The answer is so obvious, it likely doesn't deserve a response from Mr. Covel It's not a quantitative finance book, therefore no formulas. I guess some of these folks wonder why there isn't any math in an anatomy textbook. Geeeez! Surf
There are so many ways to define a trend so the response to the question I would like to hear also. Trend could be defined by time frame (A trend on the 1 hr chart that does not show up on the daily or weekly charts) Trend could be defined by chart patterns (lower lows and higher highers on longer term charts) Trend could be defined by trend indicators. (When this indicator reads this its in a trend.) None of the above is a 100% true method for defining trends but yet are used in one way or part for others to capture trends. Reality trends due happen but the question is what way the the creator of this thread sees as his primary way to define a trend. I have read trend following and I enjoyed the book so I am not on the offense I just also agree its a good question.
Yes, especially since Covel regards anything other than what he has accepted as the "true" definition of a trend as being drivel, and has said as much in his other thread: http://www.elitetrader.com/vb/showthread.php?s=&postid=3207607&highlight=drivel#post3207607 So you see, any definition other than the one blessed by Mr. Covel just won't do. And yet he won't say... Have you heard about his Flagship Course? It's amazing what you can get for a mere $2,997 these days, eh?
Ignorance is bliss. I doubt you even trade at all. Have a go at the CFA curriculum, then tell me there aren't maths you need to know to make sound investment decisions. (And, yes, making investment decisions is the same as trading).
Maybe I can ask, did you get anything other than entertainment out of it? What is the use of Mr. Covel shilling for himself about a process I can say very few know how to do, and I'm pretty sure the flagship pro will not help anyone discover an edge, but there might be methods you could find out that could help in your regular routine, more prepatory than anything, I'd say. I guess as a sponsor it works to sell books, but outside of quantitative reasoning and logic I would like to know if there are any records of performance summaries in these products. If there aren't, I'm going to use the proverbial adage, "Don't Walk, RUN at a slightly faster pace than you would jogging."
Excuse the delay, I had to go get the book from the bookshelf. I can not verify the facts or accuracy of the book but two sections I like one about the trading managers where chart 3.1 shows the absolute average yearly return from 1993-2003 So the whole section on the great trend followers gave me some names to research for overall market awareness past and present. another section called performance data I also found interesting which goes with what I mentioned above.