After so many years,
Michael Covel's book remains one of my favorite. So far, this is the only book that remains on my shelf for quite some time. Well, just a little book... and another trend following stuff... so, never really eagerly wanna touch it, LOL...
After all, I do not want to have repetition on the same theory again and again… However, a
buddy thought I love this type of books and it was a special gift from him
after some special assignment…
End
up… surprisingly… it is still my cup of tea. I thought there is little new
under the sun. But, I ended up having few ah-ha moments as below that really
inspired me:
Many
people over the years trading with scared money – meaning they would make
decisions on the value of money to them and not follow the exact rules of their
trading plan.
This
is not saying that you want to put all your eggs in one basket, that’s not the
concept, but the idea is that your weightings of the markets don’t need to be
uniform.
Trend
following trading is not about being a hero. Said another way, it is not about
being right in your opinion, but rather about winning in the long run.
Even
though Harding has been very frank, there is some reticence. He knows talking
too much about trend following is a retrograde step for his business’s
commercial prospects. Why would a competitive man want to encourage you to
become the next millionaire? He doesn’t have a mission to spread trend
following wisdom or propagate this style of trading. He is not interested in
sponsoring academic trend following courses or making the world a better place
filled with wealthy trend following traders. He is entrepreneurial man who,
after all, wants to win.
The
markets are ever evolving. But, certain criteria are forever constant. Changing
markets is what we make money off of… If you’ve done your trend trading
homework properly, you don’t have to adapt your trend following nonstop to
whatever is perceived as world change.
After
so many years in this industry… if certain theories still inspires traders (me
and my group of friends particularly), the said theories must have its logic
and sense behind it. I am with the author in this case since I had been
practicing it since day one… Having said that, I find no reason not to rate
this book as high as 10/10. After all, stories in the book are real adventures
and real insight experiences from experts that had survived for more than a
decade. I know readers used to have doubts whether Michael Covel himself is a
real trader. In my humble opinions; good traders may not be writing books. So,
there is nothing wrong for a good author not to trades… Most important thing is…
can we find some gem in this book that inspires us? I think Michael Covel achieve
that even though it is just a “little book”… Thumbs up for the hard works!!!
Well done…