Reviews In!

Below are reviews recently in. I am working on a major website makeover, and will feature these more prominently soon, but if you would like to add your views feel free in the comments section or drop me an email!

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Mr. Covel, ‘The Complete TurtleTrader’ book was the first trading-related book that I stumbled upon, so I remember it well. Since then, I have spent countless hours reading and researching the markets and trading ideas. I have looked at many different methods, but I keep coming back to trend following as the best long-term method for investing in the markets. Your trend-following book provides ample evidence and reasoning regarding the timeless principles trend following employs, and I think it should be an essential read for any aspiring trader. Your free newsletter is one of the newsletters that I always read, especially since the “comments” section usually contains robust conversations. I have also watched your film Broke; as a college student graduating in May, I wish the film was shown in every economics class.
Best regards,
Kevin Morrison
Catonsville, MD

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Dear Mr. Covel, Between last Christmas and the New Year I reviewed my trading in 2009. My main account trades options delta neutral, theta positive strategies and it went flat. I have to say this result is really not bad as it’s mostly a trending year. I have a famous mentor on this and have seriously traded it for three years and am still not successful. I realized the market has many chances to do unexpected moves. That’s why neutral income trading is hard to do consistently. My second account is a small Forex account utilizing trend following strategies and that performed extremely well, up 400% with less than 20 trades. And I spent only about 5% of the time for this compared to the main account. I wonder if it’s only a luck for such a good performance. After the annual review I thought I need to do more research on trend trading. So I went to Amazon.com searching for books regarding trend following and found your book ‘Trend following’. I was really exciting while reading it as every chapter is so wonderful. It exposes many great trend followers and their long term performance data. That greatly convinced me that trend following is a valid strategy. From the book I learned successful trend followers only trade technical, make no predictions, follow big trend, have good money management and are very disciplined. I then read your book ‘The Complete TurtleTrader’ and that is amazing too. It makes me more confident that everyone could become a successful trend follower if he or she works hard on it. Thank you so much, Mr. Covel. Your books give me great education and confidence on trend following. I won’t forget you if I would be successful in the future.
Sean
California

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Michael, I have only read your books but I think they are as good as they come in finance. They are as good, if not better, than the Market Wizards books by Schwager and Leferves “Reminiscences of a stock operator”. They are an absolute read for anyone with a job in finance. I recently quit my job after 10 yrs as a trader at Morgan Stanley to start my own hedge fund together with a colleague of mine. A majority of the risk in the fund will be allocated to trend following concepts in various time frames of stocks, sector and index futures.
Johan Sallfors

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Michael: As a subscriber to your original course, and occasional fan writing in, I must say, what a great text! I am referring to the latest edition of ‘Trend Following’. After it came in the mail, I devoured it over the course of the last couple of days, and what coincidental timing, it served as a refresher, and has helped me stay on track with my own trading (Yes, in the past I’ve taken “hits”, but I turn them around, an outcome less due to me and more due to the risk management stressed by the trend follower approach). A few years ago, that would have been a devastating loss of a limb as opposed to the temporary pain of a pulled muscle, all in service to the ego and the desperate need to be “right”, even when the account equity says you’re “wrong”. In fact it was just such a loss several years ago that led me to your course over three years ago, which funny enough as I think about it’s “great expense”, has repaid itself many times over in various trades. As for what some reviewer noted on your website, dismissive of trend following, it’s very clear he didn’t do his homework (As an aside, may I say you have no need to defend your work with retorts or responses, so please consider what Mr. Ed Seykota might say about your exchange with him and ask yourself what you are getting out of any “back and forth” exchanges). We know such reviewers get a paycheck no matter what, and are therefore indifferent to your work, and produce “critical” reviews lacking critical thought, driven by conventional thinking and a deadline, which are a disservice to all. Your work, and the results of it’s most focused and disciplined practitioners have, and will speak itself in favor of trend following. Those who can’t think for themselves might not be among your potential readership anyway. As an aside, I recall a chart you presented once about Mr. Dunn’s results, during his rough patch earlier this decade and I was reminded by your coverage of Mr. Dennis’ trading history in your work, and what some of his students and successors were counseling in terms of the trading sizes… that anything is possible, a temporary “bad patch” might have been encountered by his system. And indeed it was proven to be the case, just temporary. So, even if such empirical “proof”, as Mr. Dunn’s brief downturn, might be used by those who were too lazy to read your books were used to dismiss you, you would see in due time overwhelming proof to trump such data cherry-picking of drawdowns and brief “rough patches”. The bucking bronco that shakes a trend follower about at times eventually leads us to greener pastures. Could we say that for the latest incarnation of LTCM? Recent news of a new bond arbitrage fund, a third go-around for its founder, after bombing over a decade ago and prompting the first of many Moral Hazardous bailouts, followed by a closing of a second-firm in 2009, might succeed (anything is possible) but may I point out that Mr. Dunn and others like him (Jerry Parker and Salem Abraham) never needed a “bailout” or a fresh (re)start, just time and the risk management disciplines of true trend following. Thank you for your fine work, it helped give me tools to navigate through market waters both calm and/or treacherous.
Regards,
Edward

