THE MISSING CHAPTER
With my previous book, The Universal Principles of Successful Trading (UPST), I took a holistic approach to discussing the process of trading that follows a number of immutable core principles. Principles that are applicable to all traders regardless of the market, instrument and timeframe, technique or analysis they follow. Following a good process of trading is primary to the secondary issues of markets, instruments, timeframes, techniques and analysis.
Being a holistic-type book I spent little time on the most interesting part of trading—the analysis and development of trading strategies. I spent little to no time on dissecting market structure, identifying appropriate setups and applying sensible trading plans. UPST is a more holistic, theoretical type book.
This book is a more practical, how-to guidebook on trend trading.
It is a natural extension and compliment to UPST, where I take the principles I shared regarding methodology and apply them in a practical manner to investigate, review and develop a robust trend-trading methodology. Although I wrote extensively about ‘methodology’ in UPST, I did not provide a practical turn-key strategy example to demonstrate my ideas. This book provides the practical turn-key strategy example to do just that, to demonstrate what I was saying. To give you an example of what I discussed in UPST.
I suppose you could view this book as the missing ‘practical’ chapter of UPST that will provide an example of an objective and independent trading methodology.
I’ve been waiting so long for this.
After reading “The Universal Principles of Successful Trading” over 10 years ago I really hoped Brent would have written more about trading and here he comes.
And once more Brent was able to turn the light on, from theory to practice, telling the truth, telling the obvious but still leading to so many a-ha moments throughout the pages of this new masterpiece. We always say that trend following is dead and we regret not having participated once a major trend appears.
With this book Brent definitively shows how trend following is alive and kicking and explains from A to Z how to be part of this game. Well done Brent!
Let's don't sugar coat it: trends are the only truth you have for a chance at above average returns.
And Brent Penfold's The Universal Tactics of Successful Trend Trading is a great trend following book to help you get there.
Brent has a superb writing style; says exactly what he means and does not hold back.
In fact, he bluntly states the truth about trading and in this case trend trading.
At the beginning he almost talks you out of it since he fully understands most will not stick with it.
It is clear he has been trading with real money for decades and has, like most of us, learned the hard lessons of trading.
He shares all of them with us; the good, the bad, and the ugly.
Buy this book, read it, and you will not be disappointed.
This is a book that you will read more than once.
Penfold writes as an actual trading professional of many years experience and, of equal importance, he gets right into the detail of trading.
Among the myriad topics covered in The Universal Tactics of Successful Trend Trading, there is a comprehensive survey of the best known trend trading systems with analysis of their rules, attributes and performance.
For those looking for dreams and the hype, I would suggest looking elsewhere.
For those seeking a complete grounding in trend trading, then this is essential reading.
Trend following on commodities has been an extremely difficult pursuit over the last 5 years, even for the pros. However, using such an approach within a broader portfolio of equities, commodities and bonds is well recognised to produce uncorrelated returns, especially during times of crisis.
The Universal Tactics of Successful Trend Trading is the ideal book to deliver not only the background foundations, but also a variety of time-tested strategies. Brent succinctly pores over data on each to provide a fair and balanced conclusion on their ability to produce profits.
As a 35-year veteran of the markets, I highly recommend UTSTT as a must read for serious traders and investors wanting to succeed in the world of trend following.
Dear Brent,
Happy New year and first of all, thank you!
Your book Universal Tactics is a fabulous book into developing a systematic trend following strategy.
I believe you are accomplishing your goal of enablement with me.
I know what an effort it is to write, so thank you for unloading your expertise in such a clear and structured way.