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A proven approach to trading success based on the best commodity trading advisors
Profiting from long-term trends is the most common path to success for traders. The challenge is recognizing the emergence of a trend and determining where to enter and exit the market. The Trend Following Bible shows individual traders and investors how to profit from this approach by trading like today's top commodity trading advisors.
In this book, author Andrew Abraham stresses the importance of a disciplined, consistent methodology, with stringent risk controls, that allows you to catch big trends, while limiting losses on unprofitable trades. By trading in this manner, he shows you how to successfully achieve market-beating returns over the long term and multiple your trading capital along the way.
- Reveals exactly how top commodity trading advisors operate and how individuals can incorporate these methods into their everyday trading endeavors
- Addresses key issues like position sizing and risk control, which are critical to trading success, but often underemphasized in other trading literature
- Highlights how to effectively execute the trading strategies outlined
Engaging and accessible, The Trend Following Bible will put you in a better position to profit as you make more informed trading decisions.
- Sales Rank: #272763 in eBooks
- Published on: 2012-11-29
- Released on: 2012-11-29
- Format: Kindle eBook
From the Inside Flap
There is no easy way to make money in today's markets. If you're looking for get-rich-quick advice or the holy grail of trading, the only thing you're really doing is wasting time and money. In order to truly excel at this difficult endeavor, you have to work hard, stay focused, and follow a method that will put the odds of success in your favor.
Nobody knows this better than author Andrew Abraham—a commodity trading advisor with over eighteen years of experience using trend following techniques to compound wealth and manage risk. And now, in The Trend Following Bible, he shares valuable insights, from the perspective of a professional who trades for a living, of what you need to know and internalize to become a consistent and successful trend trader over time.
Written with the serious trader in mind, this unique guide skillfully puts trend trading in perspective. It discusses the development of a robust trading plan, which is applicable to all time frames and markets, details how to manage the inherent risks of trading, and reveals how important patience and discipline are in order to see your plan through.
Along the way, Abraham explains the psychology behind successful trend trading, provides practical examples of traders who have applied it, and addresses the underlying principles you'll need to know in order to make this approach work for you—from trading the best markets, betting small, and using stop-losses to trading with the trend, cutting losses, and avoiding overtrading.
Trend trading is a journey filled with ups and downs. But by taking the ideas found here, and applying them to your own personality and risk tolerance, you'll discover what it really takes to capture trends and make money with them in the long run.
From the Back Cover
Praise for The Trend Following Bible
"I like Andy's statement that trading has to fit one's personality. Everyone is different. I've met quite a few successful traders over the twenty years I've been trading professionally. Ironically not one person uses the same system. What Andy does capture are the true building blocks of building a successful trading system."
—Ken Kinkopf, President, Kinkopf Capital Management, LLC
"I have been registered in the futures industry since 1987, and the information on trend following provided by Andrew Abraham is some of the most comprehensive and easy to follow that I have seen. Andrew provides pure information with no hidden agendas. He does not hide the risk nor simplify the work a trader needs to do. Discipline and patience, two of the most key elements in money management, are stressed. I would highly recommend that anyone serious about trading should read this book."
—Chuck Bohm, Pioneer Futures Inc.
"Where I feel that Andy's insight is so valuable is that he is an active practitioner. He gives us views, and posts articles, that highlight the discipline and self-belief needed to be successful in this arena. Trend following sounds so simple; looking at a chart is easy to say, in hindsight, that we would have bought there and sold here. Now tell me where we are going tomorrow. Andy's blog shows us that trend following is about percentages. Increasing your chances of calling the future direction of a market correctly over time, and having an exit plan in place before one takes a position. I encourage anyone with exposure to the markets, regardless of experience, to read this!"
—Benjamin Smith, ADM Investor Services International
"The best investors are not afraid to share their trading plan with others as they know that there is no secret recipe in all this, that risk management and discipline are really 95% of the battle. Clearly Andy is not afraid of providing his."
—Gerald Rehn, Principal, Rehn Capital Management, LLC
"Andy gives a structured, simple, and concise way to understand trend following and, most importantly, the discipline and patience this strategy needs in order to work. I really enjoyed his personal views and risk management tools that have kept him in trading for many years."
—Eduardo Frid, EF Financial Services
"Right on Andy!"
—Todd Miller, Availeth Capital, LLC
"Andy's explanation of trend following is extremely informative and should be very useful for any individuals who hope to begin trading in a trend following strategy. One of my favorite aspects of his book is that he is relaying the message that trend following and trading are, indeed, work. So many individuals have the wrong impression entirely as to what it is that a trader or trend follower does with his or her time. As with any other career path, trading takes time, research, and extraordinary effort in order to be successful. I would highly recommend that any individual interested in trend following read Andy's blog as well. The information is accurate and effective."
—John David McDonnell, RCO Financial, Inc.
About the Author
ANDREW ABRAHAM is a commodity trading advisor at the firm he founded, Abraham Investment Management. He specializes in trend following, utilizing stringent risk management techniques to limit losses, and capturing a small number of major trends to drive returns. Abraham has been trading for his account and with other CTAs since the mid-1990s. He has written for a number of industry publications including Technical Analysis of Stocks & Commodities, Investment Advisor magazine, and SeekingAlpha.com. Abraham speaks regularly at Traders Expo and other trading industry conferences and has done webinars for MetaStock and Reuters.
