Category: Book News

CompareShares.com.au TurtleTrader Article

May 01, 2008

Read.


Turtle Michael Shannon

A Reader

April 30, 2008



Of course its a fake, but I wonder who exactly had the Photoshop time to make it and why?

Art Collins Interview for "The Complete TurtleTrader"

April 28, 2008

The following links are an interview I did with Art Collins about my book "The Complete TurtleTrader". The interview appeared in TradersWorld.com:

Part 1
Part 2
Part 3
Part 4 (4-page PDF version)

That interview took place July 2007 even though the publish date was Spring 2008. Thanks to Michael Martin for spotting the interview and reminding me!

Paris Panel on April 24

April 23, 2008

I am moderating a panel on Thursday in Paris at TradeTech. The panel includes Salem Abraham and Peter Borish.

Interviews

April 05, 2008

Someone asked the other day about hedge fund managers and or traders who I have interviewed who I have not spoken extensively about. A partial list includes: Grant Smith (Millburn Ridgefield), David Harding, Toby Crabel, Bernard Drury, Peter Borish Michael Clarke and Christian Baha. Many of their insights will be in my third book.

Arabic Trend Following Cover

March 28, 2008

Image of Arabic "Trend Following" cover.

Browse Inside The Complete TurtleTrader

March 09, 2008

VH1 Carries TurtleTrader; Now That Is Much Cooler than Amazon

March 07, 2008

I just stumbled upon the fact that the music channel VH1 now carries "The Complete TurtleTrader". Positioned right there next to KISS. Awesome.

Complex Chinese Version of "The Complete TurtleTrader"

Order here (ISBN: 978-986-7204-46-2).

High resolution front cover and marketing from publisher.

The Complete TurtleTrader Translations

March 04, 2008

"The Complete TurtleTrader" has already been released in German in Complex Chinese. Korean, Japanese, and Russian versions are underway.

German Translation Book Jacket

February 16, 2008

Here (PDF) is the book jacket for the German translation of "The Complete TurtleTrader".

MFA Panel

February 14, 2008

I moderated a panel yesterday at an annual MFA conference in Key Biscayne, Florida. It was an interesting experience to see the disadvantages that traders often face in trying to win institutional investors over to their way of thinking. Most interesting thing heard for me? Apparently some United States Senators, with oversight over the CFTC, are unaware of the term managed futures (primarily trend following traders). With over $100 billion dollars invested in managed futures programs that kind of ignorance is startling.

Ad Promoting German Translation

February 09, 2008

The publisher of the German version of "The Complete TurtleTrader" (they titled it "Turtle Trading") sent along an ad (PDF) they are using to promote it.

Arabic Version of "Trend Following" Available

February 08, 2008

The Arabic version of "Trend Following" is available.

A Missing Turtle Found in Plain Sight

January 30, 2008

One Turtle I was unable to find during my book research process is 2nd from the left:

Today he is an accomplished guitarist specializing in latin, acoustic and Klezmer music (sample). He is the only original Turtle currently with a MySpace.com page. Is he trading still? As I mention in my book I was told by one Turtle, who still manages money publicly for clients, that Svoboda probably has the best returns for any Turtle since 1988. From YouTube:

How many students at San Diego State realized that day the guy playing guitar in the court yard knew more about trading and making money than the entire business faculty at the university?

German Interview and Cover

January 23, 2008

An interview conducted for the German magazine Der Aktionär can be found here (PDF). The cover of the German translation of "The Complete TurtleTrader":

Feedback from Original Turtles

January 21, 2008

Feedback in about "The Complete TurtleTrader" from six original Turtles trained by Richard Dennis. By and large the Turtles seem to be of few words when it comes to reviews!

"I did enjoy the book...I hope it's doing well for you."
Turtle #1

"The book was wonderful..."
Turtle #2

"Liked it. Congratulations on a job well done."
Turtle #3

"Book is very good...thank you for going for the truth and objectivity."
Turtle #4

"Nice book."
Turtle #5

"All in all, not bad. I wish it had never been done and I wish I were not in it, but I know that you were definitely going to do it, so I figured I would try to get the truth out as much as possible. By and large, it worked that way."
Turtle #6

Top 10: 13 Weeks Straight

January 20, 2008

"The Complete TurtleTrader" made The Straits Times (Singapore) top 10 bestsellers in non-fiction for the 13th week in a row.

12 Weeks Straight

January 13, 2008

"The Complete TurtleTrader" continues to reach an audience. The Singapore Straits Times non-fiction bestsellers for January 13, 2008:

1. (7) Flying Star Feng Shui Made Easy by Lillian Too
2. (4) English As It Is Broken by The Straits Times
3. (3) Marley And Me: Life And Love With The World's Worst Dog
4. (1) The Secret by Rhonda Byrne
5. (5) Think Big And Kick Ass by Donald Trump and Bill Zanker
6. (6) The Age Of Turbulence by Alan Greenspan
7. (-) NS 40: In My Time by Mr Miyagi
8. (10) I Can Make You Rich by Paul McKenna
9. (9) The Complete TurtleTrader by Michael W. Covel
10. (2) Tuesdays With Morrie by Mitch Albom

One reader responded with:

From the recent blog entry at michhaelcovel.com: One can't help but question the credibility of the Singapore Straits Times list of bestsellers when you look at some of the entries...#4 - The Secret #5 - Think Big and Kick Ass. Even #6 is tenuous - The Age of Turbulence. Gimme a break!

The point is that a book, mine, while not exactly as mainstream as those titles, is finding an audience. I will take the the top 10 with Trump and Greenspan any day of the week.

NOTE: The Singapore rankings are a compilation of the week's bestseller lists from Books Kinokuniya, Borders, MPH, Page One VivoCity, Popular and Times bookstores.

German Edition of "The Complete TurtleTrader" Published

January 11, 2008

The German edition of "The Complete TurtleTrader" is out. Börsenmedien AG is the publisher. They published my first book too.

C & D Commodities Broker Ticket

January 09, 2008

One of the Turtles Lucy Wyatt Mattinen sent me an original C & D Commodities broker ticket. Here is a scan. C & D was Richard Dennis' firm.

Continued Bestseller

January 06, 2008

"The Complete TurtleTrader" continues to reach an audience. The Singapore Straits Times non-fiction bestsellers for January 6, 2008:

1. (1) The Secret by Rhonda Byrne
2. (2) Tuesdays With Morrie by Mitch Albom
3. (3) Marley And Me: Life And Love With The World's Worst Dog
4. (4) English As It Is Broken by The Straits Times
5. (5) Think Big And Kick Ass by Donald Trump and Bill Zanker
6. (6) The Age Of Turbulence by Alan Greenspan
7. (-) Flying Star Feng Shui Made Easy by Lillian Too
8. (7) Having It All by John Assaraf
9. (8) The Complete TurtleTrader by Michael W. Covel
10. (9) I Can Make You Rich by Paul McKenna

The Complete TurtleTrader Book Jacket

January 02, 2008

A PDF of "The Complete TurtleTrader" book jacket.

Reaching An Audience

January 01, 2008

The Complete TurtleTrader continues to reach an audience. These pictures were snapped at the front door entrance of a Barnes and Noble at one of the largest malls in the United States (Tysons Corner Mall in Virginia). My five-year-old nephew spotted it:

The Most Successful TurtleTrader

December 17, 2007

In "The Complete TurtleTrader" I tell the story of seeing Jerry Parker's original office outside Richmond, Virginia for the first time. Just finding the place was an adventure. While Richmond was only ninety miles from my house and I had a street address, there were no MapQuest turn-by-turn driving directions available around 1994. I used a good old-fashioned hard copy map from AAA. While I got down to the general area in ninety minutes, I spent another two hours in rural Virginia trying to find his office.

