Author: Michael Covel

Feedback in:

Dear Michael,

Thank you again in advance—I’m a big fan of your books and podcast, and I truly appreciate your time.

Attached is a draft of a marketing piece I’m considering. It outlines my standard trend following template, which I emphasize as just the baseline system I use. When I sent this to [name], he responded that it was a standard trend following system, which, in fairness, is accurate. But when presenting a potential new idea, I think it is best to keep things simple, After all after reading Stan Weinstein’s book years ago, it showed me that we can simplify things by understanding stages of an asset. However, that feedback made me realize I should clarify that this is only the foundation of my approach.

I incorporate additional tools like 3 Line Breaks (weekly) to confirm signals from my monthly and weekly charts, and I use ATR to help assess potential out performance in a positive trend. These elements provide further context, helping determine whether a move is just a short-term burst or something with lasting potential.

While trend following is widely used among hedge funds, commodity traders, and individual traders, I don’t see enough of it in the retail space. Advisors often focus on financial planning, and compliance structures tend to categorize clients by risk profiles, limiting flexibility in asset allocation. A true trend following system, on the other hand, allows for broad asset selection, which at times may not align with a traditional risk category.

I’m not reinventing the wheel, just presenting an approach that I think offers something different for retail investors. I’d love to hear your thoughts.

Thanks again—I’m in Kentucky at the moment, but I’d love to connect when I’m back in NY this June.

Best regards,
A. H.

I am always happy to hear people are spreading the TF gospel. You are correct–breaking no new ground. You may want to check out some of my books too.

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Hi Michael,

I read your book in the summer of 2023, during a period when I was struggling to understand the markets, coming off the lowest point in my portfolio (I started investing in March 2022, knowing nothing about big indices still being below the 200 SMA). Joel Greenblatt’s and James O’Shaughnessy’s books and ideas shaped my trading in those days.

But after learning about trend following from your book, I continued reading William O’Neil’s, Stan Weinstein’s, or John Murphy’s trend following rules — until quite recently, when I also discovered Steve Burns’ books.

What I think I’ve found so far is that trend following works for me; that I have the rules governing entries on pullbacks and breakouts to new highs quite well implemented, but I still do a poor job of cutting losses short. Which comes down to psychology: I thought Trump wouldn’t deliver such bad news on April 2nd, so I waited until April 4th — when a loss in my entire portfolio of about 2–3% turned into 8.5%. Not the end of the world, but still, execution seems to be my problem. As I write this, I am in cash, waiting for signs of trend reversals in both Nasdaq and S&P.

And I learned from you that both [name] and Jerry Parker obeyed the system — the simple rules they were taught. I know the theory, apparently, but I feel like I’m missing something. And, considering I want to start a business teaching others what I do (and learned from you and the other traders above), I need some advice or ideas on what I might still be missing — what you think I still need to do, to learn, to rehearse — in order to have smaller losses and — although less frequent than those losses — bigger profits taken off the table.

This is for helping me help others, as others have shown me it’s possible — to secure financial stability without working for others, without faking it till making it, without frustrations and stress.

Thank you in advance for taking the time to read this email! And thank you for your book — it was recommended by one of my (now) LinkedIn contacts, although it was unknown to me back then. It’s now clear to me that the book found me, and I was there to grab it.

Wish you all the best,
Razvan G.

A few openers:

1. Trend following is not pullbacks.
2. Trend following is not about one equity index alone.

More depth.

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How can you move forward immediately to Trend Following profits? My books and my Flagship Course and Systems are trusted options by clients in 70+ countries.

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Trend Following is for beginners, students and pros in all countries. This is not day trading 5-minute bars, prediction or analyzing fundamentals–it’s Trend Following.

Feedback in:

Hi Michael,

I’ve seen your content on LinkedIn for a little while now and just started to check out some of your podcasts. In your most recent one you said you’d be able to help with trend following and I’d be very interested to hear what you have to share.

Quick intro on me. I grew up in Arlington, VA and spent a good bit of time in Reston for baseball. I was exposed to the futures markets in 2018 at the Online Trading Academy’s office in Tysons where I interned for a couple of months. Started trading at a prop shop in Chicago after college. I worked a discretionary mean reversion trade there in addition to quantitative research. Ironically, sitting on the mean reversion desk led me to systematic trend following.

Best,
Brendan M.

Email sent. Also start here.

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How can you move forward immediately to Trend Following profits? My books and my Flagship Course and Systems are trusted options by clients in 70+ countries.

Also jump in:

• Trend Following Podcast Guests
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• Performance
• Research
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Trend Following is for beginners, students and pros in all countries. This is not day trading 5-minute bars, prediction or analyzing fundamentals–it’s Trend Following.

