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Trading the Trend (Collection) by Michael W. Covel

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1. Trend Following

“Speculation is dealing with the uncertain conditions of the unknown future. Every human action is a speculation in that it is embedded in the flux of time.”

Ludwig von Mises1

The Market

A market is simply a place where buyers and sellers gather to trade and exchange goods, buying and selling for any number of reasons across all types of instruments (for instance, stocks, currencies, commodities, and so on). Markets perform the essential role of exchange. The New York Stock Exchange and the National Association of Securities Dealers Automated Quotation System (NASDAQ) are two exchanges. There are also futures exchanges, such as the Chicago Mercantile Exchange. All of these exchanges have many markets where ...

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