The guy definitely has a hefty roster of supporters across the trading spectrum. I would imagine the majority of the success haters are on this board. surf
In defense of ET it appears there are a true handful in here who are just losers in life. There will always be some like that.
Just stumbled upon this article about trend following: http://www.marketoracle.co.uk/Article25941.html
And it goes without saying that the winners are defined by the number of your books they buy. However, it is critically important not to ask what Trend Commandments has that Trend Following doesn't. As for asking what The Little Book of Trading has that Trend Following and Trend Commandments don't...well, don't even go there. To ask a question of an author who makes himself available on an Internet forum is simply bad form and the unmistakable mark of a true loser.
Quote from Neenisti: Trend followers buy pull backs in up markets and sell pull backs in down markets. This is common knowledge for those applying the techniques or for those of us that actually know people who operate funds that use those techniques ---------------------------------------------------------------------------------- This can make sense and be true sometimes when for example: 1. The long term trend is up 2. If in this (long) trend up, the pullback happens (but still the trend is up in the big picture), then when the (higher low *HL*) of the pullback happens, trendfollowers will enter sometimes because HL in uptrend is possible indicater of the up trend resume. Neenisti said; "Trend followers buy pull backs in up markets" so that can be true because some trendfollowers buy HL (higher lows)
I'll elaborate on this because Mr. Covel has a problem calling this "trend following" so we will say this is "Trend Reading". We don't trade trends we trade the oscillations that occur after the defined trends on the charts we are trading are confirmed. [How you confirm that trend and trade the oscillations that follow that confirmation are unique to your personal method of trading. I define that confirmation one way but you may define it another way. Whatever way that produces consistent profits for YOU is all that matter.] Remember a trend should be defined on a single chart at a time to be accurate and so that everyone looking at that particular chart can see it using that specific definition. If the definition is a strict one then each chart has it own's clearly shown and defined trend. Your term of "long term trend"is then specific to that chart. Once that trend on that particular chart is objectively defined then trading "inside" of that chart's trend is relatively simple but definitely consistent. I will repeat, Mr. Covel's books are a good source of "trend trading" information but it is not the bible of trends or even cutting edge. If he has a lock on all things "Trending" in this market environment then he and Mr. Parness and his "Kachingo" trend trading website are kindred spirits. Marketsurfer is making money on an early entry S&P short based on his particular method which just shows that there are many varying methods that make money in these markets. No one has "the" method for trading or investing. Just because we trade or invest a little differently than someone else doesn't mean it doesn't work.
He did and it's a pretty good read too. Interesting that "his" book is all original, conforms perfectly to the laws of math and science and is self validating for every user that applies it and tests it. He also doesn't speak bad about you. Are you upset because you will never ever be nominated for a Pulitzer or Peabody?
Indeed, it's very usable "designed for the sophisticated investor." I love multicharts, and I've posted simulations.