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Trend Following Standard
Trend FollowingTrend Following

Trend Following Investment Research: Standard Package

$1,997.00

Product Description

Trend Following Benefits:

  • Absolute Returns: Above-average performance across decades is the key to compounding great wealth.
  • Up and Down Trends: Trend following makes money in up and down markets. This is not long only or buy and hope investing.
  • Portfolio Diversification: Trend following generates returns uncorrelated to traditional asset classes.
  • Tail Risk: Nassim Taleb made famous the Black Swan. Trend following strategy performs exceptionally well when market bubbles pop, when the Black Swan arrives.
  • Research: Trend following has demonstrated proven longevity. It has performed for centuries. Review third party research: PDF 1, PDF 2.
  • No Fundamentals: Trend following does not involve the use news or fundamentals. It is not day trading or HFT and does not rely on Central Bank policy for performance.
  • Best in Class: Michael Covel has curated top trend following systems and education from the legendary trend traders.

Overview:

You will receive proprietary trend trading strategies, the “nuts and bolts” exact trading processes, assembled and curated from most successful trend traders over the last 40 years. The core questions a trend following system answers:

  • What market do you buy or sell at any time?
  • How much of a market do you buy or sell at any time?
  • When do you buy or sell a market?
  • When do you get out of a losing position?
  • When do you get out of a winning position?

Flagship is for beginners to professionals showing how to trade trend following methods on stocks, bonds, currencies, commodities, metals, grains, futures, ETFs and LEAPs for outsized returns. It is a radically different product with key benefits:

  • One-of-a-kind: Our focus is only on the very narrow subject of systematic trend following. Curated from best-in-class traders, our Flagship product is the result of a fifteen-year research effort.
  • Your time is valuable: Competing and conflicting voices are everywhere. Are you years behind with significant dollars wasted? How do you choose the right voice? Our leadership position is rooted in the most comprehensive industry Rolodex delivering unsurpassed expert support for your personal situation.
  • Flagship delivers outcomes: client results prove that.
  • Trend following: controls behavioral biases outlined in Daniel Kahneman’s research.
  • Works on all markets: You are running a process machine that doesn’t specialize in one market alone. You can trade anything now and you will with confidence.
  • Trend following: applies the scientific method to investing. It goes against the economic orthodoxy of efficient markets.

Make no mistake, this is mental sport, but it is sport that can be learned. You will learn exactly how to think and trade with precise systems for above average returns. However, you do not need to be a rocket scientist to be a trend following trader. Charles Ellis makes the point:

“Please keep in mind the observation of two of my best friends, who are at the peak of their distinguished careers in medicine and medical research. They agree that the two most important discoveries in medical history are penicillin and washing hands (which stopped the spread of infection from one mother to another by the midwives who delivered most babies before 1900). What’s more, my friends counsel, there’s no better advice on how to live longer than to quit smoking and buckle up when driving. The lesson: advice doesn’t have to be complicated to be good.”

However, this is not day trading or high frequency trading (HFT). It is not for those expecting to make millions instantly, or for those that take in CNBC or Bloomberg 24/7 intravenously. If you mistakenly believe that you can predict market direction, this product is not for you.

Product Materials

You will receive the following research materials with your purchase delivered via text, audio, video and personalized support (FEDEX and digital delivery). You will have precise trend systems you can apply to your account for potential profit–immediately. This offering is only available from Trend Following™.

Flagship v. Standard $2997 $1997
Trend Following™ Custom Support (Months) 18 12
Trend Following™ Core Systems Trading Manual; 226 pages Yes Yes
Trend Following™ Exchange Traded Funds (ETF) Manual; 86 pages Yes Yes
Trend Following™ LEAPs Options Manual; 83 pages Yes Yes
Trend Following™ Single Stock Futures Manual; 56 pages Yes Yes
Trend Following™ Alternate Entries Manual (PDF); 56 pages Yes Yes
Trend Following™ Money Management Manual (PDF); 96 pages Yes Yes
Trend Following™ Additional Trading Systems (3) Yes Yes
Trend Following™ Case Study (PDF); 6 pages Yes Yes
Trend Following™ Wizard Video: Kevin Bruce Yes Yes
Trend Following™ Wizard Video: David Harding Yes
Trend Following™ Wizard Video: Larry Hite Yes
Trend Following™ Wizard Video: Salem Abraham Yes
Trend Following™ Trading Coach Video: Charles Faulkner Yes
Trend Following™ Resources Supplementary CD (See Description Below) Yes
Ask a question? Contact us.

You will receive proprietary Trend Following™ trading systems:

  • Classic I Trend Following Trading System.
  • Classic II Trend Following Trading System.
  • Classic III Trend Following Trading System.
  • Stoic Weekly Trend Following Trading System.
  • Note: Risk management “heat” for all systems adjustable.

Proprietary Trend Following™ systems and training answers:

  • How do you automate your trading (or not).
  • How do you place stops for each and every position.
  • How do you adjust stops when trades are winning/losing.
  • How do you take a loss to avoid a larger loss.
  • How do you balance both long and short positions.
  • How do you adjust trades for accumulated new profits.
  • How do you account for volatility.
  • How do you adjust your portfolio during a winning/losing streak.
  • How do you adjust risk as your account grows.
  • How do you protect against extreme downside moves.
  • How do you adjust your positions for volatility.
  • How do you understand the psychological component
  • How do you choose a portfolio.

Our Trend Following™ systems have been reverse engineered to answer:

  • How do you trade with the trend and never ignore it.
  • How do you ignore bad information.
  • How do you minimize stress and maximize health.
  • How do you model the behavior of the great traders.
  • How do you manage and embrace risk with a patient opportunistic plan.
  • How do you use a checklist to quantify your trading plan.
  • How do you trade off of today’s price only.
  • How do you avoid buying declining markets.
  • How do you know when to stay out of the market.
  • How do you know when to sell before you ever buy.
  • How do you mentally plan for your worst-case scenario at all times.
  • How do you identify a portfolio and rank them for selection.
  • How do you trade with a small account.

You will know how to answer these questions at all times:

  • How much do you trade at any give time.
  • When will you increase your position.
  • How much do you risk.
  • How do you evaluate total market risk.
  • How do you diversify your account.
  • How do you avoid over exposure among markets.

