I like Covel's views on trading and life. I Particularly like his passion for trend following which is still the best way, to make money in financial markets. I also, like his view of Governments and banks, they are certainly not going to secure our financial futures – we have to do it on our own.
Turtletrader.com
The turtle experiment is well documented and Covel is one of the best at getting across the fact that trend following, makes money for those traders who are willing to do it. His website turtletrader.com, was founded in 1996 AND is essential reading for any trader who wants to get tips, on Develpoing a winning trading strategy and also, how to adopt the right mindset to trade it with discipline.
The Complete Turtle Trader
In terms of books he wrote the Complete Turtle Trader which is a good book on the turtle experiment. You get great insight into why it sounds so easy, to apply a trend following system but why it's not so easy to follow one. While a good book, I think Curtis Faith's book is the better book on the experiment but that's just personal preference. in Conclusion, both books, should be essential reading for anyone serious about becoming a better trader.
Trend Following: Learn to Make Millions in Up or Down Markets
This is an excellent book on trend following and should be read by anyone serious about making money. What puzzled me was, when reading some reviews on it were people saying there is no set strategy in it, to show you how to enter trading signals specifically.
My answer would be – take responsibility and do it yourself! All great traders do this because it's the only way to make money but most traders don't get this key point. This book gives you the philosophy of trend following, how the great traders do it and if you read the book, you will realize how you can put a trading system together and make money with it and its much simpler than many people think - their just afraid to do it.
Broke: The New American Dream.
This film is really good and you do get some great traders in it interviewed such as Larry Hite, Salem Abraham, Jim Rogers, Peter Borish, Charles Faulker, Jonathan Hoenig and a good few more. The film also interviews poker players, lottery players and real estate agents and looks at the beliefs people have about money and the trust we have in Governments and banks.
Another theme running through the film is - there will always be financial crashes but you do not need to be hurt by them – you can profit from them. Crashes are nothing new and the crashes in 1929, 1972, 1987, 2000 and 2008, are all covered. It's obvious crashes will always occur and hurt the majority, due to the herd instinct and the ingrained beliefs which most people hold.
The main theme of the film is to get people to think about who is responsible for their financial destiny and the question is - are you willing to go alone or do you feel more comfortable, being part of the majority who blame others for their situations?
The conclusion is obvious, get ready to take charge of your destiny and if you haven't considered doing this yet watch “Broke – the New American Dream” and it will change your mind.
Final Words
If you want to learn trend following, there is no better place to start than to check out Michael Covel's books and in his first film “Broke” he gives the message of looking after your own money and taking charge of your financial destiny. Anyone can do it but most people won't but look at trend following and you will see how it can change your financial future. Even better, you can take charge of your own financial destiny and not rely on others - you can rely on yourself and that's a great idea in my view.