Finally, I stopped into a local country bank and asked if they had ever heard of Parker's firm Chesapeake Capital (remember, I had no appointment to visit Chesapeake, I was just dropping in, hence I did not know where I was going). At first I was met with blank stares in the bank, but then one lady said that Chesapeake might be a 'mile up the street'. She was right. Upon reflection I was struck by the fact that while she kind of knew where Chesapeake was located she had no clue what they did. She was probably making $35,000 a year (nothing wrong with that), but at the same time Jerry Parker was literally a baseball throw away making $35 million a year. While I might sound manic, my first thought was just to shake her and say, 'don't you get who is working down the road? Forget teller jobs, go be an intern for Parker!'

I did not meet Parker that summer day. My first face to face did not come until December 1995 at Parker's new suburban Richmond office (about 18 months later). I had pestered him for an informational interview for some time, and finally his assistant Jonathan Craven responded with the good news that my persistence had paid off. Parker's private office was surprisingly barren except for a small glass turtle on his desk. We talked about Wall Street in general terms.

Yet before the allotted 30-minutes was up, I did capitalize on the face-to-face opportunity by looking at Parker straight in the eye and asking for confirmation of who had won the Barings Bank sweepstakes earlier in the year. My proffer of a 'name', garnered a raised eyebrow, but his one word answer was confirmation. In that instant much of my understanding of trend following trading was solidified.

Later, the broker Parker recommended had me over to his suburban Richmond, Virginia home for chili. This broker was a transplanted Chicagoan who was clearly enjoying financial success in the Deep South (I remember his cool indoor pool). He was a broker archetype: a down to earth, everyman. At one point he mentioned that Parker had given pointers to one of his distant 'relatives' in trend following (the relative was by way of a distant marriage). It would be years before I knew he was talking about second generation Turtle Salem Abraham (who is in my book).

My path did not cross Parker's again for years, long after the website TurtleTrader.com was established. For this visit, Parker, John Hoade, Keith Byers, his IT head and I met in his conference room at his Forest Avenue office. The furnishings of his sparse conference room gave no indication of what Chesapeake Capital did except for a huge Swiss alphorn leaning against the wall. Its 'thank you' engraving to Parker and Chesapeake Capital from a Swiss 'concern' spoke volumes about his firm's reach.

Why the meeting with me to begin with? Chesapeake Capital was a billion dollar fund at the time, but they still wanted fresh ideas. They were investigating whether the Internet could enhance their business, and if so, how to best use it. Our meeting must have given them some good food for thought because shortly thereafter Parker sought to acquire the domain trendfollowing.com from me. It was a wise move not to part with it, since that domain name became a catalyst in launching my first book 'Trend Following' four years later.

Parker's firm today has no web presence to speak of, but that has not hurt them. He is still far and away the most successful Turtle by a long country mile.

More to come.

Turtle Silence Then Acceptance

December 16, 2007

Writing "The Complete TurtleTrader" was a roller coaster ride; a journey filled with unexpected insights from disparate sources, insights that often connected in unpredictable ways. At times it seemed as though I was playing a fantasy video game, where the secrets clues and hidden meanings kept popping up each step of the way. By the time the ride was over, it was clear that this was a story some people wanted told and others did not.

However, before my book there was a website. Most people probably don't remember, but it was TurtleTrader.com that revived the Turtle legend for a new generation. Gibbons Burke of Futures magazine wrote back in 1998: 'While the proprietors [of TurtleTrader.com] indeed are capitalizing on the Dennis trading legend, they do so in exceedingly good taste and without a trace of snake oil. The message is open, honest, straightforward and makes no hyped-up promises. It sticks to the facts. It is one of the best system trading sites for futures traders I have seen.'

Burke wasn't the only one to notice TurtleTrader.com. David Penn weighed in from Technical Analysis of Stocks and Commodities magazine in 2003: 'As one of the administrators of TurtleTrader.com suggested in e-mail, all Turtle trading amounts to, in the end, is trend-following. Indeed, there were successful trend-followers long before Richard Dennis and William Eckhardt's Turtle trading experiment.'

Shortly thereafter my book project was launched and I quickly came up against resistance. Others had been down that road too. In conversation with Jack Schwager about his 'Silence of the Turtles' chapter in his book 'The New Market Wizards', he was quick to remind me how little substantive comment he received from Turtles when writing his books.

In 2006, however, it seemed things had finally changed. One Turtle said he would be happy to do an interview, by phone if necessary. Another said that he would be happy to discuss the Turtle experience. Another Turtle only wanted to provide written answers to questions. Yet another said he wouldn't mind if the circumstances were right. Ultimately those responses resulted in thoughtful, incisive interviews.

Moreover, as the research process gained steam, the more Turtles I discovered. Names of Turtle students never before mentioned in the press popped up. For example, there was Rudolf Papirnik. Robert Moss, Dennis' trading floor chief, called Papirnik a Turtle. Papirnik worked for Dennis before, during and after the Turtle program. He definitely had 'Turtle knowledge'. Jim DiMaria backed Moss' view on Papirnik as a Turtle too.

Many Turtles were quick to express their concern that Dennis would be portrayed as their primary if not only trading teacher. They didn't want me to diminish the importance of Bill Eckhardt. Jeff Gordon was emphatic, 'Bill [Eckhardt]. Very smart guy. It seemed like every time he spoke, I learned something. And they're very few people in the world that I have ever met that I can say that about. I was always learning things from him.'

Another of the more interesting side notes of the Turtle program was genesis of their original nickname. Mike Shannon added a twist to the legend, 'Our original name, in the first year of our existence, was the 'Disciples.' Because it was the name, at the time, of a prominent street gang on Chicago's West Side, we agreed to go with the 'Turtle' idea.' Accurate? Lucy Wyatt Mattinen, one of the two female Turtles, said the name actually traced back to a fondness by Dennis of the music group 'The Turtles'! The Singapore Turtle story? Well, I have now heard three versions about the origination of the Turtle name!

Despite these colorful nuggets the big picture was that some Turtles just did not want an objective treatment of their story made public. For example, the confidentiality agreement signed years ago by all Turtles has long expired. The agreement, while not word for word in my book, is public. However, in 2006 when trying to interview Philip Lu, who was now working as a college teacher, I was thrown a curve ball. Lu, via his Edgewood College email address, was blunt, 'It is my belief that my confidentiality agreement with Richard Dennis is still in force. Therefore I do not give interviews.'

Lu is an intelligent man (graduate of Brown). He made a lot of money as a Turtle and is well respected by many other Turtles. One Turtle sprang to Lu's defense saying that he could have been in the same league as Parker and Rabar. 'Phil actively chose not to take over a certain amount of money. He didn't want to manage a billion dollars.' Taking another perspective Sam Denardo clearly respected Lu for saying their confidentiality agreement was still in tact. 'He knows that that system can still work. And the more people that use it, the less effective it's going to be. He probably feels blessed like a lot of us that we've had the experience.'