Preserving capital is the goal (chart from famed trend follower):



Support

Your access to our support team will answer 95% of your emailed questions within 24-36 hours. You can learn anywhere: office, home, on the road, it doesn’t matter. You will have access to our client support service for 18 months. Just like your CPA or attorney–the ability to ask questions is built right into the Flagship product. No extra support fees are charged. Some ask: Are there in person or online groups that talk about this strategy? You have our team for support. The amount of misinformation online in forums is overwhelming. It is a minefield. Avoid it.

Additionally, new traders will receive resources dedicated to foundational level trading basics (i.e. book recommendations, trading issues to consider/avoid, Holy Grails, broker recommendations, background reading, websites to absorb/avoid). These insights give new traders immediate confidence.

You do not need to be a rocket scientist to be a trend following trader. A long-time trader makes the point:

“Please keep in mind the observation of two of my best friends, who are at the peak of their distinguished careers in medicine and medical research. They agree that the two most important discoveries in medical history are penicillin and washing hands (which stopped the spread of infection from one mother to another by the midwives who delivered most babies before 1900). What’s more, my friends counsel, there’s no better advice on how to live longer than to quit smoking and buckle up when driving. The lesson: advice doesn’t have to be complicated to be good.”

Trade Examples



More examples: 1, 2, 3, 4, 5, 6, 7, 8

Supplementary Resources CD

The Trend Following™ Resources Supplementary CD is an extra compilation of resources designed to give further trend following foundations and background. This invaluable curation gives you access to Michael Covel’s favorite outside resources.

3rd Party White Paper/Resources (Flagship Premium Only):

EXCEL Spreadsheets (Flagship Premium Only):

  • (5) EXCEL spreadsheets for volatility.
  • (5) EXCEL spreadsheets for correlation.
  • (4) EXCEL spreadsheets for trading logs.
  • (4) EXCEL spreadsheets for risk management.

Training Materials (Flagship Premium Only):

  • Trend Following™ questions and answers (44 pages).
  • Market basics for introduction, orders, speculation, nomenclature, etc. (300 Q/A).

Audio (Flagship Premium Only):

  • Podcast episodes (275 MP3s).
  • Covel introductory overview (10 MP3s).

Video (Flagship Premium Only):

  • 3rd party trend following video excerpts (14 videos).
  • 3rd party video excerpts featuring top trend follower (11 videos).

Philosophy

How best should you invest in the face of uncertainty? How do you best trade market bubbles for profit? Those are the questions to answer. In the last 15 years we have seen major booms and major busts, multiple times. We have seen unprecedented government actions from bailouts to quantitative easing (QE) to zero interest rate policy (ZIRP). Clearly, markets go up and go down and if you have a proper plan you can aim to make money in both directions regardless of why markets are trending. The Eastern philosopher Alan Watts, while not versed in investing, knew very well how to think about profitable trading (even if unintentional):

The question “What shall we do about it?” is only asked by those who do not understand the problem. If a problem can be solved at all, to understand it and to know what to do about it are the same thing. On the other hand, doing something about a problem which you do not understand is like trying to clear away darkness by thrusting it aside with your hands. When light is brought, the darkness vanishes at once.

Most investors rich or poor do not understand markets. Markets confuse, seduce, bewilder and scare the you know what out of people because at their essence, while markets can make you very rich, they can leave you dead broke. Overcoming that fear (and moving you toward rich) is what trend following attempts to do. Our firm brings the light Alan Watts speaks about to trend following trading, but before explaining how our unique product can help you consider these truths:

  • Clarity of purpose is investment success. Eliminating the noise with precise profit rules that adjust to any situation, climate or cycle is the goal. Going on an information diet is part of the plan. Media is irrelevant, toxic to the body, limits understanding, inhibits thinking and manipulates. Annette Simmons said it: “People don’t want more information. They are up to their eyeballs in information. They want faith. Faith in you, your goals, your success, in the story you tell.”
  • Systematic and consistent processes (like trend following trading) beat discretionary judgments every time. See video.
  • Investment stress is a killer. Multitasking with screens, news and nonstop predictions will fry your brain–guaranteed. Focus on the right task, not every last task. Consider this infographic.
  • The religious rituals of the government, media and finance sector are designed to bleed you out dry. Ben Hunt said it smartly: “CNBC really could not care less about the actual content of what is being said. The purpose of CNBC’s game is not to tell you what to think, but how to think, that thinking about investing in terms of some sell-side analyst’s anodyne story about fundamentals or some trader’s breathless story. Why? Because CNBC can create inexpensive content essentially at will to fill this demand, allowing them to sell advertisements. Nothing evil or wrong about this. It’s what for-profit media companies do. But the content they are producing is no less of a theatrical production than the State of the Union address and it needs to be understood as such.”
  • Practice is mandatory. View this infographic.
  • Trend following does nothing until you have a great move with big profit potential. Patience is paramount. See video.

The authorities in charge don’t want that kind of thinking or action. They don’t want anyone awake:

Those who dominate the educational [system] control who is accepted and who is rejected, not by measure of intelligence or skill, but by their willingness to conform to the establishment ideal. They construct a kind of automaton class, which has been taught not to learn independently, but to parrot propaganda without question. Those of us who do not make the grade are relegated to the role of obliged worshippers; accepting the claims of the professional class as gospel regardless of how incorrect they happen to be. The whole thing is disgustingly inbred (footnote).

Trend following is not a moneymaking system the gatekeepers, the missionaries, want practiced. Trend following eliminates brokers, CNBC, Bloomberg, mutual funds and gurus from your life. It can give you the control (and peace of mind). What is the work around? What is the solution? What is the hack? What is the step-by-step profit blueprint our firm can provide you? First, let’s talk about using a “process”. Consider a non-trading example:

Instead of talking about wins and championships, Alabama Head Football Coach Nick Saban speaks about the process. The process is Saban’s term for concentrating on the steps to success rather than worrying about the end result. Instead of thinking about the scoreboard, think about dominating the man on the opposite side of the line of scrimmage. Instead of thinking about a conference title, think about finishing a ninth rep in the weight room. Since Saban has won three of the past nine BCS titles, the phrase has morphed into the mission statement for Saban’s program-building philosophy. Today everyone is trying to replicate his philosophy and results. Call it the Sabanization of college football (footnote).

