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Way of the Turtle

www.amazon.com/Way-T..
Category: Books
“We're going to raise traders just like they raise turtles in Singapore.” So trading guru Richard Dennis reportedly said to his long-time friend William Eckhardt nearly 25 years ago. What started as a bet about whether great traders were born or made became a legendary trading experiment that, until now, has never been told in its entirety. Way of the Turtle reveals, for the first time, the reasons for the success of the secretive trading system used by the group known as the “Turtles.” Top-earning Turtle Curtis Faith lays bare the entire experiment, explaining how it was possible for Dennis and Eckhardt to recruit 23 ordinary people from all walks of life and train them to be extraordinary traders in just two weeks. Only nineteen years old at the time-the youngest Turtle by far-Faith traded the largest account, making more than $30 million in just over four years. He takes you behind the scenes of the Turtle selection process and behind closed doors where the Turtles learned the lucrative trading strategies that enabled them to earn an average return of over 80 percent per year and profits of more than $100 million. You'll discover * How the Turtles made money-the principles that guided their trading and the step-by-step methods they followed * Why, even though they used the same approach, some Turtles were more successful than others * How to look beyond the rules as the Turtles implemented them to find core strategies that work for any tradable market * How to apply the Turtle Way to your own trades-and in your own life * Ways to diversify your trading and limit your exposure to risk Offering his unique perspective on the experience, Faith explains why the Turtle Way works in modern markets, and shares hard-earned wisdom on taking risks, choosing your own path, and learning from your mistakes.
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Very good book about the Turtle Traders
With this book, you will learn that Covel is just a marketer and not a trader. He was never succesful trading. I find it terrible that Covel sells more books than Faith.

Faith is honest and transparent. He was a trader, actually, and a very good one. The story he tells is easy to read, enterning and highly educative according to me.

The strategy of the Turtles doesn't work anymore. But long term trend following still works. You need to accept the massive drawdown and be patient. That's a psychological game that most of us can not cope.

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Candide Couzeix

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Turtle Power
If the term 'Turtles' has you scratching your head, then I will start by saying that they were a group of students brought together by legendary trader Richard Dennis (featured in Market Wizards) in the mid-1980s as part of an experiment to see if successful trading could be taught. Dennis and his partner William Eckhardt (featured in The New Market Wizards) selected two classes and taught them their trend following methodology, then provided each with trading capital and set them loose on the markets.

Way of the Turtle is less a history lesson about the Turtles (for that you can read The Complete Turtle Trader), and more a deeper discussion of the philosophy behind the trend following methodology Dennis and Eckhardt taught them and the implementation of that system. The Turtle system has been published in other formats and other places before now, but Faith does more than that in Way of the Turtle. He talks considerably about the requirements for successfully implementing the system and how easy it is to fail with it.

To my mind, Way of the Turtle is a book of three primary parts. One is a really interesting discussion of the psychology of traders and the markets. Another is a very thorough exploration of system development, testing, and performance measurement. The final part is specific discussions of the Turtles and their methods.

The issue some readers might have is the manner of presentation of the parts.

I personally found the chapters on system design, testing, and evalutation to be the most unified and consistently coherent of the book. They progress well and present some things that I have not previously seen in comparable discussions. I found Faith's coverage of the material to be an excellent advancement into somewhat more complex approaches for one who has a decent basic grounding. His discussion of the subject is, to my mind, a virtual must read for anyone look to develop and/or evaluate trading systems.

In terms of trader and market psychology, the early chapters of the book are an outstanding exposition on the different biases and mental states that we all go through as market participants in one fashion or another. It was this material, so plainly laid out, which got me very excited to be reading the book. It really is a fantastic look at the things we have in our heads which can create so much havoc in our trading, and Faith frequently cites examples of these things through the remainder of the book in talking about his and other Turtles' successes and failures trading their system.

It's in the third subject of the book where many readers may find it lacking. Way of the Turtle, as I noted at the outset, is not a history. While Faith does clearly deliniate the full Turtle system he spends relatively little time talking about the grand experiment which the Turtles were meant to be. Rather he provides views and opinions from his own perspective. Necessarily, that makes for a narrow scope. This isn't necessarily a bad thing. One just needs to realize that going in and be prepared to find it in little bits scattered throughout the text.

Here's the biggest rub - at least for someone expecting to come away with an immediately useful trading system. Even though the book does tell you exactly how the Turtle system worked, don't expect it to be something you can use yourself. It was specifically designed for use across an array of markets by traders with a large capital base. By that I mean hundreds of thousands of dollars, minimum. As such, the vast majority of readers will not be in a position to make use of it.

So it's a question of expectations. Are you looking to become a new Turtle and trade just like them? If so, you're probably going to be disappointed. If, however, you are looking to learn from the experience and education of someone who was there, who learned a great many lessons under the tutelage of a pair of legendary traders, then you will probably come away from reading Way of the Turtle quite satisfied.

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RanceM Chicago, Il

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An excellent test of the power of effecive trading rules
This is a brilliant read which I found initially frustrating only because the first half of the book sets the scene but you have to wait for the trading detail. The book covers the story of the Turtles, which were a group of people from different walks of life assembled out of a newspaper ad to trade a system from two of the most successful traders in the world. The book covers their story/results.

There are some interesting insights on trading psychology and money management which any trader could benefit from.

A good fascinating read.

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Gremlin Sydney, NSW

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Excellent material
This is a fascinating real story, and in that respect the book is highly motivational. However I wouldn't recommend it for beginners. The first part of the book describes the legend, the story, step by step, but after that the book goes on to explain how to design a trading system and how to do proper backtesting, and it gets into some statistical concepts that may not be of common knowledge.

Richard put his money at risk to teach a handful of students ("The turtles") the principles of successful trading. Curtis details the system used, which was kept secret for several years as part of a non disclosure agreement, then the legend and the mistery began.

Once the system is described (Donchian Channel breakout) and the numbers are revealed, you realize that the turtles made more losing trades than winning trades. The key to succces was to let the winners run. But make no mistake, a system in which you lose more often than you win, the roll of psycology and discipline is crucial to stick to the rules and keep followin the system even during the drawdown periods.

The most important thing I learned from this book is that the system is not the main point in being successful, but Money Management is. Position sizing techniques, risk tolerance, trading psychology, discipline. The book is also a "must" for hedge fund managers or people with more capital that trade in different markets at the same time as part of their portfolio. The turtles traded commodities, future contracts, bonds at the same time and it is really interesting to learn about the concept of correlation between markets. The reason why it is useless to be trading certain combinations of markets at the same time in a certain way due to the way they are related.

The book is also good at explaining how to design your own system, consequences of over adjusting a system (curve-fitting), meaning of back-testing, statistical significance of the data.

Definitely not for beginners. Also, more oriented towards longer term investors. However the lessons exposed are really valuable to any anybody interested in designing a trading system.

Is succesful trading teachable? After the experiment many people like to say yes.

I disagree. These people were all taught the same system, they were all given the same amount of money to start trading mechanically. Money that by the way was not theirs,...yet the results were not the same and some of the turtles were not succesful. You can teach somebody a winning system,...but that's not all it takes.

Highly recommended for those interested in designing a system and also for advanced traders and professionals. Maybe the first part for beginners, as a source of inspiration.

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Henriksantander Toronto, ON

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