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I have been an avid follower of Michael’s work for many years. I have all of his books, his trading course, as well as 3 market Wizard DVD’s. I can unequivocally say I feel like I have got MASSIVE value out of all of these. Michael’s teachings and practical advice have kept me grounded and focused in an environment where most are paralyzed by “noise”. As a fairly new player in the industry, it has sped my learning curve. Never mind how much money these teachings have made me, their biggest benefit so far has been how much they have SAVED me. The principals of position sizing/risk management and reacting to what IS happening (without the egotistical need to explain why) helped me sail through the GFC relatively unscathed in terms of my portfolio. Mike’s writing is professional and informative, his DVD’s inspirational and professionally made. He truly has access to some of the greatest trend following minds around, no mean feat given the majority of these players shun the public eye. I have find his guidance from afar extremely helpful.
Darren Reed
MINC STOCKBROKING
Perth WA
Australia

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Michael Covel has been the major influence for me in my search for the investment strategy that fits my beliefs. As a lot of investors i started out searching for a holy grail method but after a lot of losses in mutual funds i bought Michael’s ‘Trend Following’ and ‘TurtleTrader’ book and the concepts just jumped of the page and struck a chord with me. As markets move downwards roughly 1/3 of the time who wants to be in a ”vehicle” that can travel only one way? Keep up the great work Michael and thanks again!
Best regards,
Christian van den Boogaart
The Netherlands

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Dear Michael, I have been a followed and a student of Trend Following since 19998. I was firstly introduced to Trend Following by a friend of mine working as a proprietary FX trader for a global American investment bank who had an office in my home town of Sydney Australia. He has since moved on from being a proprietary gold Bullion trader, to now becoming the principal of his own Hedge fund. I was introduced by this friend to “the Turtle Trader” rules at the same time, and have gone on to prosper and generate an incredible and awe inspiring life for myself and now my young family. This has all come about through firstly instilling all the rules,principles,and psychology of the system known as “Turtle Trader”. The principles and system of technical Analysis based system trading has made an impact on many areas of my life, including, financial,spiritual, and physical improvements. This has come about by what I personally believe is the “complete” commitment I desired and now have to live a completely satisfied and grateful lifestyle. I believe I would not be in the fortunate position myself and my Family are in today if it was not for people like yourself Michael. Your contribution to Trend Trading is such a marvelous basket of awe inspiring products, which can only benefit those who really believe in creating contribution to those around them, like ourselves. Gone forever from my life is the “Blah Blah Blah”, of thinking that I will “never be satisfied” with my current position in my life. Living life with my favorite Commandment: Thou shalt Not Judge. As I am a true believer in Technical Analysis based System Trading. I thank you for keeping the flame well and truly alight on spreading the Gospel of “Trend Following.”
From Down Under,
Pete Mitchell
Trend Trading Disciple

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Dear Michael, Here’s my testimonial for your trading system course: Many years ago, before I learned about how Richard Dennis and William Eckhardt breed traders like “turtles” and Michael Covel educated the World on the “trend following way”… I was a losing trader and cursed – “cut my profits short, hold onto the losers” all the time. Soon I found trading like that could bankrupt me very quickly, then I found out about Mike’s Turtle Trader website and his trading system course. I have to thank Mike for his in-depth research on this subject and a proven way for traders to make money – simply by following the trends (not that simple for most, really). Today, I could make profits from the market better than I could ever imagine, using my own developed trend-following based methodology. And I must admit that Mike’s trading system course has made positive contributions to my success in trading and managing my clients’ money.
Regards,
Brendon Wong

