September 1, 1968 |
|Alma mater||George Mason University (B.A.)
Florida State University (M.B.A.)
Michael W. Covel (born September 1, 1968) is a bestselling author, entrepreneur, and film director. In 1996, he co-founded TurtleTrader.com, later expanded into TrendFollowing.com, a popular online resource focused on investment style known as trend following, which allows investors to profit in both up and down markets.
Covel popularized an investment strategy known as trend following, which utilizes the market trend mechanism, claimed to benefit from both the ups and downs of stock or futures markets of the market, In this method, traders use current market price data, moving averages and channel breakouts to determine the general direction of the market and to generate trade signals (such as Forex signals). According to Covel, practitioners of the method have collectively logged a 17.56% average annual return from 1984 through 2010 compared with 7.37% return for the Standard & Poor’s 500.
- Trend Following
Covel’s first book was Trend Following: Learn to Make Millions in Up or Down Markets (FT Press, April 2004, Nov. 2005, Mar. 2007, Mar. 2009) featuring traders David Harding, John W. Henry, Ed Seykota, Richard Donchian, Jesse Lauriston Livermore and Larry Hite, among others. The book analyzes years of detailed performance data to demonstrate that trend following works. The book was an immediate international bestseller, with over 100,000 copies sold to date. It was first published by Financial Times Press on April 23, 2004.
- The Complete TurtleTrader
The Complete TurtleTrader: The Legend, the Lessons, the Results (HarperBusiness, October 2007) tells the story of Wall Street’s Richard Dennis, along with an oral history of the investment world in the late 20th century. The book reviews an experiment conducted by Dennis and then partner William Eckhardt in 1983 with "the Turtles," a group of Wall Street novices turned top traders based on Dennis' trading advice. The book was Covel’s second bestseller; Bloomberg noted that it was worthy of a spot on any investor’s shelf.
- Other Books
In June 2011, Covel released Trend Commandments: Trading for Exceptional Returns, as a trend following primer for novice traders. In August 2011, Covel released The Little Book of Trading: Trend Following Strategy for Big Winners, which teaches the average person investment practices claimed to beat the market, regardless of the financial climate. Covel’s books have been translated into more than 10 languages.
- Broke: The New American Dream
Covel directed the documentary film Broke: The New American Dream, which premiered on Discovery Channel. It covers many economic themes, including the 2008 United States housing bubble, stock-market volatility, and growing economic uncertainty. In the film, Covel interviews financial and economist figures like Harry Markowitz, Vernon L. Smith, Mark Mobius, David Harding, Michael Mauboussin, Larry Hite, Peter Borish, Richard Baker, Barry Ritholtz, Chris Van Hollen, and Eric Bolling. The film criticizes financial news networks like CNBC, stating that they cater to an audience of news junkies in an attempt to score ratings. The film also analyzes behavioral finance, and critiques Americans for not taking personal responsibility for their investment decisions.
Covel has been quoted and profiled in publications such as The Wall Street Journal, The Huffington Post, CNN, the New York Post, and Forbes Magazine. He is known for his "clever storytelling," and his company, Trend Following, trains students in more than 70 countries. Covel’s popular podcasts, which have featured interviews with noted finance experts, consistently rank near the top of all investing podcasts on iTunes.
- 2004: Trend Following: Learn to Make Millions in Up or Down Markets
- 2007: The Complete TurtleTrader: The Legend, the Lessons, the Results
- 2011: Trend Commandments: Trading for Exceptional Returns
- 2011: The Little Book of Trading: Trend Following Strategy for Big Winners
- 2011: Broke: The New American Dream (documentary)
Several academics and media outlets have criticized Michael Covel and his series of books, stating that, though, he publishes records of other successful traders throughout history, there exists no public record of Michael Covel's past trading for his own personal account. Covel's absence of trading records has raised questions among his critics of why he has been unsuccessful in trading the markets, given the proven success of other traders. The series of Covel's Trend Following books and the examples he uses have also solely focused on those who were successful in employing the Trend Following strategy, while omitting the examples of traders who have employed the system and have since gone bust. Thus, Covel's books are said to suffer from "survivorship bias", a statistical logical fallacy which focuses only on the successful examples, while intentionally hiding the failures in the sample.