The desire to keep things silent did not stop with Lu. During 2006, as I completed research for my book, I sent out final requests for interviews. Many Turtles agreed to talk. However, there were some no's. One Turtle responded by asking who gave away his email address. Another Turtle responded via email that he was not interested. Months later that same Turtle appeared to warm up when his assistant asked for a list of those who had agreed to cooperate. A detailed response to that question brought back, 'no.'

Unknown to me at the time that exact list was the one used to contact prior interviews to get them to stop talking (which did not work). Was I thinking that some of this reaction was beyond paranoid? Yes! I kept asking myself, 'What could be so negative about their story? If they knew a book was being published why not get their story out there?' Particularly since those who agreed to talk said they did so for that exact reason.

However, the book is out now and the reception, save for one Turtle, has been very positive. For example, yet another email from someone in the know came in unsolicited the other day. The subject of the email was "The Silence of the Turtles":

Dear Michael:

I worked at C & D Commodities with Rich Dennis and Bill Eckhardt for about XXX years; from XXX to XXX. I personally know several turtles. I believe that those of us that consider Rich and Bill friends, do not talk about the turtles because that is the way Rich and Bill prefer it. [...] However, trend-following is alive and well, and will be here forever. Trend-following, if used wisely, is one of the two ways to trade profitably in any financial market. I like your blog a lot, I have visited it and have read it many times over the last several years. I personally think you have done an excellent job at expressing that trend-following is a concept, not a recipe to trade. Those who understand the concept can create their own recipe. Congratulations on the success of your new book!

Best regards,

XXX
XXX Capital

I asked that same individual if he/she liked my book. The response:

"Regarding your new book ["The Complete TurtleTrader"], I can say that after hearing the turtle story many times from many of the people that are part of the story and after reading many articles about such story, this is by far the most entertaining, inspiring, extensive, and honest story of the turtles I have ever read."

It is nice to hear the positive feedback, but I still wonder about the energy expended to try and keep assorted Turtle details locked away. Some Turtles definitely lost sight of the big picture - their great inspirational story and tremendous success (at least for most Turtles). That said, I always knew criticism would come my way from a minority. So what, that's healthy. The outspoken billionaire Mark Cuban has said:

"The easiest thing in the world to avoid is criticism. All you have to do is nothing. For those of us who set goals and want to have an impact in the business world in particular, criticism is part of the job description. You have to be able to be able to take it and sometimes you can't be afraid to dish it out. If someone puts in the effort and challenges the content and makes me rethink my position, I come out ahead."

I agree 100%. The positives and the negatives of the Turtle story are what make it both entertaining and memorable.

More to come.

The Straits Times Non-fiction Bestsellers List (8 Weeks)

December 15, 2007

The Straits Times Non-fiction Bestsellers for December 16, 2007:

1. (1) The Secret by Rhonda Byrne
2. (2) English As It Is Broken by The Straits Times
3. (3) Tuesdays With Morrie by Mitch Albom
4. (5) Marley And Me: Life And Love With The World's Worst Dog
5. (6) Think Big And Kick Ass by Donald Trump and Bill Zanker
6. (-) The Five People You Meet In Heaven by Mitch Albom
7. (8) The Complete TurtleTrader by Michael W. Covel
8. (-) Having It All by John Assaraf
9. (4) The Age Of Turbulence by Alan Greenspan
10. (9) I Can Make You Rich by Paul McKenna

Asia Continues to Embrace "The Complete TurtleTrader"

December 09, 2007

The top 10 rankings (PDF) for The Straits Times for December 9, 2007.

Top 10 Books of 2007

December 06, 2007

Stocks, Futures, Options Magazine has named "The Complete TurtleTrader" as one of their top 10 recommendations among the best-selling trading, investing and personal finance books of 2007:

The Singapore Straits Times - Bestsellers List for December 2, 2007

December 02, 2007

Non-fiction:

1. (1) English As It Is Broken by The Straits Times
2. (3) The Secret by Rhonda Byrne
3. (2) The Age Of Turbulence by Alan Greenspan
4. (4) Marley And Me: Life And Love With The World's Worst Dog
5. (5) The Complete TurtleTrader by Michael W. Covel
6. (6) Think Big And Kick Ass by Donald Trump and Bill Zanker
7. (7) I Can Make You Rich by Paul McKenna
8. (8) Mother Teresa: Come Be My Light by Mother Teresa
9. (9) Feng Shui For Apartment Buyers by Joey Yap
10. (10) The Secret Revealed by James L. Garlow and Rick Marschall

Silence of the Turtles

November 30, 2007

One of the most interesting aspects of the Turtles was Jack Schwager's chapter title of "The Silence of the Turtles" in his classic book "The New Market Wizards" (1992). While there was almost no information in that book on the Turtles (no one would really talk to Schwager in detail) the book did set in motion a Turtle secrecy mantra that for many has stayed in place all the way to this day. My book "The Complete TurtleTrader" took two related efforts to bring the book together: it was a combination of detailed investigative research and first person interviews. To this day some of the Turtles still don't want the story out there, even though it is one great, educational lesson for everyone.

Magazine Layout Version of Trader Monthly Article

November 21, 2007

This is the magazine layout version of my recent article in Trader Monthly.

The Singapore Straits Times - Bestsellers List

November 19, 2007

"The Complete TurtleTrader" just made The Singapore Straits Times top 10 bestselling list for non-fiction for the 4th week in a row. Still not sure how that demand got stirred up!

1. (1) The Secret by Rhonda Byrne
2. (2) English As It Is Broken by The Straits Times
3. (3) The Age Of Turbulence by Alan Greenspan
4. (4) Marley And Me: Life And Love With The World's Worst Dog
5. (5) Think Big And Kick Ass by Donald Trump and Bill Zanker
6. (6) The Complete TurtleTrader by Michael W. Covel
7. (7) Mother Teresa: Come Be My Light by Mother Teresa
8. (8) Feng Shui For Apartment Buyers by Joey Yap
9. (9) I Can Make You Rich by Paul McKenna
10. (10) Why We Want You To Be Rich by Donald J. Trump

Research Behind the Book "The Complete TurtleTrader"

November 16, 2007

One of the projects I am working on? Figuring the best way to bring the vast amount of research that went into my new book to the public. The audio alone is dozens of hours. Then there are emails, articles, research, etc. which all helped bring the book to life.

Trader Monthly December Issue Featuring "The Turtles"

November 14, 2007

The December issue of Trader Monthly has several Turtle related articles including this one (PDF) I authored that covers Richard Dennis to Jerry Parker to Salem Abraham. Beyond the magazine readers may find the contrast between Jerry Parker and not successful Turtles even more illuminating. The first link is a trading presentation by Parker. The second link is a self-produced political video by a Turtle who doesn't trade. The two presentations are a great illustration why some Turtles made it and why some did not. Bottom line, twenty years after the ending of the Turtle experiment it is Jerry Parker, the most successful Turtle, who provides the winning trading lessons.

