Michael Covel

Is anyone familiar with Michael Covel, author of the books; Trend Following and The Complete Turtle Trader? I read both books, which I found very interesting.
I personally believe Trend Following is a good strategy to approach the markets, my concern is that as far as I know Michael Covel is not a trader himself and he sells trend following System courses in his website. After reading his books on the subject most people can place a Trend following System in practice. What is the added value of buying his courses? Has anybody bought any of his courses and has any advise?

Thanks

 

I've spoken to him on the phone several times and he seems like a very well spoken, nice guy. I've read his trend following book and enjoyed it very much. However, the title does say something to the effect, "learn how to make millions". I didn't find anything that equipped me to do that, but I did learn about people who did and the some very fuzzy outlines of how they did it.

I went on to research the trend following system created by Richard Dennis, who started the Turtle System that his traders used. One of the two biggest challenges is having sufficient capital to trade a trend following system that by it's very nature must endure large drawdowns for some fairly long periods of time. The other difficulty is figuring out position size based on the volatility of the underlying instrument you are trading, the elusive "N" factor.

I can't personally comment on the system that Covel sells, however, the rules for the Turtle Trading system have been published on the internet for free by a former Turtle. This was his attempt to redress what he perceived as the wrongs committed by anther former Turtle who was selling the system and others, (non-traders) also involved in selling the system.

After reading the rules for the system, I decided that the rules were more complicated that what I needed to make money for a trend following system and also feeling that I didn't want to commit the requisite capital to the system. I believe there are more straight forward trend following techniques out there that also work and are probably less capital intensive.
Keep researching and you will eventually uncover the Turtle rules and you can make a decision for yourself.

 

use the search button, upper right hand corner why don't you ask him yourself.

 

I guess it is too much to just post his name?


Covel posts here as: Trend Following

 

I can be reached here. One thing very new are (3) interview DVDs: 1, 2, 3.

 

The story of "this" is found in my book. I am still amazed at how much misinformation perpetuates on the subject of the Turtles. The Turtle you mention who was supposedly redressing "wrongs" -- actually saw his firm go down in a permanent ban by the CFTC.

 

Why is it that you as well as the guy who replies with glowing reviews about Mr.Covel have exactly 1 post on the only thread?



hhphoto - OP


Registered: Sep 2009
Posts: 1

danvil33

Registered: Aug 2009
Posts: 1

Fascinating synchronicity?

Chris.

 

While no one asked me, I think this forum would be much better if there was no anonymity and your IP posted along with your comment.

 

I figured you could see the IPs, but was wondering how it might work if everyone could see them. I do also wonder about the risk/reward and assorted trade offs of a non-anonymous forum. Would a large number of people leave if they could not be anonymous?