Once you accept that you need a process, then it comes down to guts. Famed contrarian investor Howard Marks knows it deep in his bones: “The real question is whether you dare to do the things that are necessary in order to be great. Are you willing to be different, and are you willing to be wrong? In order to have a chance at great results, you have to be open to being both.”

The race is on, whether you run, sit or pretend there is no race:

Every morning in Africa, a gazelle wakes up. It knows it must run faster than the fastest lion or it will be killed. Every morning a lion wakes up. It knows it must outrun the slowest gazelle or it will starve to death. It doesn’t matter whether you are a lion or a gazelle: when the sun comes up, you’d better be running.

Review our FAQs. Questions? Reach out and contact us.

Notes

Big Money Starts with Trends, or Waves: Everyone that makes big money rides and surfs waves. And the really large money comes from the big and unexpected swells.
Adapt Your Trading to Market Movement: Markets go up, down and sideways. They trend. They flow. They surprise. They change. Know you will adapt from the outset. Don’t bother guessing how far a trend will go. You cannot.
Nurture Beats Nature: What constitutes a winning trader? A special gene or divine gift? Child prodigy innate talent? Inside knowledge? MBAs? Huge starting capital? One answer: No.
Everything Flows: Trend followers don’t predict direction. They react to market movements and follow along–without a story or conviction about why the market is moving.
Statistical Thinking Is Paramount: During a Monday Night Football game, one of the announcers, Ron Jaworski, unintentionally put numbers and odds in perspective for making money: “Play calling is about probability not certainty.”
Market Bubbles & Crashes Are Your Friend: The mythological 100-year flood happens regularly. Since 1929 there have been 18 market crashes–always rooted in irrational exuberance in one direction, then panics to get out in the other.
Speculation Is Not Evil: Think about what drives a market: millions of investors speculating to make money. That’s evil? That’s life! Recent college graduates speculate that a high-paying job will come after graduation. That’s evil.
Fundamentals Are Religion: To paraphrase trader Paul Tudor Jones: The illusion has been created that there is an explanation for every market move, every tick up or down, with the primary task to find that explanation. Ozzy also saw the insanity in fundamentals: I’m goin’ off the rails on a crazy train!
The Market Is Never Wrong: People pine nonstop for the market to go their direction, then hang on and pray it’ll come back if it doesn’t go in their favor. The market is never wrong. It doesn’t hear prayers. Losers average losers.
Never Trust Anyone: Whenever there is market movement Wall Street analysts always speculate why it occurred. What they say never consistently translates to the bottom line of profit.
You Have to Bet to Win: Take a big risk if you want a big reward. If you want an average reward, take an average risk. No balls, no babies. However, as Market Wizard Larry Hite said, “Don’t bet your deli to win a pickle.”
Trade Everything: Follow enough markets that when one moves you can ride it, as diversification is the only free lunch you get. Forget the market’s name. They are the same if you only trade price.
Process Beats Outcome: Do you want to be right or rich? You really have no control over the results; you have control over your action. What can you really control? How much you lose.
Think Like Kenny Rogers: If you must play decide upon three things at the start: the rules of the game, the stakes and quitting time. You’ve got to know when to hold ’em. Know when to fold ’em. Know when to walk away. Know when to run.
Learn to Love Losses: P.T. Barnum famously said, “This way to the egress!” If famed trader Amos Hostetter lost 25 percent he’d exit: “Never mind the cheese. Let me out of the trap.” Ignore losses, or try to double down to recoup, and those losses will bury you.
Slow Your Emotions Down: Don’t compete with the phony speed of society. Be a snake. Coil and strike when the time is right. That simple thought is the foundation of Daniel Kahneman’s Nobel Prize in Behavioral Economics.
The Babe Ruth Parallel: Babe Ruth struck out in bunches, but was one of baseball’s greatest sluggers. His home runs nullified the strikeouts. In between trading strikeouts, don’t lose too much while waiting for the next homerun, that’s the trick.
Price Is All That Matters: Forget the market. Stocks, bonds, gold or corn–your system needs to work on all of those different markets. Trend trader Ken Tropin said it: You cant have a suit so tight that if you gain two pounds it won’t fit.
Technology Is No Mistress: Pablo Picasso famously said, “Computers are useless. They can only give you answers.” Start by answering your daily market questions in advance. Automating answers is the easy part.
Zero Sum Battles Are Life: Someone has to lose for you to win. Forget trying to be loved. Need a friend? Get a dog. If you are going to win, someone else will lose. Does survival of the fittest make you uneasy? Stay out of the zero sum game (PDF).
Ivory Towers Are Prisons: The Efficient Markets Hypothesis has no useful application within profitable trading.
Avoid Benchmarks: “If you don’t have an umpire, you can wait for the fat pitch. The trouble with investing for other people…is that you do have an umpire–called quarterly performance.” Julian Robertson said it.
Panicky Sheep Take Cliff Dives Together: The group offers safety, confirmation and simplifies decision-making. If something goes wrong, it is far more comforting to be with others than to be alone. The old saying, “misery loves company”, rings true.
Hero Worship Kills Accounts: Many see market gurus as religious prophets. When TV zombies say it’s time to buy Google or dump Apple, millions follow random advice blindly. Don’t drink the Kool-Aid.
Buy and Hold (Hope) Is Dead: Buy and hold works for investors who live forever. It also works for those who believe in magical thinking and pixie dust. Mutual funds and cosmetics: They both sell hope.

Risk Disclaimers

Trend Following™ can not promise you will earn the returns of traders, charts or examples (real or hypothetical) stated. All past performance is not necessarily an indication of future results. Data presented is for educational purposes. Our products are also provided for informational purposes only and should not be construed as personalized investment advice. All data on this site is direct from the CFTC, SEC, Yahoo Finance, Google and disclosure documents by managers mentioned herein. Trend Following™ assumes all data to be accurate, but assumes no responsibility for errors, omissions or clerical errors made by sources.