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Dear Michael, I just finished reading ‘Trend Following’ and thoroughly enjoyed it. The timing was pretty interesting: I actually bought the book (the latest edition) about six months ago, and it had been sitting on my shelf along with a bunch of other investing books. I had never opened it, and for some reason I thought it was a lot more “technical”, as I have been reading a bunch of TA books. Those were GOOD, I was just a bit burned out on the subject. Besides, I’d adopted a trading strategy “of my own” that incorporated some basic TA techniques (moving averages, mostly, and trend analysis/crowd psychology), some value investing fundamentals (Peter Lynch-style), aggressive risk management, Internet message boards (believe it or not, lol) and my own previous several years of miserable failure (as good experience of what NOT to do if I want to make money I could probably write the book on the most possible ways of losing money.) So I was actually reading Ken Fisher’s book The Only Three Questions That Count at the airport cell phone lot while waiting for my daughter to call from the pick-up area. When she called, I hastily stuck the book down by my left foot (I drive a Boxster — there wasn’t much room for it elsewhere) and took off to pick up my daughter. Of course, when I got out of the car to help her load up, the book fell out. I realized when I got home it was gone, and I need to read something, so I grabbed Trend Following off the shelf, and WOW. As I turned the pages, I found a really good description of pretty much what I had been doing for the past year in the market with simple stocks. Granted, the market has gone straight up, but it did take a modest amount of cojones to get in last March at the bottom, and then stay in despite some nice gains (and it wasn’t that I had no fear of losing them.) I “got it” about trend following, before I knew that label. Even the risk management part was there, except I’ve done it all by seat-of-the-pants rather than computerized signals. And I’m even a computer geek, but ironically, I’ve never used computers for anything financial. I wrote and sold system software (a C compiler for 8-bit microcomputers that I wrote in 1979), and kept all my sales records by hand in a paper book. Go figure. So, basically, the book has validated for me everything I had concluded about what actually works when it comes to trading, and I no longer feel like I’ve just been “lucky” (although luck has definitely played a big part in my Peter Lynch-esque discovery of stocks like GMCR four years ago). Instead, I know that if I keep applying the philosophical principles that have been working for me, much as you outline in the book, I’m likely to keep on doing pretty well. Great stuff.
Leor Zolman
St. North Reading, MA

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As a trader for 5-6 years I am still learning new and important things every day. This is why I looked into Michael’s ‘Trend Following’ Book. I must admit that my expectations for it were not too high, but it not only exceeded my expectations, it dusted them. The content was very well written and its importance is undoubtedly immense. This led me to purchase his Turtle Trader Book and this is also well worth reading, even though I prefer the Trend Following Book! Since I like his books and think his turtletrader.com website is awesome, I had to also check out his DVD and I can wholeheartedly recommend it to anyone who is serious about getting some quality info about the credit crisis and how you can profit from it. Mike, keep up the great work!
Timo Giesswein

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Michael, I am not a well known trader, but I do credit your two books, along with Jack Schwager’s first two Market Wizards books, as being essential to my transformation into a consistent, winning trader. Back in 2008, I was a recent college graduate employed at the world’s largest mutual fund company. While earning my Series 7 license, my job was to talk to clients all day on the phone and provide them with whatever service they required. Consequently, I was the reassuring, “voice of reason” they would hear when they called us during the Fall 2008 market collapse. I spent those days talking to retirees who were losing their life savings, confused traders who up to that point had never experienced a bear market quite like the one we were experiencing, and uninformed, American workers asking me why their 401ks were down so much. We were told to feed them lines like, “You haven’t really lost anything until you have sold” and “Prices going down just means it is a better time to buy.” I heard the fear and pain in our clients’ voices and, even then, I knew I wasn’t helping by telling them what they wanted to hear, but I did not know what else to tell them. As a result of this experience, I vowed never to let myself get into that situation. I knew that with so many people losing money, there had to be investors out there making that money on the other side. My mission then became to find out who these winning traders were and what they did to put themselves on the right side of the trade. I left that company, and with it, the “buy and hold” mindset they employed. I started doing my own research and reading, and one day came across your book Trend Following in the bookstore. I was immediately drawn to its subtitle describing how I could learn to make millions in up or down markets, and left the store with the book in hand. Over the next couple of days, I devoured its contents, feeling like I had stumbled across the secret I had been searching for. This was the winning philosophy I needed to study. Around that same time, I also read Jack Schwager’s Market Wizards books, and particularly enjoyed the Richard Dennis interview which described how he taught a group of traders how to become systematic trend followers. Once I saw that you had written another book telling the story of these “Turtles”, I immediately started reading it and saw for the first time how a very simple strategy could yield consistent, high profits. This was my turning point. Fast forward to the present day. I am free. I am no longer a slave to the markets or the financial media. While it seems the majority of the trading world is still obsessed and fretting over what the market will do next, I relax in knowing that the price and my systems will lead the way and put me on the right side of any major move, and I have your two books to thank for helping me get to this point. My goal is to become a “Market Wizard” myself, and it is trend following that will get me there.
Andrew Adams
St. Petersburg, FL