Singapore Gives Continued Approval

November 04, 2007

I posted a note about a bestselling mention for "The Complete TurtleTrader" in the Singapore Straits Times about a week ago. It has now moved up one notch! Of course humility is key here as these rankings never last. As a side note I find it interesting that my book is not yet in the stores in the UK (I checked last week), but clearly it must be available in Singapore. The latest rankings:

Straits Times Bestsellers List
As of 28th October 2007

Non-Fiction
1. English As It is Broken by The Straits Times
2. The Secret by Rhonda Byrne Greenspan
3. The Age Of Turbulence by Alan Greenspan
4. The Complete TurtleTrader by Michael W. Covel
5. I Can Make You Rich by Paul McKenna
6. Marley And Me by John Grogan
7. In My Time by Mr Miyagi
8. Mother Teresa: Come Be My Light by Mother Teresa and Brian Kolodiejchuk
9. The Innocent Man by John Grisham
10. Handbook For Stock Investors by Goh Kheng Chuan

The Turtle Memo to "Cut Back"

October 27, 2007

One of the interesting aspects of the Turtle program was the research completed by four Turtles during the program. They figured out that the rules given to them were too "hot". Here (PDF) is the memo telling them to cut back.

Singapore Straits Times Bestsellers List for Sunday October 22, 2007

October 22, 2007

I know it's a small sample size subject to change, but still its better than not being listed! My new book was on the Singapore Straits Times Bestsellers List (Nonfiction) for Sunday October 22:

1. (1) English As It Is Broken by The Straits Times
2. (2) The Secret by Rhonda Byrne
3. (3) Marley And Me by John Grogan
4. (5) The Age Of Turbulence by Alan Greenspan
5. (-) The Complete TurtleTrader by Michael W. Covel
6. (-) I Can Make You Rich by Paul McKenna
7. (4) Mother Teresa: Come Be My Light by Mother Teresa
8. (6) In My Time by Mr Miyagi
9. (7) The Innocent Man by John Grisham
10. (-) Handbook For Stock Investors by Goh Kheng Chuan

Chuck Jaffe Interview Re: The Complete TurtleTrader

October 19, 2007

Just finished radio interview with Chuck Jaffe of Market Watch. While he said he had read another book on the Turtles, he did offer that my book was at the head of the pack.

Radio Tour for 'The Complete TurtleTrader'

October 18, 2007

In promoting 'The Complete TurtleTrader' I have probably done 20+ radio interviews across the country in the last 24 hours. Very interesting to hear the reactions. Most people have never heard of the story.

Flo and Eddie Enter the Picture: The Turtle Inspiration?

Right when I think I know something, I am not so sure. Legend? Dennis/Singapore/Turtle breeding farm. Now, one of the players square in the middle of the whole Turtle world, someone who did not talk until after my book was out, says the Turtles came from Rich Dennis' fondness for the music of the Turtles. Is this a minor point? Yeah, but a fun one! However, given the behind the scenes drama in bringing this story to life, not so sure all of the Turtles (the traders) are singing the lyrics to the Turtles (the rock group) best song, "Happy Together":

Imagine me and you, I do
I think about you day and night, it's only right
To think about the girl you love and hold her tight
So happy together

If I should call you up, invest a dime
And you say you belong to me and ease my mind
Imagine how the world could be, so very fine
So happy together

I can't see me lovin' nobody but you
For all my life
When you're with me, baby the skies'll be blue
For all my life

Me and you and you and me
No matter how they toss the dice, it has to be
The only one for me is you, and you for me
So happy together

I can't see me lovin' nobody but you
For all my life
When you're with me, baby the skies'll be blue
For all my life

Me and you and you and me
No matter how they toss the dice, it has to be
The only one for me is you, and you for me
So happy together

Ba-ba-ba-ba ba-ba-ba-ba ba-ba-ba ba-ba-ba-ba
Ba-ba-ba-ba ba-ba-ba-ba ba-ba-ba ba-ba-ba-ba

Me and you and you and me
No matter how they toss the dice, it has to be
The only one for me is you, and you for me
So happy together

So happy together
How is the weather
So happy together
We're happy together
So happy together
Happy together
So happy together
So happy together (ba-ba-ba-ba ba-ba-ba-ba)

TurtleTrader Table of Contents

October 13, 2007

The Complete TurtleTrader Table of Contents:

Preface
Acknowledgments
1 Nurture versus Nature
2 Prince of the Pit
3 The Turtles
4 The Philosophy
5 The Rules
6 In the Womb
7 Who Got What to Trade
8 Game Over
9 Out on Their Own
10 Dennis Comes Back to the Game
11 Seizing Opportunity
12 Failure Is a Choice
13 Second-Generation Turtles
14 Model Greatness
Appendix I: Where Are They Now?
Appendix II: Related Websites
Appendix III: Turtle Performance Data
Appendix IV: Turtle Performance While Trading for Richard Dennis
Endnotes
Index
About the Author

Bulk Buys of "The Complete TurtleTrader"

October 11, 2007

For those who have asked about bulk buys of my book "The Complete TurtleTrader", check out here. They list my first book "Trend Following" too.

'The Complete TurtleTrader' Book Feedback

October 10, 2007

A question from Hong Kong about my new book:

Dear Michael, I bought your book and noticed that Russell Sands was not included among the Turtles. I was wondering if there was a reason for this? I ask because I have always wondered about the relationship between Russell and Richard Dennis. I loved your book. While trend following is not my cup of tea, the insights you brought on the Turtle mindset was invaluable. Thanks for a great job. All the best, Ray

Before I could answer that Russell Sands is indeed in my book, Ray followed up:

Sorry on re-reading this I realize I was unclear. What I wanted to know was why Russell's track record was not among those you published?

Sands was only with Dennis for a year, and I don't have that one year record. In terms of the next 20 yrs he doesn't have a continuous record. For the book, after the Turtle program ended, I aimed to publish those Turtles with a continuous track record. For trading during the Turtle program I published the records that could be found. There was some interesting discrepancies there.

My New Book Available Today: The Complete TurtleTrader

October 09, 2007

At Amazon and bookstores.

Dallas Ritz Carlton Speech

September 22, 2007

I am speaking here in Dallas at the Ritz Carlton on Tuesday. Look at all of those pension funds representing firemen and teachers! Who said hedge funds are not for the little guy?

Turtles and Coconuts

August 22, 2007

I had a two and half hour lunch today with an original Turtle who had some funny recollections about his Turtle days. He chuckled at two ways people tried to win Dennis' attention. Some women actually sent nude photos of themselves in an effort to be hired as a Turtle. Better yet one guy sent two coconuts with a note that said, "If you have the balls to hire me, I have got the nuts." None of these people were hired.

Feedback on Chinese Investor Criticism

July 15, 2007

Feedback in:

Hello, Mr. Covel. I am an investor w/ about 2-3 yrs. experience and have learned from your commentaries posted. While most of your columns are excellent, I just wanted to make a comment about your criticism about Chinese investors blindly buying stocks on the Shanghai exchange and lacking strategy or reasoning. While that is true, I feel this doesn't provide the correct message to your readers. Your criticisms of the Chinese investors miss the most important point of all; that Chinese stocks (Shanghai-based and ADRs) are TRENDING UP! Readers of your column would read your commentary about Chinese investors and agree with you about Chinese investors being morons. Then, they may end up not investing in Chinese stocks or Chinese ADR's, because that would make them an idiot, like Chinese investors. Instead, I'd suggest that your columns emphasize that Chinese stocks/ADR's are in an uptrend, and that readers of the column would find that stuff like Focus Media, Baidu, Chinese solar stocks, etc. are in an uptrend (they are in an uptrend, right? I haven't seen one word in your column saying that they are!) Your columns could also focus on the difference between trend followers and idiots; that both can buy securities that rise in a trend, but the trend follower knows when the trend stops, while the idiot doesn't (as it will be for Chinese stocks). I'll continue to enjoy reading your articles, but your commentary on the Chinese investors continues to puzzle me, because you're missing the main point that Chinese stocks are in a trend up.

