From a reader:
Dennis and Seykota both seem to give the impression that their styles while being interviewed for Market Wizards ‘would become obsolete’ sooner rather than later. Obviously, changes in market efficiencies and inefficiencies lead one to believe that this day has in one way or anotherr come and gone, but there are still fundamentals about trend trading that can definitely be taken from all three books. Have you asked or heard from these type of upper echelon traders in recent years, with regards to the changing technology of the market environment and the affects this has had on the ability to trend trade? One must almost force themselves to be somewhat of a day trader in order to secure winnings and yet, there is always that trend that still develops and carries on for a great amount of time, whether or not the market is chopping.
There are plenty of trend traders trading their trend following methods doing quite well and have been for decades. I am not so sure anything about markets has fundamentally changed. There are still trends caused by the buying and selling of human beings. That seems eternal.
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New Michael Covel blog can be found here.
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