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Michael, I have read both of your books and it wasn’t until I had that I understood position sizing, using volatility based risk parameters and equalizing all trades regardless of the instrument, i.e., coffee, T-notes, Gold, etc. I had read both Market Wizard books many times looking for the information you so clearly presented. I have been a trader for over 20 years and am constantly confronted with the idea that the more I learn, the less I know. Your books and Mr. Taleb’s have contributed to that learning. I purchased Van Tharp’s book on Definitive Position Sizing and now have a firm grasp on using volatility to determine risk. Your web site is excellent. I have been following you for several years and the content as well as the ease of maneuverability are first rate. Keep up the good work!
Tom Minor

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Michael, I wasn’t planning on writing a testimonial, but I was on the Metastock webinar last night, and after reading some of the comments, I decided I had to put my thoughts in print. I was first introduced to you and your work (probably like most people) by reading “Trend Following”. However, the route I took to find your book was probably not like most people. When I was a teenager, I knew I wanted to work with the stock market in some capacity, but didn’t know which. Heck, I didn’t even know how the markets worked, but knew I had to be there. After jumping around from one mutual fund/annuity sales job to the next it dawned on me what I really wanted to do was trade. Over the next year or so I bought a countless number of books on trading, one after the other led me to learn more and more about technical analysis. However, each book touted this indicator or that, “Watch for the divergence of the MACD” or “If this line does the hokey pokey with that line.” It all got to be the same garbage. One day, I decided to go to Barnes and Noble to check out other books. While perusing the financial section, this title caught my eye, “Trend Following, how great traders make millions in up or down markets”. From my reading of other trading books, I learned that “the trend is your friend”, so naturally, I thought I’d leaf through it to see if was worth buying. The first thing that struck me was the trading biographies of these traders I had never heard of; from Bill Dunn, John W. Henry, to Ed Seykota, all using a trend following strategy to make fortunes. It was the first book I read that had an account of real people who have succeeded using a strategy for decades. From that, I knew you book was different. The second thing that struck me was that the book was not full of indicator B.S., of fundamental “whatevers”, and the only book I had read up to then that approached the subject of risk management. My family and friends know I’m involved in trading, and whenever they would ask me, “what should I be buying”, I wouldn’t have an answer for them. But, I couldn’t tell them “I don’t know”. That would make me look like an idiot, right? So, I would tell them “this widget looks good”, or “that company just came out with that whatchamacallit”. But now (after reading your work), I just answer their questions with questions; like, “when will you enter, when will you exit with a profit, when will you exit with a loss, what markets will you track, and how much will you risk on each trade”. This usually gets the conversation going. I’ve recommended your works to many people, but it always amazes me when someone complains, “But he’s not telling what to do”. It’s downright laughable and sad at the same time. But, some are getting it. And, to me that’s exciting, because these are people I care about, and don’t want to see them go through another tech bubble or 2008 again (at least not on the wrong side of the trade). Michael, because of your work (which for me, started with “Trend Following”), I have been introduced to the greatest traders of all time. Obviously, I didn’t stop with “Trend Following”. Since, I have become a course client, have read “The Complete Turtle Trader”, and purchased a couple copies of “Broke”. Not to get too mushy, but “Trend Following” has changed my life, not only with trading, but also the way I view the world and live my life. I understand what risk really is and that’s it’s not the frequency of wins and losses, but the magnitude. Trend following is so ingrained in me now, it is difficult for me to remember how I used to think. At present, I am working with others (trend followers) on starting our own CTA firm. Every day, I meet people who are looking for another way. They’ve gone through two bubbles in the past decade and want competent money management. Mike, thanks for all you do. I hope I can help a fraction of the number of people you have. I will continue to send everyone I meet to your site and recommend your books, courses, and movie Thanks again, Todd Miller BTW, if there is anyone who thinks trend following doesn’t work, please give them my information to contact me. I am a living, breathing example that it does. But, I wouldn’t have discovered it if it weren’t for that day I drove to Barnes and Noble and pulled “Trend Following” off the shelf.
Todd Miller

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I first met/listened to Michael speak at an investors’ conference several years ago, and that was one of the most useful sessions I have ever sat in at ANY conference (and I’ve been to quite a few in my career)! I had previously read books like Market Wizards by Jack Schwager; but it was only after listening to Michael and reading his book on trend following that I fully appreciated how/what/why trend following should be greater considered in investing. I am still a novice and trend following doesn’t come naturally to a traditional/”fundamentals”-based stock investor, but Michael’s work has definitely been an eye-opener.
Best, Raymond

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I have read and studied both ‘Trend Following’ and ‘The Complete Turtle Trader’ and have been inspired to take action and begin trading following trends. What really convinced me to follow this path is I recently met a private independent trader that has been successfully trend trading for over five years using your methods. He even showed me his dog-eared copy of ‘Turtle Trading Techniques’. Thank you for making me aware of the “ultimate retirement plan”.
Sincerely,
Mitch Carson
California

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Michael: As trendfollowers, we have always found your website to be informative, instructive and when the chips are down (as happens some of the time) a source of comfort and encouragement. The website is a virtual smorgasbord of information on trend following, neatly sliced and diced, to make it convenient and easily digestible. I am not aware of any other source on the net that provides as much access to the tools that are essential to be a successful trend following trader.
Soumitra Sengupta
Director Lamron Analysts Pvt Ltd.