Our testimonials are the words of real clients received in real correspondence that have not been paid for their testimonials. Testimonials are sometimes printed under aliases to protect privacy, and edited for length. Claims have not been independently verified or audited for accuracy. We do not know how much money was risked, what portion of their total portfolio was allocated, or their exact positions. We do not claim that the results experienced by such clients are typical and you will likely have different results.

Trend Following™ is not registered as a securities broker-dealer or an investment adviser. This information is not designed to be used as an invitation for investment with any adviser profiled. No information herein is intended as securities brokerage, investment, tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund.

Further, Trend Following™ cannot and does not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing.

Additionally, Trend Following™ in no way warrants the solvency, financial condition, or investment advisability of any security or instrument. In addition, Trend Following™ accepts no liability whatsoever for any direct or consequential loss arising from any use of this information. This information is not intended to be used as a basis of any investment decision, nor should it be construed as advice designed to meet the investment needs of any particular investor.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

Ready to purchase? Go to the top of this page and add the product to your cart to checkout!

FAQs

You do not need to be a rocket scientist to be a trend following trader. Charles Ellis makes the point:

“Please keep in mind the observation of two of my best friends, who are at the peak of their distinguished careers in medicine and medical research. They agree that the two most important discoveries in medical history are penicillin and washing hands (which stopped the spread of infection from one mother to another by the midwives who delivered most babies before 1900). What’s more, my friends counsel, there’s no better advice on how to live longer than to quit smoking and buckle up when driving. The lesson: advice doesn’t have to be complicated to be good.”

Frequently Asked Questions:

Q: Please define trend following exactly.
A: Read. Also, consider an illustration that can make you rich:

trend following chart

Trend following does not pick bottoms or tops. You always get into a trend late, and get out late. You cannot predict a trend. That chart might not seem like a great strategy at first glance, but it is the foundation of one of the most profitable insights in the history of market speculation: capture the middle meat and you can make a fortune.

Q: The origins of trend following?
A: Read.

Q: Requirements to start?
A: These prerequisites are required either in advance or at the same time. You will also need daily and or weekly price data. Questions: Ask.

Q: Why are there two versions of your product?
A: Flagship Premium gets you there faster.

Q: Who is trend following for?
A: Everyone (almost):

  • All new or private traders trading their own account.
  • All account sizes.
  • Hedge fund managers, commodity trading advisors, floor traders and locals.
  • Professional traders looking to establish money management businesses.
  • Those that trade 401K, IRA, or other retirement vehicles.
  • Those that want to trade all markets with the same rules.
  • Those that want to make money in both bull, bear and black swan markets.

This is for brand new to pro traders. It is for traders that trade global markets and for those that trade only their home country markets. It is for retirement, speculative accounts, Registered Investment Advisors, fund managers and college students. This is a true location independent, trade on a desert island trading profit-making opportunity.

Q: Who is trend following training not for?
A: The list:

  • Those expecting millions instantly.
  • Day traders.
  • People that think they can predict tomorrow.

Q: What is your expertise?
A: Our quantitative investment and behavioral economics research can be seen across multiple books and an internationally known podcast with over 2M listens.

covel itunes

Q: What are performance examples?
A: For more than five decades trend following traders have produced massive profits.

Q: When does trend following work?
A: When markets trend–is the short answer. The investment objective of our trading programs is to extract profits from up, down and black swan markets (rare or surprise events), resulting in an above average return stream. All programs can be applied to long only and long/short portfolios and all rules are best applied in a 100% systematic manner. Think of it like a machine:

trend following process machine

Q: What type of markets can be traded?
A: Systems provided are for stocks, bonds, commodities, currencies (FX), energies, agriculturals, metals and softs. Can you trade equities only, for example? Yes.

Q: What market instruments can be traded?
A: Systems provided are for equity ETFs (equities), LEAPs options and or futures.

Q: Testimonials?
A: Review teaching track record here. However, there are critics. If our work made the Fed, CNBC, Wall Street and EMH academia happy–there would be no value. Those institutions after all are the system.

Q: How specific is your product?
A: This service is an overall trend following trader education with exact trend following systems that can be applied immediately to your account. That means you will receive:

  • Exact rules for selecting your tracking portfolio.
  • Exact rules for entering your trades at the right time.
  • Exact rules for exiting your trades with a loss at the right time.
  • Exact rules for exiting your trades with a profit at the right time.
  • Exact rules for how much money to bet on each trade based on your unique situation.

Q: It seems strange that someone is willing to give away a process that works.
A: There will be no widespread adoption of the rules we teach. Why? People might not feel comfortable once they learn, or they might not like using rules developed by others. Maybe, they adopt the rules we teach, then bastardize them into something else because it momentarily feels good. Markets, bottom line, are huge and with millions of strategies out there, what we teach will be just fine. Additionally, think about the Turtles. Think about all of the trend followers with decades of trend following trading results. Most people don’t want to change to something good. They are fine with mediocre results. Most people are happy losing. This issue is also addressed in the last chapter of the book Trend Following.

Q: How has your firm evolved?
A: The original focus from 1997-2003 was assisting clients with only Turtle trading. Services have grown to include a much wider expertise in trend following trading. The current Trend Following Premium Flagship edition is our most comprehensive trading solution yet offered.

Q: Are your trading systems just Turtle?
A: Michael Covel’s The Complete TurtleTrader explains the Turtle story and system in detail. It is the definitive Turtle resource, but our Flagship systems and training go much farther. Human interaction with Michael and his staff, the live teaching element with Flagship content, is an entirely different educational experience.

Q: What is the difference between your books and systems & training?
A: The books are great resources filled with thousands of details, and they have helped many people learn, and some never go beyond the books, but our systems and training with support are different. Questions come up. People need help. Personal instruction gives insights. Additionally, many proprietary trading systems are included (not in the books).

Q: Is trend trading only for the USA?
A: Our clients are in 70+ countries trading on exchanges from Europe to Asia to the Middle East to South America to North America: Click for Client Map.

Q: Are your systems and training for the individual investor?
A: Many of our clients are simply individuals trading their own account. Many are with no experience. Some have experience, but the wrong kind. Whether 21 and in college, age 30 working a job, or age 60 in retirement, you can learn trend following trading.

Q: Are your systems and training for market professionals?
A: Our systems and training are also used by experienced traders worldwide. Hedge fund managers to CTAs to CFAs to CMTs brokers to financial advisers on every continent.

