Trend Following is a comprehensive guide to trend-following as an investment and trading strategy. Michael W. Covel explains how traders can use systematic, rules-based approaches to participate in both rising and falling markets rather than attempting to predict market tops and bottoms. The book draws on the experiences and methods of successful trend-following traders and fund managers.

The book explores technical analysis, trading systems, risk management, position sizing, volatility, money management, and the psychology behind following trends. Covel also examines traders such as Richard Donchian, Ed Seykota, Jerry Parker, Bill Dunn, and other practitioners of systematic trend following.