- Torbenson, Eric.Why We Shouldn’t Bail Out The Big Three Automakers New York Post. November 16, 2008.
- Michael Covel OVGuide.
- Michael Covel: Trend Following Ambassador Hedge Fonder. January 9, 2011.
- Kahn, Michael.The Trend Is All Right Barrons. September 23, 2009.
- Michael Covel Financial Gurus.
- Cui, Carolyn.Computer-Trading Models Meet Match The Wall Street Journal. April 20, 2009.
- Covel, Michael.Making the Trend Your Friend Barrons. November 28, 2010.
- Covel, Michael (2009). Trend Following (Updated Edition): Learn to Make Millions in Up or Down Markets (FT Press; 1 Updated edition, February 25, 2009). ISBN 0-13-702018-X (English) ISBN 978-0-13-702018-8 (English).
- Rudawsky, Gil.Mystery Trader in Stock Market Crash Outed Yet Questions Remain DailyFinance. May 14, 2010.
- Book Description Amazon.
- Michael Covel Books Michael Covel.
- Review: The Complete Turtle Trader “The Simple Dollar”.
- Pressley, James. Richard Dennis, Prince of Chicago Pit, Taught Turtles to Trade. Business Insider. November 1, 2007.
- Covel, Michael, The Complete TurtleTrader: The Legend, the Lessons, the Results (Collins, October 2007) ISBN 0-06-124170-9 /ISBN 978-0061241703
- Steenbarger, Brett. Turtle Trading Lessons From Michael Covel, TradeFeed, October 2007.
- The Complete Turtle Trader Trend Following.
- Covel, Michael. Trend Commandments: Trading for Exceptional Returns. FT Press, 2011.
- Staller, Kate. Forget All You Know About Investing. Forbes. October 25, 2011.
- Nyaradi, John. The Little Book of Trading: Interview with Michael Covel. The Wall Street Selector. September 14, 2011.
- Covel, Michael. The Little Book of Trading: Trend Following Strategy for Big Winnings (Little Books. Big Profits). Wiley Publishing, 2011.
- Pierce, Jeff. The Little Book of Trading: Trend Following. Business Insider. August 13, 2011.
- Skypala, Pauline. Secrets of winning systems remain hidden. Financial Times. June 9, 2012.
- Trend Commandments (German). MichaelCovel.com. March 7, 2012.
- Hoenig, Jonathan, New Movie Challenges Biz Pundits, SmartMoney.com, Dec. 2008.
- The Little Book of Trading: Interview With Michael Covel. Seeking Alpha. September 15, 2011.
- Shapiro, Ben.Broke: The New American Dream Breitbart.
- Farina, Deleela.Broke: The New American Dream BloggingStocks. July 21, 2009.
- Martin, Michael.Broke: The New American Dream Huffington Post. July 5, 2009.
- Turtle Trader Forbes.
- About Trend Following.
- Miller, Zack. Adding Michael Covel’s Podcast To Must-Listen Category. TradeStreaming. May 27, 2012.
|Wikimedia Commons has media related to Michael Covel.|
- Trend Following
- Hogan, Mike (Nov. 2010). Making the Trend Your Friend, Barrons.
- Torbenson, Eric (Nov. 2008). Why We Shouldn’t Bail Out The Big Three Automakers, New York Post.
- Murali, D. (April 2008). Make the Right Call, The Hindu.
- Steenbarger, Brett (Oct. 2007). Turtle Trading Lessons From Michael Covel, TradeFeeder.
- Pressely, James (Nov. 2007). Bloomberg Review of “The Complete TurtleTrader, ” Bloomberg.com.
- Collins, Art (Nov. 2005). The Truth About The Turtles (Michael Covel Interview), Yahoo! Finance Financial News.
- Cripps, Richard E. (Oct. 2004). Trend Following, Legg Mason Wood Walker, Inc.