Q: How were your systems and training assembled?
A: The great traders, along with their trading rules, are not easily accessed. It’s a very closed club. However, Michael Covel has dedicated his life to assembling their trading systems and lessons (as a result of their direct teaching). Covel has spent the last 15 years on the inside learning from the greatest traders of our time. View his mentors.

Q: The top end of your trading system is not inexpensive.
A: Paying for trading education is far less expensive than losing a fortune with no trading plan (which many do). Our price is negligible if you consider it an investment in your future wealth.

Q: Can systems in the training be applied to shorter time frames like hourly or 4-hour charts?
A: No. Day trading is fool’s gold. Our systems and training will be worth millions to you over a lifetime if you simply understand that day trading is a mirage. More on the subject: Read.

Q: Talk about your success stories and the learning process for your clients.
A: Read: Here and here.

Q: The right exit strategy?
A: Applying explicit exit rules to limit damage during market declines is the name of the game. Survival! That means having an exit strategy for all of your positions at all times. That means deliberately, consistently and mechanically cutting losses short while letting your winners run.

Q: What starting capital is needed?
A: Read.

Q: Will too many trend followers make strategies less profitable?
A: A great example is 2008. Trend followers made a fortune. The profitability of trend following will decline only when human nature, greed and fear, disappear. Also, review chapter 11 of Trend Following.

Q: Talk about retirement accounts.
A: You can trade equities, futures and ETFs in retirement accounts (401ks, IRAs, Keoghs, Seps, etc.).

Q: Trend following works on stocks, right?
A: Yes, to say otherwise is to express profound ignorance.

Q: This is not only for futures trading?
A: Trend following is not instrument specific. Trend followers can and do trade all types of instruments. Some trade futures. Some trade ETFs. Some trade LEAPS® options. Some trade commodities. For example, today trend following traders can trade ETFs and get exposure to stock and commodities markets without having to trade futures. You will learn the best option for your situation.

Q: Is trend following risky?
A: Life is risky. You might get nailed by a car crossing the street. However, if you have a concrete plan, risk can be manageable and upside is unlimited.

Q: Do university classes assist in trend following education?
A: Most finance departments either are unaware of trend following or ignore it. Many of the greatest traders had little to no experience trend trading before starting. Trend following legend John W. Henry (owner of Boston Red Sox), for example, did not have a college degree.

Q: Speak to behavioral biases.
A: Trend following handles the biases:

biases

Trend following actively seeks to mitigate those biases from the ground up.

Q: How much math is involved in trend following for success?
A: The basics: add, subtract, multiply, divide. Some will have more understanding, and that is fine too. However, never forget Oscar Wilde’s insight:

“Life is not complex. We are complex. Life is simple, and the simple thing is the right thing.”

Q: Is trend following trading black box system trading?
A: This is not black box trading. All rules and philosophies taught are fully disclosed.

Q: Do trend followers watch screens during market hours?
A: Some trend followers only trade once a week using weekly bars. Day trading is not trend following. There is no need to watch the screen during market hours.

Q: How much time is required to trade as a trend following trader?
A: You can spend a minute or two per market each day. For example, you check prices in the evening, then with one trade in the morning, you place or change any orders in accordance with rules. Flagship trend following trading systems use daily data to determine buy and sell signals. Orders can be placed before the market opens and do not need hourly monitoring. Most top traders manage their trades in 10 to 30 minutes per day. Trend follower Richard Donchian once said:

“If you trade on a definite trend-following loss limiting-method, you can trade without taking a great deal of time from your regular business day. Since action is taken only when certain evidence is registered, you can spend a minute or two per [market] in the evening checking up on whether action-taking evidence is apparent, and then in one telephone call in the morning place or change any orders in accord with what is indicated. [Furthermore] a definite method, which at all times includes precise criteria for closing out one’s losing trades promptly, avoids…emotionally unnerving indecision.”

Each day you determine entries and or exits for the following day. You can then buy or sell “at the market” on the open the next day.

Q: Fancy software and complicated trading strategies that seemingly only rocket scientists can trade, is that your world?
A: No. The real risk in today’s age is over-doing a trading system. There is so much computing power available and so much data available, but the reality is that trend following rules can be explained on the back of a napkin. You will learn to use rules that anyyone can apply for potential profit. Can software help automate trend following strategies? Sure, but don’t let automation fool you. Consider wisdom from Daniel Dennett:

Here is something we know with well-nigh perfect certainty: nothing physically inexplicable plays a role in any computer program, no heretofore unimagined force fields, no mysterious quantum shenanigans. There is certainly no wonder tissue in any computer. We know exactly how the basic tasks are accomplished in computers, and how they can be composed into more and more complex tasks, and we can explain these constructed competences with no residual mystery. So although the virtuosity of today’s computers continues to amaze us, the computers themselves, as machines, are as mundane as can-openers. Lots of prestidigitation, but no real magic…All the improvements in computers since Turing invented his imaginary paper-tape machine are simply ways of making them faster.

One of the most accomplished trend following traders of the last 30 years, a man that has made billions, still tracks and automates his world with EXCEL. Nothing fancy. No mental masturbation.

Q: Can your trend following strategies be automated?
A: Yes.

Q: Why is money management needed?
A: Money management, or position sizing, is a critical component of trend following trading success: Read. Also, consider wisdom from Ralph Vince:

You want the fewest moving parts (less parameters and less system rules) in your system. Primitive and simple grinding out profits over the long term. It’s not how profitable a system is, but rather that it is profitable. Money management takes the positive expectation, moneymaking system, and performs the real magic.

Q: Are markets different now?
A: Markets are always the same because they always change. Trend following trading adapts to constant change. That’s the way to look at it. If someone says markets have changed, reach your wallet. You are about to be picked. Alan Watts the philosopher makes the case for how trend following responds to constant change:

If, when swimming, you are caught in a strong current, it is fatal to resist. You must swim with it and gradually edge to the side. One who falls from a height with stiff limbs will break them, but if he relaxes like a cat he will fall safely. A building without give in its structure will easily collapse in storm or earthquake.

Trend following has give.