I understand some markets are going up, but that is not permanent. Hence, you need a plan and the comments from some Chinese investors showed they had no plan. Their comments show they are gambling. If it would have been American, British, Japanese, etc., I would offered the same exact criticism.

The Complete TurtleTrader: The Legend, the Lessons, the Results; The Objective Story

July 03, 2007

A review of my new book:

Turtle Trading Lessons From Michael Covel by Brett Steenbarger

Few legends in trading have been as enduring as that of the Turtles. The Turtles were traders in the 1980s trained in a trend-following methodology by Richard Dennis and William Eckhardt. The traders came from a variety of backgrounds; most had no background whatsoever in financial markets. Dennis championed the cause of nurture: he believed that great traders could be made. Eckhardt took the other side of the bet, and the Turtle experiment was on.

The Complete TurtleTrader, Michael Covel's engaging and well-written account of the Turtles, covers not only the experiment, but a second generation of Turtles who were inspired by the Dennis/Eckhardt vision. One of the most interesting segments of the book covers Salem Abraham, who by chance met one of the original Turtles, took a 180 degree life turn, and began his own highly successful fund. It's a powerful illustration that, though markets have changed since the 1980s, the dynamics of success have not.

Covel's book reads more like a piece of financial journalism than I expected, and I mean that as a compliment. It is this well-rounded perspective that makes "The Complete Turtle Trader" complete and a definitive contribution to the trading literature. He has clearly researched his topic and sources his quotes. He also casts a critical eye on his subjects, investigating why some Turtles found long-term success and why others didn't. A very enlightening portion of the book concerns Richard Dennis himself, the ending of the Turtle experiment, and the master's departure from his own trading rules and principles.

For those wanting access to the Turtle philosophy and rules, they're laid out clearly and unflinchingly. This is not a methodology for the faint-hearted, which is one reason so many Turtles and would-be Turtles have not stuck with it. Large drawdowns inevitably accompany the quest for large gains, and it's those large gains that ultimately provide trend following with its edge. Investors who place their money in funds simply don't want to see 20% of their money evaporate in a quarter. This inevitably leads money managers to refine (and ultimately eviscerate) the Turtle methodology.

Many of Covel's themes will ring true to readers of this blog, including the role of deliberative practice in the acquisition of trading expertise and the importance of emotional resilience and entrepreneurial spirit in sustaining a trading career. My impression, reading the book, is that Covel is under no illusions: the methodology, which provides the statistical edge in trading, is necessary but not sufficient for success. After all, the Turtles started with the same methods; some made it, others didn't. Covel's segment discussing what separated a successful Turtle, Jerry Parker, from his less successful peers is perhaps the most insightful portion of the book.

Because Covel so clearly lays out these ingredients of success, his book is relevant not just to trend traders, but to anyone who aspires to greatness in the markets. The message is clear: to win, the odds must be in your favor, and you must have the fortitude to keep playing, remain consistent, and compound your edge. That's a formula for success in any field of endeavor, which may be why the Turtle story finds universal appeal.

And, by the way, for readers who want to dig a little more into Turtle trading before purchasing Michael's book, I recommend his website. There are quite a few resources there, including articles on money management and trend following.

Source: Brett Steenbarger's Site

"Why" Doesn't Matter to the Technical Trader

May 04, 2007

"Why" Doesn't Matter to the Technical Trader (PDF) is an article I recently wrote for SFO Magazine.

All Versions & Translations

March 17, 2007

An updated link of all versions and all translations of my books.

Best Life Magazine Q&A

March 15, 2007

This is an interview I did last fall that just appeared in late February 07 (PDF version). As a fun contrast, this is a review of my book Trend Following seen recently:

I cannot believe that a reputable publisher actually picked it up. The only explanation is - Covel is "kissing up" to some big money hedge funds and uses his book to promote them, hence they muscled the publisher....a big cluster fuck if you actually paid money for this piece of shit.

I love crazy people! This guy sounds like he needs a hug from someone or at least some mild electric shock therapy.

Simplified Chinese Version of Trend Following Out

January 10, 2007

Full cover image.

Turtle Casting Call: What Do You Know?

January 02, 2007

A few months back I announced my new upcoming book on the Turtles. The book is in the publishing edit process, but it was a conversation I had today that prompted me to write this unusual post.

What happened? I spoke with a trend following trader today. Due to a non-typical career path, he has had a very quiet and successful career over the last twenty years. How successful? He has earned himself a fortune close to $100 million dollars. Frankly, I felt stupid to not have heard of him! In conversation, he suddenly offered a Turtle connection. While he had no association with Dennis or the Turtles in developing his trend trading method (Donchian influences), he did receive advice from a Turtle early in his career about how to setup his trading firm (dealing with legal, etc.). It was the kind of nugget that just continues to make the Turtle story, with all of its tentacles, such a small world story. I KNOW this trader is not the only one with interesting experiences with Turtles over the years.

What does this mean for readers of my blog? Well, the randomness of today's conversation got me to thinking that I should be asking EVERYONE if they might have a FIRST HAND anecdote or story about the Turtles in some way or another that would be interesting. I am interested in your small bits to big stories. If you do have one, contact me ASAP. There is no guarantee that your story will make it into my Turtle book, but if it is good, now is the time to contact me. DEADLINE? Now.

Ranking for January 1, 2007

January 01, 2007

It has been a while since I gave the self-serving update of an Amazon sales rank for Trend Following. A January 1, 2007 ranking of #1951 of all books available on Amazon says a good deal about the desire of people to find a non-fundamental way of making their trading decisions. The book was originally released April 23, 2004.

Hedge Funds World Japan 2006

December 04, 2006

I am in Japan at the moment at Hedge Funds World Japan 2006. While I speak later today, listening to other presentations has brought up a common discussion across the trading and hedge fund world yet again: single strategy v. multi-strategy.

For those looking to simply make money, let me break the jargon down. Single strategy simply means a trader trading one strategy (i.e. trend following) to make money. Multi-strategy is what the name says - an assortment of strategies coupled together (otherwise known as funds of funds).

The bias seems to be clearly toward multi-strategy managers or funds. Single style traders are out of favor with a fickle investment community and that is not a good thing. Why?

The more and more everyone chases multi-strategy approaches, the more and more they run away from the unique advantages of a single well thought strategy. The more everyone chases a panacea of multi-strategy, the more they end up all becoming the same benchmark. It ceases to become providing a unique advantage, but it becomes rather a chase to deliver exactly what everyone else is delivering in terms of risk and return.

The big money comes from big bold bets. The big money doesn't come from hedging every bet every which way to Sunday.

Art Collins' New Book

November 28, 2006

Art Collins and Bob Pardo have written a new book titled "Beating the Financial Futures Market: Combining Small Biases into Powerful Money Making Strategies." In the essence of full disclosure, I do have a book jacket quote on the back of Art's book, so critics strike me down!

All trading books, including of course mine, can never be all things to all people. The trick is to find books that give a perspective that is not 'pie in the sky', but may actually bring forward multiple Aha Moments. Art is one of the few writers out there with the access to great traders able to pull this off. His multiple books are worth checking out.

Asia Interview Requests

November 13, 2006

I will be in Tokyo and Hong Kong in December. If you are with a hedge fund and or investment bank and would like to speak in person either on or off the record for a new book I am working on, drop me an email in the next 2 weeks. I am specifically looking for non-US perspectives.

