject of trend following, Michael, in a clear and concise manner, lays down the all the information you could possibly want regarding the mindset required, the techniques to use, the players that apply these techniques, and tonnes of data to back it up.

Unlike many trading books out there that simply hints at how you should approach trading, and/or gives a few vague examples of the techniques applied, Trend Following is a go-to-book which will explain in detail all the different aspects of the methodology called Trend Following.

I can speak for both myself and my friends/co-students when I say that you will have several nice a-ha-moments the next time you sit down in front of the trading screen after reading this book.

PS - If my English is weird it's because I'm from Norway.

Superb book!
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on 1 December 2009
Before I start let me state that this book has raised some controversies. However I really like it (I own two different editions of it) and I'll explain why.


If you are looking for the Holy Grail of trading systems and/or a complete "turn-key" trading system: look elsewhere as this is not what this book is set to achieve. It will not reveal any trading secrets; however reading this book will make you realise that this is not what is important...


It looks like Michael Covel appreciated the concept of Market Wizards from Jack Schwager and drew inspiration from it. In a clever mix, Covel managed to overlay and enrich all the foundations of trend following with great trend follower insights.

The book covers the principles of the trend following trading philosophy and its multiple aspects: discipline, drawdowns, risk and money management, behavioral biases, prediction vs. reaction, etc. It makes for a very interesting read - both instructive and interactive.

Even with an automated trading system, you have to be in agreement with the strategy philosophy. This book helps you understand the philosophy of trend following in greater detail - you can then decide whether it suits you. Additionally it can help you strengthen your belief during the inevitable low points such as drawdowns while trading a trend following system.


The world of trend followers is relatively discreet: barely anybody has heard of Ed Seykota or Bill Dunn - but John Meriwether opening up his third hedge fund (after blowing up his previous 2 - including LTCM!) makes it to the first page of Bloomberg and the FT.

Michael Covel has spent 10 years researching and interviewing for this book. This allowed him to get in the head of the greatest trend following traders. This results in extensive quotes/pearls of wisdon from Ed Seykota, Dave Harding, Bill Dunn, John W Henry, all the greatest Trend Following Wizards. It really gives you great insights on the way they think and how they apply their market philosophy to trend following. And this is information that is not readily available anywhere else.


I have read both earlier and newest (post-2008) editions and I think the later version is worth it. Many references to the major events of 2008 help to put the text in the present context and add some relevancy (especially with trend followers outstanding performance during these times).

Additonally there is a new appendix covering in detail Trend Following for Stocks, which is of interest.


One of the main message of Trend Following (the trading philosophy and the book) is that we cannot predict. It forces society to admit that we are no as sophisticated as we think. It also points to the fact that chance might have much more to do with success of so-called "experts" rather than their "expert prediction abilities".
One such "expert trader" Victor Niederhoffer slams the book:

"I get the same sort of value from these books [Trend Following] as I do from studying the Keech cult, supernatural operators such as Uri Geller and horosope readers"

You can tell that Covel takes some pleasure describing the latest blow-up from Niederhoffer's fund in 2007 in his "Big Events" chapter.
Some people have also raised the question as to why Michael Covel primarily seems to be marketing his books and courses rather than trading for himself. Whether this is a valid point or not, this does not remove any quality from the book.

You can check and follow Michael Covel on his trend following blog to make your opinion.


I find this book very inspiring and motivating.
If you are new to trend following, this is a must-read: it will introduce you to all the basic concepts.
If you already believe in trend following, this is a must-read: it will reinforce your beliefs and motivation.
If you do not believe in trend following: this is a must-read: it is not too late to change your mind and this is the best book for it!

I have read Trend Following about 3 times now; this is a book that lives on my trading bookshelf - I know that every time I need a boost for motivation, a re-read will provide me just that.

As Larry Hite says:

"The way I see it, you have two choices - you can do what I did and work for 30-plus years, cobbling together scraps of information, seeking to create a money-making strategy, or you can spend a few days reading Covel's book and skip that three-decade learning curve."
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on 14 February 2013
The book could have been written in two words FOLLOW TRENDS It gave not a single hint how to do this.
It gave multiple biographies of those that did. I found the whole book worthless. It doesn`t really rate the one star I gave it.
The title says `learn to make millions` It teaches nothing.

Peter Rogers
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on 12 September 2010
If you are looking for some kind of indicators or technical analysis look somewhere else.
It's filled with citations and historic analysis but lacks the information or explanation on how to actual trend trade. No useful information. I recommend "Trend Trading for a Living" by Thomas K Carr
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