Q: 24-hour news is a ruse?
A: Of course, it is a ruse. You don’t need real-time data or news. In fact, you don’t need news at all to be a trend following trader.

Q: Is leverage used in trend following?
A: All great trend following traders use leverage. It is a tool to be used correctly. However, trend following is not about using reckless leverage (like Wall Street banks). Very different animals.

Q: Once training is completed no broker or financial adviser will be needed?
A: You will not need those people in your life.

Q: What do you think of Gann and Elliott Wave?
A: Some people enjoy junk science.

Q: What additional expenses are needed?
A: You need money to trade and daily price data (about $20-50/month). Our clients also receive a special 10% discount with CSI Data (world data leader).

Q: What about breaking into the fund management business?
A: A critical feature of our Flagship is support. You will receive help on introductions, along with hints on how to break into the fund business or just advice on trading your own account.

Q: Do you explain exactly the markets to trade and why?
A: Yes. Diversification across markets is part of the process. Trend following exposure to many markets allows profits to cover losses. Big moves, and the profits from those, offset small losses across a diversified portfolio:

trend following diversification

You can trade those types of markets via ETFs, LEAPs and or futures.

Q: Are chart techniques used to pick entry levels, exit levels and where to place stop levels? Do you teach a one-size-fits-all method of level picking or do you tailor it to the individual?
A: No chart techniques are used, but you will know exactly your entry, exit and where to place stops. The rules taught can be tailored, absolutely.

Q: Speak to non-USA markets, i.e. China, Malaysia, Singapore, Brazil, Indonesia, etc.
A: Trend following is for all markets, all countries. Our clients are in 70 plus countries. A map of where our clients live.

Q: Do your rules help to profit during crashes and tail events?
A: Yes. Making money from black swans, surprises, tail events and crashes is core to trend following success. Think about the “edges”:

trend following tail events

Q: Is it really possible to compete against the big funds? Like Bridgewater and Winton?
A: Yes, but this is not about competition. The big funds don’t stop little guys from trading. The idea that big traders block small traders is nonsense. In fact, smaller traders can trade markets larger traders can’t (due to their overdone size).

Q: Can trend following be applied to day trading?
A: No. Anyone that speaks of trend following intra-day, 5-minute bars, etc. is a bullshit artist. That is something else, but it’s not trend following.

Q: Are too many people trading as trend following traders?
A: Broadly speaking the amount of money trading globally applied to trend following methods is tiny by comparison to the mountain of money stuck in buy and hold mutual funds. The opportunity for trend following success is massive.

Q: What are your main criteria to identify a trend?
A: In trend following you don’t do that. In trend following you take entry signals, and have exit signals. After an entry and then exit you can historically identify a trend. Anyone saying they can spot or predict trends in real time is incorrect.

Q: Are there free resources you can recommend beyond your free videos?
A: Yes.

Q: What makes your product different than others?
A: We don’t care to compare to unnamed others. Our one of a kind product is not a commodity. You can only receive it here. Review our books and podcast (and review every last link on this page).

Performance

One of the first steps to your trend following success is to absorb past trend following success. That breeds immense confidence. Two pieces of research that outline trend trading success going back over 100 years:

  • A Century of Evidence on Trend-Following Investing (PDF).
  • Two Centuries of Trend Following (PDF).

A further great example of success? Bill Dunn. He is one of the great trend followers. First ballot Hall of Fame. He has been successfully trading as a trend follower for massive money since 1974. His continuous track record has never been featured on CNBC, Bloomberg, WSJ, etc. An examination of Dunn’s track record could serve as a PhD-level trend following class. Consider his performance numbers:

No one can promise that you will become the next Bill Dunn or produce his returns. Further, we are not an agent for Dunn Capital, but his performance is a historical marker on file with the U.S. government. His performance is proof that classic long term trend following can win big time. If you want to be a trend follower, if you want the foundation to have a chance at the big money, you can start a proven trend following education immediately.


Bill Dunn

Dunn is not alone though. Consider this chart from Mulvaney Capital:

That is inspirational (at least if you have a pulse).

Trend Following Performance: Huge Returns for Decades

Additional performance histories generated by legendary trend traders:

• Salem Abraham is in Michael Covel’s books Trend Following and The Complete TurtleTrader:
Click to view performance.

• Bill Dunn is in Michael Covel’s books Trend Following and Trend Commandments:
Click to view performance.

• William Eckhardt is in Michael Covel’s book The Complete TurtleTrader:
Click to view performance.

• Tom Shanks (Hawksbill Capital) is in Michael Covel’s book The Complete TurtleTrader:
Click to view performance.

• Paul Mulvaney is in Michael Covel’s book The Little Book of Trading:
Click to view performance.

• David Harding (Winton Capital) is in Michael Covel’s books Trend Following and The Little Book of Trading:
Click to view performance.

• Mark J. Walsh is in Michael Covel’s book The Complete TurtleTrader:
Click to view performance.

• Jerry Parker (Chesapeake Capital) is in Michael Covel’s books Trend Following and The Complete TurtleTrader:
Click to view performance.

• Michael Clarke is in Michael Covel’s book The Little Book of Trading:
Click to view performance.

• Transtrend is in Michael Covel’s book Trend Commandments:
Click to view performance.

Trend Following Hall of Fame

Who are some of the great trend following traders over the last 30 years? How much have they made? Consider:

  • Bruce Kovner: Kovner is a trend following trader featured in Jack Schwager’s ‘Market Wizards.’ He was trained by trend follower Michael Marcus. Marcus was trained by Ed Seykota. More on Seykota can be found in ‘Trend Following.’ Kovner is worth over $3.5 billion (source).
  • John W. Henry: Henry is a trend following trader featured in Trend Following. He is worth $840 million (source). He used his trend following gains to buy the Boston Red Sox for $700 million.
  • Bill Dunn: Dunn is a trend following trader featured in Trend Following.’ Dunn made $80 million in 2008 when the rest of the world was blowing up.
  • Michael Marcus: Marcus is a trend following trader featured in Jack Schwager’s Market Wizards. He turned an initial $30,000 into $80 million (source).
  • David Harding: Harding is a trend following trader featured in Trend Following. He is worth over $670 million (see above).
  • Ed Seykota: Seykota is a trend following trader featured in Trend Following. He turned $5,000 into $15 million over 12 years in his model account (an actual client account).
  • Kenneth Tropin: Trend following trader Tropin made $120 million in 2008 as buy and hold collapsed. Earlier in his career he led John W. Henry’s firm.

