About the Author
MICHAEL W. COVEL is the founder and President of Trend Following™. A researcher of the most successful trend following investment managers, he has been in the alternative investments industry consulting on trend following to individual traders, hedge funds, and banks for ten years.
From his writing to public speaking, Covel pulls no punches. Passionately educating his clients in order to find that “edge” has made Covel a widely respected expert in the field. He writes for numerous industry publications and is continually quoted and interviewed by Barron’s, Bloomberg, and RobTV, to name but a few. An experienced and successful entrepreneur, he is a frequent guest on national TV and radio shows and regularly gives presentations at international hedge fund conferences from Hong Kong to Tokyo, advising listeners on proper trading, decision-making, risk management, and trend following. Covel is also Managing Editor at TurtleTrader.com, the leading trend following news and commentary resource since 1996.
Living and working in Virginia, he is a lifelong baseball fan.
Table of Contents
Foreword by Charles Faulkner x
Foreword by Larry Hite xiii
Preface xvii
Acknowledgments xxi
Part 1
1 Trend Following 3
2 Great Trend Followers 25
Part 2
3 Performance Data 87
4 Big Events in Trend Following 109
5 Baseball: Thinking Outside the Batter’s Box 151
Part 3
6 Human Behavior 163
7 Decision-Making 179
8 Science of Trading 189
9 Holy Grails 199
Part 4
10 Trading Systems 215
11 Conclusion / Afterword 241
Introduction to Appendices 259
A Fidelity Wealth-Lab Pro 261
B Performance Guide 299
C Short-Term Trading 355
D Personality Traits of Successful Traders 357
E Trend Following Models 361
F Trading System Example from Trading Recipes 365
G Modern Portfolio Theory and Managed Futures 373
H Critical Questions for Trading Systems 377
Resources 379
Endnotes 381
Bibliography 405
About the Author 413
Index 415