Most helpful customer reviews
11 of 11 people found the following review helpful.
Some good trading gems but needs better editing
By Michael E. Strupp
I have a lot of respect for Andrew Abraham as a veteran trader who is passionate about the markets, has talked to lots of traders, and is willing to share the hard-earned insights he has gained through years and years of trying to grinding out profits in the market. His dedication to sharing his craft is admirable and commendable.
You will find a some really good trading gems in this book, and some well-deserved discussions regarding how hard it is to trade and make money year in and year out. I wish more trading books placed such emphasis on the "realities" of trading. As Andrew points out, if you're new to the markets and expect to make 50% to 100% per year using someone else's "trading robot", you are deluding yourself. Trading is a tough and ugly business, by far the hardest "easy money" you will ever make. The chapter on "The Trend Follower Mindset" was especially good - anyone who wants to trade systematically should read this chapter and take it to heart. In fact, you should probably read that chapter twice.
My sole disappointment with this book is just how poorly it is edited. I don't know if the responsibility for this rests on the writer, or the publisher (or more likely, a combination of both), but at points it feels like the author is rambling, almost to the point of incoherence.
Let me give you one example: in Chapters 7 and 8 ("trend breakouts" and "trend retracements"), the author spells out pretty clearly his methodology for trend trading the markets. He lays out his rules and he provides examples for how he trades. However, in Chapter 9 ("The trend following mindset"), on page 138, he writes: "My goal is to enlighten you and teach you what it took decades to learn. You will learn to have an exact plan with exact entries, exact exits with both profits and losses and exact quantities to buy and sell."
But wait, isn't that what you just did in chapters 7 and 8? Why are you writing that you "will" do something when you just did it?
Unfortunately, it feels almost as if this book was cobbled together from a series of independent blog posts or other coaching materials but no effort or thought was put into how the material all flows together. Instead the author seems to bounce around from subject to subject like a manic pinball. As others have noted, certain ideas are repeated over and over again, and at other points, the logic and flow of the text falls apart.
Like I said before, there are good trading ideas in this book but you have to wade through a lot of poorly-edited text to get to them. It's a shame, because it's uncommon for a veteran trader to be willing to share their experience so readily with the public and I think everyone (especially new traders) can benefit from that.
26 of 31 people found the following review helpful.
Achieved Its Goal, Fell Short in Some Areas
By Scott's Investments
Andrew Abraham is a commodity trading advisor who has traded professionally for 18 years. He specializes in trend following strategies and recently published The Trend Following Bible.
The author profiles successful traders and warns of false messiahs and "geniuses" in the early part of the book. Abraham clearly states the objective of the book (always the first thing I look for!), but does not do so until page 79, which makes the "introduction" lengthy and repetitive. He promises to show readers how to have an exact trading plan, how to take low risk bets, how to take losses, how to allow profits to run, and how to develop the proper mindset of a trader. These are worthwhile topics and in short I believe he achieved those objectives despite some of the other shortcomings of the book.
His trading plan begins with a discussion of risk and capital management. He then shows how he identifies trending markets, including his use of Rate-of-Change (ROC) and MACD. He then shows precisely where he places his hard stops and trailing stops and how he takes profits.
Abraham's objective was not to sell his exact trading system to his audience, but rather his process. He encourages readers to create a system which fits his or her personality. As he states "strategies do not make good traders". He also notes that the tenets of trend following are simple and intuitive but in practice difficult to apply due to our own fear and greed.
Abraham repeats many trading psychology tips and tricks in an effort to help develop the proper mindset of a trader. While he repeats many of the same slogans pertaining to discipline and patience, they are worth repeating because they are so crucial to long-term trading success. Two notable points he emphasizes are accepting small losses and having and sticking to a trading plan. More experienced traders could be turned off by Abraham's repetition, but for new or aspiring traders this repetition has value.
The author concludes the book with a trade diary that is helpful for those new to trading. Abraham chronicles his trades from 2009-2011 with a detailed description of many of the trades. These descriptions became a bit repetitive, but for those new to trading it serves as a primer for what to expect as a "trend trader".
The book was not well edited, with several mistakes that should have been easily caught in the editorial process. I also felt like Abraham had some solid ideas, but since he admittedly is a trader first and author second, there should have been better organization and layout to the chapters. The editor and publisher failed in this regard. The title of the book also over-promises. I would not classify this as a "bible" or must-read, although it does emphasize several enduring qualities of many successful traders.
Abraham also runs a web site Trend Following Mentor and mentions it briefly in the book, but unlike many other books I have read in recent years there are not the perpetual referrals by the author to his website or material or charts on his site, which was a welcome change.
In short, Abraham does a good job of emphasizing discipline and patience. He achieves his stated goal of the book and provides insight into his precise trading strategy. The book falls short in its prose and editing and much of the book is repetitive and disjointed at times. If you can look beyond some of these shortcomings, it is still a decent read, especially for those new to trading or to trend-following.
9 of 11 people found the following review helpful.
Worst trending following I've already read
By E. A. Costa
The first third of the book is only about saying how trend following is good and trading is hard. A totally waste of paper and time. After the author presents the technique. He wrote that we should keep it simple but he doesn't. He presents nothing new, but just a collection of other people's ideas. Definitely go to others sources. This isn't good.
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