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      Michael W. Covel

      Trend Following

      Praise for Trend Following

      “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 Trend Following and skip that three‐decade learning curve.”

      “Michael Covel’s Trend Following: Essential.”

      “Trend Following by Michael Covel? I’m long this book.”

      [Trend Following] did a superb job of covering the philosophy and thinking behind trend following (basically, why it works). You might call it the Market Wizards of Trend Following.”

      “[Trend Following] documents a great deal of what has made trend following managers a successful part of the money management landscape (how they manage risk and investment psychology). It serves as a strong educational justification on why investors should consider using trend following managers as a part of an overall portfolio strategy.”

      “I am very pleased to see Michael Covel’s updated version of Trend Following; one of my favorite trading books out of the hundreds that I have read. He has doubled the size of this edition and expounded on the process used by legendary trend following traders. The traders in this book made millions by getting on the right side of trends and managing risk in diversified markets. This book should be studied by any serious trader or investor.”

      “Trend Following: Definitely required reading for the aspiring trader.”

      “A mandatory reference for anyone serious about alternative investments.”

      “Michael Covel does an excellent job of educating his readers about the little‐known opportunities available to them through one of the proven best hedge fund strategies. This book is like gold to any smart investor.”

      “Covel has created a very rare thing – a well‐documented and thoroughly researched book on trend following that is also well written and easy to read. This is one book that traders at all levels will find of real value.”

      “I think that Michael’s Trend Following is an outstanding read from which all investors can learn to trade markets better by limiting their risks and maximizing their profits through a more disciplined approach to investments.”

      Wiley Trading Series

      Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North America, Europe, Australia, and Asia, Wiley is globally committed to developing and marketing print and electronic products and services for our customers’ professional and personal knowledge and understanding.

      The Wiley Trading series features books by traders who have survived the market’s ever changing temperament and have prospered – some by reinventing systems, others by getting back to basics. Whether a novice trader, professional or somewhere in‐between, these books will provide the advice and strategies needed to prosper today and well into the future.

      For more on this series, visit our website at www.WileyTrading.com.

      Cover design: Wiley

      Copyright © 2017 by Michael W. Covel. All rights reserved.

      Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

      The fourth edition of Trend Following was published by FT Press in 2009.

      Published simultaneously in Canada.

      No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per‐copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750‐8400, fax (978) 646‐8600, or on the Web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748‐6011, fax (201) 748‐6008, or online at http://www.wiley.com/go/permissions.

      Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

      For general information on our other products and services or for technical support, please contact our Customer Care Department within the United States at (800) 762‐2974, outside the United States at (317) 572‐3993 or fax (317) 572‐4002.

      Wiley publishes in a variety of print and electronic formats and by print‐on‐demand. Some material included with standard print versions of this book may not be included in e‐books or in print‐on‐demand. If this book refers to media such as a CD or DVD that is not included in the version you purchased, you may download this material at http://booksupport.wiley.com. For more information about Wiley products, visit www.wiley.com.

       Library of Congress Cataloging‐in‐Publication Data:

      Names: Covel, Michael W., author.

      Title: Trend following: how to make a fortune in bull, bear and black swan markets / Michael W. Covel.

      Description: Fifth edition. | Hoboken: Wiley, 2017. | Series: Wiley trading | Revised edition of the author’s Trend following. | Includes bibliographical references and index.

      Identifiers: LCCN 2016056666 (print) | LCCN 2016057575 (ebook) | ISBN 9781119371878 (hardback) | ISBN 9781119371915 (ePDF) | ISBN 9781119371908 (ePub) |

      Subjects: LCSH: Investments. | Stocks. | BISAC: BUSINESS & ECONOMICS / Commodities.

      Classification: LCC HG4521 .C82 2017 (print) | LCC HG4521 (ebook) | DDC 332.6 – dc23

      LC record available at https://lccn.loc.gov/2016056666

      He was impregnably armored by his good intentions and his ignorance.