Top Picks for Reading on Trend Followership
In the dynamic world of finance, maintaining a solid trading strategy is crucial for both beginners and seasoned investors. One such strategy that has stood the test of time is trend following.
A book titled "Trend Commandments" provides valuable guidelines for those embarking on this approach, while "The Little Book of Trading" focuses specifically on a trend following strategy for substantial returns. The principles discussed in these books are not based on predictions or the advice of gurus, but rather on following the price trend itself.
Successful trend following relies on principles that have been proven to work. A key element is the implementation of a stop loss and exit strategy, which is essential in keeping capital safe. This strategy helps limit losses during market downturns and ensures that profits are banked during uptrends.
Discipline is another crucial aspect of trend following. Maintaining faith in the methodology, following the system daily, and not abandoning it due to short-term drawdowns or consecutive losing trades are all essential for long-term success.
It's important to note that a long-term winning system should not be altered based on temporary setbacks. Instead, trend followers should have faith in the principles that have been proven to work. This faith extends even to range-bound markets, where the trend following approach can still yield results.
However, it's also important to avoid relying on other sources such as fundamental analysts' valuations, CNBC talking heads, newsletter predictions, or black box systems. Trend following is a self-reliant approach, focusing solely on the price trend.
The book "The Complete TurtleTrader" offers a comprehensive exploration of trend following principles. Meanwhile, "Stocks on the Move" is another resource that utilises hedge fund momentum strategies, which are closely related to trend following.
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In conclusion, trend following offers a proven strategy for making big returns in the market. By following the price trend without predictions or gurus, maintaining discipline, and adhering to a solid stop loss and exit strategy, investors can navigate the market with confidence and achieve long-term success.