Hedge Funds World Japan

September 21, 2006

I will be speaking at Hedge Funds World Japan. The event is 5-7 December 2006 at The Four Seasons Hotel in Tokyo.

$4 Billion Dollar Silent Praise

September 20, 2006

I received an email today from a non-US hedge fund that manages $4 billion out of the UK. They wanted to know when the Korean version of Trend Following will be released. They are not mentioned in my book. Interestingly, they declined to participate in one of my new books underway. My view? They want no association and want no comment, but they obviously find the book useful for their marketing even though the book profiles their competitors.

I thank them either way.

August Futures Magazine

August 06, 2006

I have an article in the August issue of Futures Magazine. Drop me a line with feedback. I welcome feedback from all comers, ranging from the super smart out there to those crazy ones still living in mom's basement.

Canadian, Texas Visit

June 03, 2006


Salem Abraham (second from right)

Took quick trip down to Canadian, Texas on Thursday and Friday to visit with Salem Abraham (trading around $150M as a trend follower with a near 20 year track record). More to come about the trip, but it was a starting point for my second book now underway.

Canadian is in the Texas panhandle. It is a small Town, but an absolutely great place to visit. The picture above, at the Hemphill County Airport, is right before most of us headed back to Dallas.


The Way to Travel the Country When Living in Canadian, Texas!


Shaun Jordan, of Abraham Trading, Demonstrates His 'Skills'


Abraham Ranch; Article on Salem & His Brothers (PDF)


Getting Around the Ranch Made Easier


Trading in Canadian, Texas

Arabic Translation for Trend Following

May 01, 2006

Trend Following was signed today for an Arabic translation.

New Podcast Feed Launched!

April 21, 2006

Up until now my audio clips have not been podcast compliant. My feed is now set for podcasting. Subscribe here:

Michael Covel Podcast

Le Trading Directionnel

April 05, 2006

http://www.amazon.fr/exec/obidos/ASIN/2909356507

University of Texas MBA Hedge Fund Organization

March 31, 2006

I moderated a panel yesterday on systematic trading in Austin, Texas. The panel included Salem Abraham. If you ever get the chance to meet Salem or hear him talk, take it. He is easily one of the most interesting people and trend followers you will meet.

This event was put on by The University of Texas MBA Hedge Fund Organization and brings together "names" in the industry every year. This year the keynote was given by Byron Wien the Chief Investment Officer of Pequot Capital Management. Wien is formerly of Morgan Stanley.

Austin Airport Reading w/ Paul Scrivens of 9rules Network

March 16, 2006

Paul Scrivens, a design expert whose firm is responsible for the look and feel here, just emailed me this snapshot while waiting at the Austin, TX airport:

Oh, for those out there thinking, "that guy can't be a web pro!". Think again. The best ones are not sitting around in suits. The '9rules Network' is Paul's core focus.

As a side, you can't imagine what a pain in the ass it is to get a new book into the stores. Even though mine has sold very well, making it into retail shops takes severe and constant pressure. I would be curious to other airport stockings of my book. If anyone else has a picture of the book at a unique location, send it along!

Speaking Engagement at Imperial Hofburg Palace

March 10, 2006

I just returned from a trip to Vienna, Austria. Christian Baha, CEO of the trend following firm Superfund, afforded me the opportunity to speak about trend following at his firm's 10-year anniversary. The anniversary gala was held at Imperial Hofburg Palace and was keynoted by the former German Chancellor Gerhard Schroeder.

If I have the chance to provide trend following education to 800 people, Hofburg Palace or anywhere else, I will take it every time. Baha deserves credit for letting me speak on the subject of trend following - unscripted.

For those of you wondering, Superfund is not featured within my book, nor was this a paid speaking engagement. It says something about Baha's confidence in his firm's product that he is willing to promote a book, when it in turn could be seen as profiling his competitors. Why do this? I believe he has a keen interest in raising educational awareness regarding trend following trading.

I also spoke to a crowd of around 500 on Tuesday at the Fonds-Kongress 2006 held at the Neues Congress Center in Vienna.

High resoultion view of Imperial Hofburg Palace.

French Trend Following

March 03, 2006

Here is the cover of the French translation of my book Trend Following. It will be available around March 20th and in bookstores starting early April. I am still not sure why the cover changes for every translation, but they sure do, and I have no input.

Korean Translation

February 20, 2006

I just received the full cover of the Korean translation of Trend Following. You can view the cover here. The publisher is TheNan Publishing Co. and the ISBN is 8984053244.

Purchase Translations

February 18, 2006

If you want to purchase an Asian translation of Trend Following simply cut and paste the ISBN number below into Google. This will show all international book stores selling translations of Trend Following.

1. Japanese ISBN: 4775970461 (Publisher: Pan Rolling)
2. Korean ISBN: 8984053244 (Publisher: TheNan Publishing Co.)
3. Chinese-Traditional ISBN: 9861542035 (Publisher: Pearson Education Taiwan)

ISBN: International Standard Book Number; a unique ten digit number assigned to every printed book.

Superfund Magazine

February 17, 2006

An article (PDF) of mine recently appeared in the Superfund Magazine Of course, the content is not new to those familiar with my web sites, but their presentation sure is better!

Obi

February 16, 2006

The Japanese version of my book had a sleeve (image) over the lower half of the book. I learned tonight from my Japanese publisher that this is an "obi":

"Obi" literally means a band or belt you wear with a kimono. I am not sure whether such a thing exists in your country or not. It is slid over the lower part of the book cover. Usually "catch phrases" are written on it."

Ok. Maybe useless trivia!

German 'Trend Following'

February 14, 2006

The German language version of Trend Following will be out within weeks. Here is the cover design. As a side note, not sure why foreign publishers seem to all change original cover designs, but they do.

Web Developer Wanted

I am looking for an experienced web developer/designer. If you are capable of producing the work at my sites currently, and then some, drop me a line.

Doug Fabian Radio Show

January 22, 2006

Here is an interview (MP3) I did recently with Ed Foster of the Making Money with Doug Fabian radio show. The interview is nearly 70 minutes long.

Server Outage

January 08, 2006

I apologize for the server outage. Technology even at peak performance, can go belly up!

Complex Chinese Translation

January 06, 2006

Trend Following's translation into Complex Chinese was published Fall 05 by Pearson Education Taiwan. The Complex Chinese version of Trend Following can be purchased here.

View full Complex Chinese book jacket here. Other sellers of the book can be found by searching Google for the local ISBN 9861542035.

Audio Excerpt

January 05, 2006

Audio (MP3) about new edition of 'Trend Following' book released November 05.

Risk Equalization

December 16, 2005

The Market Technicians Association's December 2005 Newsletter Technically Speaking leads with an article of mine titled Risk Equalization (PDF).

3000 Book Order

December 14, 2005

I just learned that a trend following fund bought 3000 copies of the new and expanded edition of Trend Following.

Minneapolis Star Tribune Quote

December 11, 2005

I was quoted today in The Minneapolis Star Tribune. The article was titled Computer Algorithms Increasingly Call Shots in Stock Trades. While the article may come off as a little simplistic, we should all appreciate this reporter tackling a subject still foreign to most traders and investors. [source]

Barry Ritholtz of The Street.com

December 09, 2005

In his 'Apprenticed Investor' series, Barry Ritholtz of the TheStreet.com offers feedback on Trend Following:

"My favorite of the new TA [Technical Analysis] books is Trend Following by Michael Covel. Straightforward, easy to read, this book is rich in details about why trend following is such a successful strategy amongst some of the world's best-performing hedge funds."