Feedback in:

Hi Michael,

First, a quick thank you. I have bought everything you have written and am working my way through (Turtles, Trend Following, Little Book of Trading so far). I’m working my way through the back catalogue of podcasts too. Side note, know anywhere I can find your film these days? The usual avenues seem to have dried up. I found your work from Market Wizards, which I read prior to my first finance job to give me a broader perspective, and having worked in investment banks, hedge funds, and private equity shops; it is astounding that I have met no-one familiar with your work or the principles of trend following. I guess everyone is too happy to take on accepted wisdom.

Since January, I have been trading a slightly modified Turtles system, having spent 6 months backtesting various timeframes over the last 25 years. We’re down slightly still, but I’ve got into the swing of routine and am focussed on the process not the outcome!

I have a question regarding the plumbing of trend following. Obviously those you talk to generally are part of a large setup (with substantial AUM), or have well established personal firms. What I’d like to know is, how do individuals (just trading for themselves) typically structure their setup? How do you do yours? I mean, do people typically form a company and pay themselves in dividends, or is there some other common legal structure, or do they just take profits as income and get taxed accordingly? I’m UK based if that changes anything.

Would love to hear any insight you may have.

I haven’t taken your courses, but am a ready subscriber to your written works and philosophies. If there is anywhere I can stick a testimonial or similar (I put book reviews on GoodReads to spread the love), I would love to hear what would be helpful.

Thanks a lot!

Oscar D.

You have an account, you trade. That’s it. If you want to start a hedge fund you will need legal and accounting.

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How can you move forward immediately to Trend Following profits? My books and my Flagship Course and Systems are trusted options by clients in 70+ countries.

Also jump in:

• Trend Following Podcast Guests
• Frequently Asked Questions
• Performance
• Research
• Markets to Trade
• Crisis Times
• Trading Technology
• About Us

Trend Following is for beginners, students and pros in all countries. This is not day trading 5-minute bars, prediction or analyzing fundamentals–it’s Trend Following.

Feedback in:

Hey Michael,

Your story hit me—not because of the Wall Street glamour or the Massey name—but because of that precise moment when pretense gets stripped away. I’ve felt that moment. Different context, same weight. And like you, I didn’t come from pedigree or connections—just obsession and an allergic reaction to mediocrity.

Here’s my challenge, and it’s not the usual cocktail of fear, discipline, or impulsive trades. It’s deeper. It’s structure. More specifically: a total absence of credible, direct mentorship in a time when we’re drowning in “information.”

Today, every algorithm-chasing TikToker with a brokerage account calls themselves a mentor. And yet, ironically, despite unprecedented access to data, forums, books, and backtests—I’ve found it harder than ever to find the signal.

I’ve studied the greats—Schwager’s interviews, Kovner, Seykota, even Darvas. But what they had wasn’t just systems. They had environments. Rigid, high-pressure crucibles where skin in the game was non-negotiable, and intellectual honesty was demanded. That doesn’t exist anymore—not in a meaningful way.

I’m not after another course. I’m not asking for a play-by-play. I’m looking for the scaffolding that separates journeymen from killers—something that cuts through the noise and builds actual edge. Turtle-style.

What I’d love to know from you is this: What’s missing today that the Turtles had in spades? What can’t be downloaded, Googled, or ChatGPT’d?

Appreciate your time—and your candor. It’s rare.

Best,
Jan

Knowing that you know, and relaxing. That’s what’s missing. That’s how I help clients.

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How can you move forward immediately to Trend Following profits? My books and my Flagship Course and Systems are trusted options by clients in 70+ countries.

Also jump in:

• Trend Following Podcast Guests
• Frequently Asked Questions
• Performance
• Research
• Markets to Trade
• Crisis Times
• Trading Technology
• About Us

Trend Following is for beginners, students and pros in all countries. This is not day trading 5-minute bars, prediction or analyzing fundamentals–it’s Trend Following.

Feedback in:

I read your all of your stuff. I’m aware of all breakout funds. I was simply asking that’s all. Breakout isn’t the holy grail, pal.

This is called fundamentally not understanding what trend following is AND reducing it to the great indicator chase. I’ve known this since you first emailed. Took you a while to finally say it.

Reading is one thing, understanding another.

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How can you move forward immediately to Trend Following profits? My books and my Flagship Course and Systems are trusted options by clients in 70+ countries.

Also jump in:

• Trend Following Podcast Guests
• Frequently Asked Questions
• Performance
• Research
• Markets to Trade
• Crisis Times
• Trading Technology
• About Us

Trend Following is for beginners, students and pros in all countries. This is not day trading 5-minute bars, prediction or analyzing fundamentals–it’s Trend Following.