Those trend followers all started as one-man shops and that is inspirational. Worst case? A small fraction of those huge fortunes would satisfy most people.


David Harding & Michael Covel in London

Trend following trading can be applied to many different instruments (futures, ETFs & LEAPs, for ex.) and many different markets such as currencies (FX, forex), interest rates, global stock indices, grains, softs, meats, metals and energies. It has also been applied to the great tech names: Google, Apple, Priceline, Tesla, Amazon, Las Vegas Sands & Facebook, etc. The strategy is not limited to USA. It is for all types of markets in all countries, i.e. USA to Singapore to China to Brazil to Japan to Switzerland, etc.

This is the strategy that has universal applicability. No fundamentals needed. How can it applied to so many different markets?

Greed, fear, human nature and big trends up and down. That’s how. Measure it, trade it. Bottom line, furthering the cause of trend following moneymaking benefits has driven us since 1996. In recent years both academics and large funds have further validated the very long-term success of trend following investing. Consider these research efforts:

  • A Century of Evidence on Trend-Following Investing (paper): Trend following investing has delivered strong positive returns over diverse economic environments each decade since 1903 — over 110 years (PDF).
  • Two Centuries of Trend Following (paper): The existence of anomalous excess returns based on trend following strategies across four asset classes (commodities, currencies, stock indices, bonds) and over very long time scales is established. Studies are both futures time series that exist since 1960 and spot time series that go back to 1800 on commodities and indices (PDF).
  • Larry Hite’s trend following firm ISAM has analyzed trend following back 800 years. Their research is discussed on an upcoming podcast episode.

Trend Following Historical Winning Charts (Part 1)

Trend Following Historical Winning Charts (Part 2)

These are all to prove the historical legacy. The past, the current, and the future–all times when trend following can excel.

Learn How

Trend following systems with full training.

Disclaimers

Trend Following™ can not promise you will earn the returns of traders, charts or examples (real or hypothetical) stated. All past performance is not necessarily an indication of future results. Data presented is for educational purposes. Our products are also provided for informational purposes only and should not be construed as personalized investment advice. All data on this site is direct from the CFTC, SEC, Yahoo Finance, Google and disclosure documents by managers mentioned herein. Trend Following™ assumes all data to be accurate, but assumes no responsibility for errors, omissions or clerical errors made by sources.

Our testimonials are the words of real clients received in real correspondence that have not been paid for their testimonials. Testimonials are sometimes printed under aliases to protect privacy, and edited for length. Claims have not been independently verified or audited for accuracy. We do not know how much money was risked, what portion of their total portfolio was allocated, or their exact positions. We do not claim that the results experienced by such clients are typical and you will likely have different results.

Trend Following™ is not registered as a securities broker-dealer or an investment adviser. This information is not designed to be used as an invitation for investment with any adviser profiled. No information herein is intended as securities brokerage, investment, tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund.

Further, Trend Following™ cannot and does not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing.

Additionally, Trend Following™ in no way warrants the solvency, financial condition, or investment advisability of any security or instrument. In addition, Trend Following™ accepts no liability whatsoever for any direct or consequential loss arising from any use of this information. This information is not intended to be used as a basis of any investment decision, nor should it be construed as advice designed to meet the investment needs of any particular investor.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

Testimonials

Read the 80+ pages of testimonials:

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.
Larry Hite
Hite profiled originally in “Market Wizards”

Some people think [Trend Following] trading is a system, but it’s really much more powerful than that…it’s a trading philosophy. The course [see] gives comprehensive insight to the most accessible active management strategy currently in use. [You] find revealing explanations of all the critical elements of a successful trend following trading plan. The concepts espoused here are not just opinions…these techniques have been proven to work
Paul Mulvaney
Chief Investment Officer
Mulvaney Capital
Mulvaney was an early client of our firm.

Clients

Trend following works in one of two ways:

1. Trade your home country markets only.
2. Trade a global portfolio.

The good news? You can choose either option. Better news? Trend following is location independent trading. You can be anywhere. Our clients live in 70+ countries and territories. Below are the countries and a sampling of cities where they reside. Sampling of where our clients work.

