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Makes a good case for trend following, but no actionable trading lessons. Misleading Length.
I am a millennial, an entrepreneur, a creative person. I am not a trader, but I'm interested in trading and have made some mistakes in the past trying to buy and sell stocks or mutual funds. This book seemed like it would explain a simple type of trading, one where you do not need to be a computer programmer or dedicate your life to day trading.
I previously have read "The Complete Turtle Trader" and really enjoyed it. It told the story of Richard Dennis in an informative and entertaining way - and then it laid out a set of rules that Richard Dennis used to train his Turtles how to trend follow. It actually had steps you could take to create your own system of trend following, and I was able to implement the rules to earn some real money in the cryptocurrency markets.
I then started listening to Michael Covel's podcast, Trend Following Radio. After 5-6 episodes, I decided to buy "Trend Following" on Audible after everyone kept referring to it as a great book.
When I saw the length of this audiobook, 24 hours, I was impressed. I started listening to the book on walks, enjoying the stories about the trend followers, hearing about how much money they made in up and down markets.
After about 11 hours in, I was excited for the next half of the book where I was certain the author was going to start walking the listener through the different strategies required to become a trend follower. Processes, models, risk & volatility best practices, and position sizing. These are the nuggets I was expecting from the book.
Instead, the book ended shortly after and I was extremely disappointed that the next half of the audiobook was 2 hours of side bar quotes that lose their meaning when read one after another for 2 hours straight. Then the next ~10 hours or so was free podcast episodes.
The narrator did a really good job, and the stories were great. The book was very well written. I'm not saying it was a bad book, I was just disappointed because I expected the same type of actionable information from Trend Following that I got from The Complete Turtle Trader.
I see Michael Covel has another book called "Trend Commandments: Trading For Exceptional Returns" - maybe what I was looking for is in this book, because it wasn't in Trend Following.
20 of 21 people found this review helpful
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Half of the book is just filled with Wall Street stories about successful traders, not how they achieved their success or what methods they use. The other half is some podcast of interviews. First 7 chapters on audible is just talking about the author and his books.
5 of 5 people found this review helpful