What do you want the polygon to represent? Do you mean a polygon as in a closed region covering the area of the moved path (i.e. the boundary only)? Or an exact polygon of line segments between all visited points? The latter would be no faster to draw than the points themselves, as it would be a polygon with as many corners as you have points.
If the person moves around in an area (such as a delivery driver covering a part of a city), then you could approximate his "covered area" by the convex hull of the points. This is a closed convex polygon with somewhere between 3 and N corners, if you have N points in the data set.
Definition
http://mathworld.wolfram.com/ConvexHull.html
Algorithms
http://en.wikipedia.org/wiki/Convex_hull_algorithms
If you want to make an approximation of the path rather than some covered area, you could always make a crude LOD algorithm by (say) drawing every 7 points, then every 5, then every 3 points when the user zooms in further. A more sophisticated LOD algorithm could start off with points p0 and p1, use the direction through those points and look at the distance from the direction line to p2. If p2 is close enough to the line it is skipped, and p3 is investigated. If there is a large enough change in direction of travel, mark the last two points as the current course and repeat. The allowed change in direction will be the LOD parameter determining how many points are drawn. This algorithm will try to approximate the "important" points on the path (where the direction changes).