  1. United States
    Clients in all 50 states.
  2. Andorra
  3. Argentina
  4. Australia
    Sample cities where students live: Albany, Albany Creek, Attadale, Bellerive, Belrose, Brighton, Brisbane, Bronte, Buderim, Cairns, Campbelltown, Campsie, Canterbury, Carrara, Christies Beach, City Beach, Claremont, Como, Doncaster, Eden Park, Eungella, Fairlight, Footscray West, Frankston, Freshwater, Glen Waverly, Glenunga, Gnadendorf, Highett, Hobart, Indooroopilly, Lapstone, Malvern, Manly, Maroochydore, Marrickville, Melbourne, Mitcham, Mossman Bay, Mossman, Narwee, Newtown, Ningi, North Sydney, North Tamborine, Paddington, Panania, Perth, Queensland, Redfern, Rostrevor, Richmond, Rozelle, Ryde, Sandringham, Shaolhaven, Smithfield, Stirling, Subiaco, Summer Hill, Sydney, Tootgarook, Victoria, Wavertown, Wellington Point, West Perth, Weston, Windsor, Wollongong
  5. Austria
  6. Belarus
  7. Belgium
    Sample cities where students live: Brussels, Gent, Steenokkerzeel, Vosselaar
  8. Bermuda
  9. Botswana
  10. Brazil
    Sample cities where students live: Belo Horizonte, Curitiba, Rio de Janeiro, Santana de Parnaiba, Sao Paulo
  11. Brunei
  12. Canada
    Sample cities where students live: Abbotsford, Aurora, Bancroft, Bathurst, Beaumont, Bonne Bay, Bonnyville, Boucherville, Bracebridge, Brampton, Brantford, Burlington, Burnaby, Calgary, Canterbury, Carrolls Corner, Cochrane, Coquitlam, Cranbrook, Dartmouth, Delta, Edmonton, Errington, Gatineau, Grande Prairie, Halifax, Kelowna, Kitchener, Lachenaie, Little Britain, London, Maple, Markham, Mattawa, Medicine Hat, Mill Bay, Mississauga, Montreal, Mouse Jaw, Nanaimo, Nepean, New Westminster, Niagara Falls, North Vancouver, North York, Oakville, Oshawa, Ottawa, Pickering, Port Coquitlam, Richmond, Salmon Arm, St. Albert, St. Laurent, St-Alexis, St-Sauveur, Salt Spring Island, Scarborough, Summerside, Surrey, Sutton, Toronto, Val des Monts, Vancouver, Varrennes, Vaudreuil, Verdun, Victoria, Wainwright, Waterloo, Wellesley, West Vancourver, Winfield, Winkler, Winnipeg, Yellowknife
  13. China
  14. Colombia
  15. Côte d’Ivoire
  16. Croatia
  17. Cyprus
  18. Czech Republic
  19. Ecuador
  20. Egypt
  21. El Salvador
  22. Estonia
  23. Finland
  24. France
    Sample cities where students live: Bordeaux, Cergy, Le Vesinet, Louveciennes, Malakoff, Manduel, Paris, Paudex, Vallon Pont d?Arc, Ville-sur-Yron, Vincennes
  25. Germany
    Sample cities where students live: Bonn, Bad Soden, Berg, Berlin, Bielefeld, Cologne, Duesseldorf, Euskirchen, Filderstadt, Frankfurt am Main, Grainau, Groebenzell, Hallstadt, Hamburg, Herrenberg, Herzogenaurach, Hofheim, Jena, Kirchheim-Teck, Koenigswinter, Leipzig, Mistelbach, Moenchherrnsdorf, Muehldorf, Muenchen, Munich, Neu Isenburg, Niddatal-Assenheim, Rosenheim, Scharbeutz, Stuttgart, Sulzbach, Wiesbaden, Woelfersheim
  26. Gibraltar
  27. Greece
    Sample cities where students live: Athens, Naxos, Piraeus, Thessaloniki
  28. Hong Kong
  29. Hungary
  30. India
  31. Indonesia
    Sample cities where students live: Bandar Seri Begawan, Jakarta, Javiarta, Jember, Tel Betung
  32. Ireland
  33. Israel
  34. Italy
    Sample cities where students live: Bologna, Campione, Campobasso, Castelliri, Chiampo, Genova, Milano, Parma, Rome, Valgioie, Volterra
  35. Japan
    Sample cities where students live: Atsugi, Nagoya, Tokyo
  36. Kazakhstan
  37. Kenya
  38. Kuwait
  39. Latvia
  40. Lebanon
  41. Liechtenstein
  42. Luxembourg
  43. Malaysia
    Sample cities where students live: Johor Bahru, Kuala Lumpur, Kulim, Petaling Jaya, Selangor, Subang Jaya
  44. Malta
  45. Mauritius
  46. Mexico
  47. Monaco
  48. Nederland
    Sample cities where students live: Amsterdam, Bergen op Zoom, Budel, Delden, Enschede, Hoofddorp, Hoorn, Maassluis, Maastricht, Nijmegen, Rijswijk, Soesterberg, Son en Breugel
  49. Nederland Antilles
  50. New Zealand
    Sample cities where students live: Auckland, Christchurch, Hamilton, Lowerhutt, North Shore City, Wellington
  51. Nigeria
  52. Norway
  53. Oman
  54. Panama
  55. Peru
  56. Philippines
  57. Poland
  58. Portugal
  59. Qatar
  60. Russian Federation
    Sample cities where students live: Chelyabinsk, Krasnoyarsk, Minsk, Moscow, Samara
  61. Singapore
  62. Slovak Republic
  63. South Africa
    Sample cities where students live: Bloemfontein, Cape Town, Dubanville, George, Hout Bay, Johannesburg, Musgrave, Randburg, Rosebank, Sandton, Saxonwold, Sun City, Welgemoed, Witbank
  64. South Korea
    Sample cities where students live: Inch’on, Koyang, Seoul, Taejon
  65. Spain
    Sample cities where students live: Barcelona, Cabrera de Mar, Santiago de Compostela, Formentera, Javea, Madrid, Mallorca, Marbella, Sant Pol de Mar
  66. Sweden
  67. Switzerland
    Sample cities where students live: Aarwangen, Altendorf, Campione, Cadenazzo, Chailly-Montreux, Chene-Bougeries, Chrissier, Geneva, Greng, Grimisuat, Kloten, Kusnacht, Lausanne, Lucerne, Lugano, Ottenbach, Paudex, Pully, Steinhausen, Wettswil, Zurich
  68. Taiwan
  69. Thailand
  70. Turkey
  71. Ukraine
  72. United Arab Emirates
  73. United Kingdom
    Sample cities where students live: Ascot, Aberdeen, Abergavenny, Addlestone, Ashton Keynes, Bath, Basildon, Billericay, Birmingham, Blackburn, Blairgowrie, Boughton Monchelsea, Bristol, Bromley, Burgess Hill, Burnham-on-Crouch, Camberley, Cambridge, Cardiff, Chesire, Crickhowell, Driffield, Dudley, Eastbourne, Egham, Elstree, Enfield, Essex, Etchingham, Folkestone, Glasgow, Grantham, Greenford, Guildford, Halifax, Harefield, Haslemere, Hildenborough, Hove, Kenilworth, Keston Park, King’s Lynn, Leeds, Leicester, Lichfield, Liverpool, London, Loughton, Manchester, Margate, Marlow, Middlesex, Minehead, Nairn, N. York, Newbury, Northallerton, Northampton, Oakham, Oldham, Ombersley, Oxford, Peacehaven, Plymouth, Poole, Porthleven, Richmond, Ruislip, Saltdean, Seaford, Sevenoaks, Sheffield, South Brent, Southampton, St Albans, St Andrew, St Brelade, Stevenage, Stirling, Surbiton, Sutton Coldfield, Talaton, Tauton, Twickenham, Uxbridge, Walthamstow, Winchester, Windlesham, Windsor, Worthing, Wotton-under-Edge, Woking, Wooburn Green, Woodstock
  74. Zimbabwe

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