PDF of article.

New Cover Jacket

November 28, 2005

Here is the entire book jacket (PDF) for the new and expanded edition of Trend Following released this month.

New Edition of Trend Following Available

The New and Expanded Edition of Trend Following is now available. This edition builds off of the original released in April 2004.

The November 2005 New and Expanded Edition:

1. New Forward by Larry Hite
2. New Afterword
3. New Table of Contents
4. New Acknowledgements
5. New Cover (PDF)
6. Original edition 311 pages. New & expanded edition 420 pages.
7. Beyond new material in "red" listed in the Table of Contents, this edition has an additional 50 side margin quotes throughout.
8. Fixes all typos in the first few printings of original edition.
9. The first printing of Trend Following in April 2004 used a very thin paper. All other printings after used a thicker more durable paper. The new expanded edition for November 2005 uses the much thicker more durable paper also.

Endorsements (More)

"For my staff at Hite Capital, Michael Covel's Trend Following is required reading."
Larry Hite, CEO, Hite Capital Management

"A mandatory reference for anyone serious about alternative investments."
Jon Sundt, President and CEO of Altegris

"Michael Covel does an excellent job of educating his readers about the little-known opportunities available to them through one of the proven best hedge fund strategies. This book is like gold to any smart investor."
Christian Baha, CEO, Superfund

The new edition is available now online and offline at Barnes and Noble and Borders stores.

Complex Chinese Jacket

November 22, 2005

The full high-resolution book jacket for the Complex Chinese version of Trend Following (8MG).

Pushing the Lion

November 21, 2005

In the last 24 hours I posted an article that mentioned a book titled Taming the Lion by Richard Farleigh. I have not had a chance to read the book yet, but found the article interesting. I also noticed that since the book was mentioned here it has gone from #200,000 on Amazon's sales rank of all books to #954. Richard you owe me lunch!

Complex Chinese Book Cover

November 15, 2005

View full Complex Chinese book jacket here.

Amazon Rankings

October 31, 2005

Trend Following is ranked #1 in the "Stocks" category, #1 in the "Options" category and #2 in the "Futures" category today at Amazon.com.

Futures Japan Magazine

October 19, 2005

The lead story (and review) appearing in the October 2005 edition of Futures Japan Magazine is about about Trend Following: How Great Traders Make Millions in Up or Down Markets.

If you are not in Japan you will need the correct language support kit installed for your PDF reader.

Harvard Business School

October 18, 2005

The book Trend Following was added to the Harvard Business School Baker Library in July 2005.

#60 All Business Books

October 10, 2005

Trend Following was ranked #60 today of all business and investing books carried by Amazon. Other rankings from today for Trend Following:

#488 of all books in the Amazon catalog.
#11 of all 'personal finance' books.
#2 of all 'futures' books.
#1 of all 'stocks' books.
#1 of all 'options' books.

Amazon Rank #503

October 04, 2005

Trend Following was ranked yesterday #503 of all books available at Amazon.com...18 months after release. While #503 might not sound great, Amazon.com does carry millions upon millions of book titles.

Amazon Rank #377

July 11, 2005

Trend Following was ranked this morning #377 of all books available at Amazon.com. Thanks for the continued interest 15 months after release!

1000 Trend Following Book Order

June 23, 2005

One buyer bought 1000 copies of Trend Following recently. This particular buyer has specialized in the managed money arena for 16 years. While tens of thousands of copies of Trend Following have been sold so far, this is the single largest purchase from a private buyer.

The Trend Following Book Reach

June 16, 2005

The book "Trend Following" continues to strike a chord with traders, investors and funds across the globe. Some recent feedback from a fund managing over $1B USD:

"Michael thought you would like to know we are ordering 20 copies of the book today and sending it out to all our management team around the world."

Another fund based in the UK, managing over $2B USD, told me the book Trend Following is mandatory reading for all staff.

Yet another firm managing over $300M USD wrote to say:

"Nice work with the book. I [have] purchased about 40 copies [for clients and friends] so far."

Book Rankings Update

May 29, 2005

Trend Following is currently ranked #1 in the "stocks" category at Amazon, #1 in "options" books and #2 in "futures" books. Thank you for the continued support.

Insight Welcomed

May 23, 2005

As mentioned the other day, I have spent the better part of the last 4 months interviewing 10+ great traders at their offices. This group manages collectively well over $10 billion USD.

I have met with both trend following traders and short-term systematic traders. The idea has been to assemble a representative sample of those traders excelling in the non-fundamentally based trading world. In a world still dominated by traders analyzing balance sheets and crops reports for their trading decisions, talking with great traders that make big money using statistically-driven trading models has been filled with "aha moments".

As the research process continues, I would like to now use the power of the web to find other interview candidates across the globe. If you currently trade trend following models or if you currently trade short-term systematic models, I would like to discuss a conversation for a future book. Feel free to contact me here. You do not have to be a trading manager to participate, you could simply be trading your own account. All communication on this issue will be considered private until all parameters are agreed upon.

Beating Rogers for the Moment

May 19, 2005

It's not easy to be ahead of Jim Rogers when it comes to selling books, but for the moment Trend Following (#219) is ranked ahead of Jim Rogers' Hot Commodities (#234) on Amazon in their sales ranking of all books.

Japanese Newspaper Column

A column in a Japanese daily newspaper that I am writing.

Additionally, the translated Japanese version of Trend Following is now available.

Bloomberg Radio Interview

May 18, 2005

A recent interview with Bloomberg Radio (6.5 MB MP3 audio file) and Mike Covel about trend following.

Rankings Across Categories

May 17, 2005

Amazon book ranks for Trend Following across categories today:

#510 > All Books
#77 > All Books > Business & Investing
#12 > All Books > Business & Investing > Investing
#2 > All Books > Business & Investing > Investing > Stocks
#2 > All Books > Business & Investing > Investing > Futures
#1 > All Books > Business & Investing > Investing > Options

Technical Analysis Magazine Cover

June 2005 Cover

Amazon Book Rank for May 2005

May 16, 2005

Nearly 13 months after release Trend Following continues to reach a wide audience. Amazon sells millions of different books and today Trend Following was ranked #764 of all books available. Thanks for the continued support. As always your feedback and comments, both positive and negative, are welcomed.

Amazon Book Pricing Back to $20

May 11, 2005

The publishing business is a mine field. My book Trend Following has finally had its price reduced back to a normal roughly $20 a book at Amazon. Unfortunately, over the last 10 weeks my publisher and Amazon had disputed "pricing" which resulted in a temporary raise of my book price on Amazon to nearly $30 a book.

If anyone ever desires insights on publishing a book today, drop me a line.

Angry, Angry Reader

April 28, 2005

This email arrived just about one year ago today from someone named "Joe Blow":

"What do you know about trading?...You have written regurgitated fluff on the facts that long terms exist. Bravo. Your book reminds me of how Kiyosaki writes on money to the masses - totally useless. I would not read anything you have to say and I am sure to see your book at a discount in Borders selling $4 - like so many."

As Ed Seykota might say, perhaps it is time this reader look into himself and analyze the root of his anger. In terms of the price of my book, I would like to see Amazon drop the price some, but it doesn't appear $4 a book will be here any time soon!

