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Trend Following: How Great Traders Make Millions in Up or Down Markets By Michael Covel Overview
Trend Following: How Great Traders Make Millions in Up or Down Markets By Michael Covel
Trend Following: How Great Traders Make Millions in Up or Down Markets By Michael Covel is a landmark book in the field of trading and investing. First published in 2005 and now available in multiple updated editions, the book explores how some of the world’s most successful traders—including John W. Henry, Keith Campbell, Bill Dunn, Jerry Parker, and Salem Abraham—built extraordinary fortunes in both bull and bear markets.
The common denominator? Trend following—a rules-based, systematic strategy that focuses on price movements rather than predictions.
What Is Trend Following?
Trend following is not about forecasting tops and bottoms. Instead, it is about identifying existing market trends—upward or downward—and riding them with discipline. Covel argues that price action contains all the information a trader needs. By following trends, traders avoid emotional decision-making and focus on data-driven execution.
Using over 100 pages of charts and a decade of data, Covel demonstrates how the strategy works in real-world markets. He also shows why trend following continues to outperform many traditional investment approaches, especially in times of uncertainty and volatility.
Legendary Traders and Their Success Stories
One of the book’s greatest strengths lies in its exploration of the lives and strategies of legendary trend followers.
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John W. Henry – quietly built enough wealth to buy the Boston Red Sox.
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Keith Campbell, Bill Dunn, Jerry Parker, and Salem Abraham – all consistently generated massive profits, proving that systematic trading works across market cycles.
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Ed Seykota – one of the earliest and most famous trend followers, originally profiled in Jack Schwager’s Market Wizards.
These real-world stories provide proof that trend following is not just theory—it has produced billions in profits.
Editorial Praise and Reviews
Covel’s book has been widely acclaimed:
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Stocks, Futures & Options Magazine: “Covel has hit a homerun with it.”
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Jon Sundt, CEO of Altegris: “A mandatory reference for anyone serious about alternative investments.”
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Christian Baha, CEO of Superfund: “This book is like gold to any smart investor.”
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Garnett Znidaric, Your Trading Edge Magazine: “An insightful textbook for all traders and investors.”
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Ed Seykota: “Michael Covel’s Trend Following: Essential.”
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Larry Connors, TradingMarkets.com: “The definitive guide to trend trading.”
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John Mauldin, Millennium Wave Investments: “Traders at all levels will find real value.”
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Van K. Tharp, Ph.D.: “The Market Wizards of Trend Following.”
The sheer breadth of endorsements underscores the book’s credibility as a cornerstone of trading education.
About the Author – Michael Covel
Michael W. Covel is the founder and President of Trend Following™ and Managing Editor at TurtleTrader.com®, one of the largest trend following resources online. For more than two decades, he has researched and consulted with hedge funds, banks, and traders worldwide.
Covel has interviewed and studied the world’s most successful trend followers, often sitting down with them personally to understand their mindset. His books, including The Complete TurtleTrader and the updated editions of Trend Following, have been translated into multiple languages, reaching readers across the globe.
He is also the host of the Trend Following Podcast, which has surpassed millions of listens and continues to feature world-class traders, investors, and economists.
Why This Book Matters
For new traders, Covel’s work introduces a proven, rules-based strategy that avoids the pitfalls of prediction and emotion. For experienced investors, it provides a deeper look at data, psychology, and long-term market survival.
In today’s volatile financial world, Trend Following offers something rare: a system with decades of evidence that it works. Whether markets rise or fall, disciplined trend followers can profit.