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Hi Michael, I have attended numerous Investment workshops across the country. Out of all the trainers, Lecturers and “Gurus” I believe that none are better than Michael Covel in making complicated concepts clear and understandable. My friends and I have always looked forward to hearing Mike speak as he delivered great CONTENT and communicated on our level. I consider Mike to be the “Best of the Best”. I don’t care how much you know until I know how much you care and I believe that Mike truly cares about his students and wants us to succeed.
Thank you Mike for Sharing.
Regards,
Barry Neal, CA

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Mike I am in the process of setting up an educational blog with my work. It will include a video section and when I am all set up I will do a video for you on the turtle trader book. One of the lessons I learned from the book is the pain caused BY NOT TAKING TRADES when in reality the risk is so small if rules are followed re stops etc. In my career the trades I remember most are the trades I did not take. The one I remember the most was passing on a weekly close trend following trade in the Fall one year. A guy name Soros caught or caused the trade and I passed on the sale of 400 contracts risking $500 per contract. Still hurts as it would have changed my life forever.
Randy Bolen
Jackson, Mississippi

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Several years ago, when almost no one wanted to read what I wrote, Michael Covel published one of my pieces on Trading Psychology. He did more than that. He offered to help me with writing in a way that would be simple and easily communicated to traders and investors worldwide. Now, my writings travel around the globe and end up in places I never would have imagined. Thank you, Michael!
Janice Dorn, M.D., Ph.D.
thetradingdoctor.com

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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

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I have been thinking quite a bit about your requests for testimonials. I just want to share the impact that your website and two books both The Complete TurtleTrader and Trend Following have had on my thinking and aspirations. When I took an original interest in investing I read a biography of Warren Buffett, I then sought to follow in his footsteps. I bought numerous books on Value Investing; I was determined to become a CFA. When I originally checked out your website, I was very skeptical. However, when I read the review by Bill Miller, I decided to see what this was all about. I read The Complete TurtleTrader first. I couldn’t believe it. I was just as average as some of these people. I thought “Hey, I can really do this!” This was almost shocking that these people with two weeks of training were able to make so much so easily. I read Trend Following next. It was even more revealing. The most shocking thing was the shear number of traders who are trend followers. Their returns are just as good as Buffett and other famous fundamental investors, but I had never heard of them. They simply don’t seem to have the respect of the media. I also realized that this wasn’t as simple I had thought, but it was entirely learnable. This book and website are the starting points. I have a new direction to take with my investing. I have to say that it was the most refreshing read on investing I have ever read. I look forward to later this year purchasing your course and learning even more. I hope to turn all of this into a career soon. Thank you for creating your company, so that others can learn to be turtles as well.
Sincerely,
Bruce Selby
Enid, OK

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Michael, I wanted to start by thanking you for writing the book The Complete TurtleTrader. It was very insightful and taught me a lot that I am implementing into my investment strategy for my clients and myself. The strategy that I am using, much like what you had said many of the turtles had to do in the private sector, is much more conservative than what they were implementing in Chicago. Also, I am not using futures for investments because they are not available with the investment vehicle my associates and I are using. Thanks again Michael! As a 29-year-old financial rep I feel like your books and ideas have given me a huge leg up on my competition now and going into the future!
Sincerely,
Ryan Ferguson

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Dear Mr Covel, To be honest, I had no idea what trend following was all about, nor had I ever heard anyone talk about it before attending one of your talks. As I found out after listening to your presentation, it’s been around for quite some time, and practiced by many successful investors/traders. It sounded like it was one of the best kept secrets in town! Everyone is always looking for that “magic bullet” or a “sure way” to make money, but as your books/work has shown, nothing beats sheer hard work, countless hours of testing and trading based on one’s own systems and theories, and most importantly, learning to stick to such a system rather than rely on one’s own whim and fancies. I always thought it was about who had the brains, but that only gets you so far in getting to be a great trader. Thank you very much for your excellent books, website and work to “spread the word”.
Best wishes from Singapore,
Lin