Critical Insanity

April 18, 2005

There are critics of trend following out there. But their typical method of operation is to launch personal attacks instead of debating the strategy on the merits. That said, in today's Washington Post Howard Kurtz wrote an article titled "For Every Story, An Online Epilogue Via E-Mail and Blog, Anyone's a Critic". Some excerpts of where the anonymous chat/blog world has gone:

"ABC's Linda Douglass says she has "learned that I have not just critics but people who seem to hate me that I don't even know about." "It's very nasty and personal and scatological," says Washington Post reporter Dana Milbank." But the increasingly caustic nature of some online criticism is prompting many journalists to complain that their honesty and motivation are being trashed along with their work."
Howard Kurtz

"You want to pay attention to what legitimate critics are saying out there," Nagourney says. "In journalism, you screw up from time to time. But it's become so toxic -- attacks for the sake of attacks." "As for "smear artists" on the Internet, Greenfield says, "The freedom that it gives anonymous twerps to spew out invective -- that they don't like the way you look or think you're an idiot or a child abuser -- that's just part of the process."
Howard Kurtz

"There's so much noise that you have to tune it out. It's very rare I'll write any story that doesn't get criticized by someone...Complete strangers make assumptions that they know your innermost thoughts."
Howard Kurtz

Korean Translation

March 12, 2005

The book Trend Following has now been signed for a Korean translation.

Book 5th Printing

February 21, 2005

Trend Following just started its largest print run yet. This is the 5th printing since release May 2004.

Trend Following Feedback

February 07, 2005

Recent feedback from a top Wall Street Technical Strategist:

"I started and finished your book on the stunning Beaches of Ipanema, Brazil. I have to tell you that I thought it was fascinating, insightful and extremely readable. The format made it very easy to soak up all the information, which I feel is the most important aspect of a any book period. Above all else however, I came away with a much better understanding of my trading paradigm now that I can validate and categorize - giving me a label if you will - my trading style. Reading your work also afforded me a great feeling of comradery and renewed confidence in my understanding of the markets. In fact, I had never know that I was a 'Trend Follower'."

Interestingly, many traders who you never would have expected to find a common bond with Trend Following, have written to express similar sentiment.

Russian Translation

February 01, 2005

Trend Following will be translated into Russian. Release is set for 2006.

Japanese Version

January 27, 2005

Japanese version of Trend Following.

Amazon Sales Ranks

December 23, 2004

Trend Following continues as a bestseller 8 months after release:

#2 -- All Investing Books > Futures
#3 -- All Investing Books > Stocks
#1 -- All Investing Books > Options
#12 -- All Investing Books
#45 -- All Business & Investing Books

Translations of Book

December 08, 2004

What translations have been secured for the book "Trend Following"? So far, German, French, Japanese, Chinese Traditional & Chinese Simplified translation deals have been signed. Stay tuned for availability announcements.

French Translation Deal Signed

October 27, 2004

A deal to translate the book Trend Following into French has been signed.

German Translation Deal Signed

October 19, 2004

A deal to translate the book Trend Following into German has been signed.

Book Update

October 18, 2004

Trend Following is currently the #1 book in the investing categories of 1.) stocks, 2.) futures and 3.) options at Amazon.com.

Complex Chinese Translation

September 06, 2004

A deal to translate the book Trend Following into Complex Chinese has been signed. Pearson Education Taiwan is the publisher. A translation of Trend Following into Simplified Chinese was signed in August 2004.

Chinese Translation Deal Signed

August 12, 2004

A deal to translate the book Trend Following into Simplified Chinese has been signed.

Bestseller Lists

Trend Following: How Great Traders Make Millions in Up or Down Markets continues to reach a wide audience. Currently it makes bestselling lists at Amazon in several categories:

#13 Bestseller All Investing Books

#2 Bestseller Investing Books: Stocks

#1 Bestseller Investing Books: Options

#1 Bestseller Investing Books: Futures

Additional Translations

July 23, 2004

Translations for the book Trend Following into Russian, Korean & Arabic are on the horizon. Negotiations are underway.

Amazon Canada #100

July 20, 2004

Trend Following has now cracked the top 100 of all books sold through Amazon.ca.

Chinese Translation

July 18, 2004

The Trend Following book has already signed to publish a Japanese translation. We hope to announce a Chinese translation soon as negotiations are under way.

Japanese Book Translation

June 01, 2004

A Japanese publisher has purchased the rights to Trend Following: How Great Traders Make Millions in Up or Down Markets. A Japanese language version will be available soon.

Bestseller #9

May 29, 2004

Trend Following: How Great Traders Make Millions in Up or Down Markets is now the #9 bestseller at Amazon for all business and investing books. Thanks again for the support!

Bestseller!

May 12, 2004

The book Trend Following has made many of the bestselling lists at Amazon:

1.) New Releases: #10
2.) Investing: #20
3.) Investing (General): #10

Thank you for your interest!

Book Table of Contents

May 08, 2004

Trend Following Table of Contents and Trend Following Acknowledgements.

Lessons Learned

May 07, 2004

Readers have been asking what were some of the biggest lessons to emerge from the book research. A few that come to mind include:

1.) Short-term focus: There are many that simply do not understand the concept of risk or volatility. When they see a down month for trend followers these people think there must be a problem. The reality? Down months happen. They are expected. The more you risk, the more you make and the larger the drawdown. We still to this day see people not understanding the absolute return benefits over time.

2.) Richard Dennis' students: Not all of his students were/are successful. In fact, some are failures by any measure. Interestingly, the reasons seem to go right back to a lack of discipline and or poor personal psychology, not the trading strategy itself.

3.) Long Term Capital Management: Trend followers were the winners to LTCM's losing. The performance data almost looks like a direct wire transfer in the zero-sum game.

If this blog does it's job over time it will be to further expand on the book's topics and debates.

Now Available at Amazon

May 06, 2004

Trend Following is available now at Amazon.com.

Amazon Update

May 05, 2004

Amazon has shipped their initial orders. Other retailers will also have the book. The publisher has started the second printing, but unfortunately the publishing world's "just-in-time-inventory" doesn't work great when there is strong demand!

Trend Following Book Update

May 03, 2004

If your local bookstore is out of stock of Trend Following, please do not hesitate to ask them to re-order. Most stores are extremely responsive in this regard. A swift kick may be needed for the less than helpful!

Amazon Sales Rank

April 30, 2004

Trend Following has had an exceptional sales rank at Amazon.com for the last 2 weeks. Everyone involved with the Trend Following book project appreciates the strong interest.

Trend Following Book Update

Trend Following books should be available at Amazon.com and other online retailers any day. They should be available in bookstores the first week in May. The publisher Financial Times Prentice Hall started the second printing today.

Trend Following Publish Date

April 24, 2004

Today April 24, 2004 is the publish/release date for Trend Following. Keep in mind, there will be some discrepancies in distribution. Online retailers will typically have the book in stock first, followed by regular stores. I recommend Amazon as probably the easiest way to obtain the book, but others may have it sooner or later.

Trend Following Book Cover

April 23, 2004

High resolution Trend Following book cover.

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Endorsements

"Covel has created a very rare thing - a well-documented and thoroughly researched book on trend following that is also well-written and easy to read. It touches on a wide variety of the principles and practices which make for successful trend following. This is one book that traders at all levels will find of real value."
John Mauldin
Author of Bull's Eye Investing

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