Skip to content

Starting Steps FAQS Performance Charts Markets Starting Capital Big Events Zero Sum The Pitch

76+ Countries Documentary Film Testimonials New Traders Pro Traders College Traders Special Offers

All Episodes Trend Following Nobel Prize Behavioral

Brokers Live Software & AI Historical Origins TurtleTraders Trading Legends White Papers Research Process Seinfeld Moment Moneyball

Blog About Contact

Donchian

Free trend following video

Watch it now and get Michael's newsletter.

Email address

Courses

Trend Following Essentials · $2,997

Trend Following Mastery · $3,997

Michael Covel Books

Audible: Trend Following, The Complete TurtleTrader, Trend Commandments, The Little Book of Trading, Trend Following Mindset, Trend Following Masters

Trend Following Radio. 1,400+ episodes. Listen free: Apple, Spotify, iHeartRadio, RSS.

Join Trend Following™ today.

Get the free trend following video and Michael's newsletter. Unsubscribe any time.

Email address

Solutions

Solutions Trend Following Performance Charts Markets Trade All Software & AI White Papers Live Influences Favorite Books

Clients

76+ Countries New Traders Pro Traders College Traders Why Teach Skeptics Starting Capital Nature Nurture The Value Motivation My Process

Traders

Ed Seykota Larry Hite Bill Dunn Paul Tudor Jones Cliff Asness David Harding John W. Henry Salem Abraham Paul Mulvaney Ken Tropin Martin Lueck

Traders

TurtleTraders Hall of Fame Jim Simons J.P. Bouchaud Kevin Bruce David Druz Leda Braga Warren Buffett Benoit Mandelbrot Jesse Livermore Buy and Hope

Background

TF Origins TF Big Events Boy Plunger Richard Donchian Amos Hostetter Nicolas Darvas Gerald Loeb Arthur Cutten Henry Clews Roy Longstreet Daniel Kahneman

Concepts

No Change Zero-Sum Losers Avg. Losers No Memory No PhD Luck Black Swans Bayesian Moneyball Nate Silver Eugene Fama

X

© 2004-26 Trend Following™ and TurtleTrader®. All Rights Reserved. As an Amazon Associate I earn from qualifying purchases.Michael Covel Personal Site TurtleTrader®Site Map Privacy Policy Contact LinkedIn

Disclaimers

Disclaimers: Information on the Trend Following™ and TurtleTrader® network of sites may not be copied, reprinted, or redistributed without written permission from Michael Covel and or Trend Following (but written permission is easily and typically granted). The purpose of this website is to encourage the free exchange of ideas across investments, risk, economics, psychology, human behavior, entrepreneurship and innovation. The entire contents of this website are based upon the opinions of Michael Covel, unless otherwise noted. Individual articles are based upon the opinions of the respective author, who may retain copyright as noted. The information on this website is intended as a sharing of knowledge and information from the research and experience of Michael Covel and his community. Information contained herein is not designed to be used as an invitation for investment with any adviser profiled. All data on this site is direct from the CFTC, SEC, Yahoo Finance, Google and disclosure documents by managers mentioned herein. We assume all data to be accurate, but assume no responsibility for errors, omissions or clerical errors made by sources. Trend Following™ markets and sells various investment research and investment information products. Readers are solely responsible for selection of stocks, currencies, options, commodities, futures contracts, strategies, and monitoring their brokerage accounts. Trend Following™, its subsidiaries, employees, and agents do not solicit or execute trades or give investment advice, and are not registered as brokers or advisors with any federal or state agency. Trend Following™, TurtleTrader®, TurtleTrader.com® are trademarks/service marks of Trend Following. Other trademarks and service marks appearing on the Trend Following network of sites may be owned by Trend Following or by other parties including third parties not affiliated with Trend Following™.

Trend Following™ and TurtleTrader® can’t 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. Trend Following™ products are 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 customers 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 customers 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.

The classic text (PDF) Reminiscences of a Stock Operator by Edwin Lefèvre. If you want the chance for outsized returns trend following is where to be, but this ain’t clipping coupons. No risk, no return.