TurtleTrader: Lessons from the Legendary Trader Who Taught



10 thoughts on “TurtleTrader: Lessons from the Legendary Trader Who Taught Ordinary People to Make Extraordinary Money

  1. Nicolai Nicolai says:

    Type 1 error rejecting something that shoudl have been acceptedtype 2 error accepting something that should have been rejectededge winning % X avg winner losing 5 X avg loser1 calculate your edge for every trading decision because you cannot make bets if you do not know your edge it is not about the freuceny of being correct but the magnitude2 buy rallies watch high low close trading decisions shoudl all be based on price 3 embrace shortingS1 4 week 20 trading day price break out for entry 2 week opposite for exit filter 1 if the previous 4 week breakout was a winner do not enter however filter 2 if the previous trade was a 2N loser then take the breakout S2 11 week 55 day trading system LT 4 week break out in opposite for exit 4 split your money between S1 and S2 and then test your time for each breakout on paper before crystalising the system 5 trust but verify6 do not worry about entry as much as exitrisk management measure volatility in terms of daliy ranges N average true range a hi to lowb yesterdays close to todays highc yesterdays close to todays closewhichever is highest take as N in absolute it is distance that counts N is the distance the market moved up or down in a 24 hour period can take a 20 day moving avager of N7 bet 2% of capital per trade 8 stops are a function of N all stops are 2N 9 pyramiding add positions at each 1N move in your direction pyramid a max of 5 units a 2nd added unit brings all units up to new 2nd added units stop 10 use leverage if you want to make big money


  2. Milan Milan says:

    The legend of the Turtles is still there though its fading from the memory of the traders Michael Covel tries to put the pieces together and he is partly successful Things have changed so much in the markets since the time the 'Turtle training' program was started by Richard Dennis in the 1980s The whole turtle trading thing was a bet on nature vs nurture between Richard Dennis and his friend William Eckhardt Dennis was adamant that trading can be taught with proper rules and systems During the entire duration when the turtle traders were employed by Dennis they have an impressive overall track record in trading A few became better than their mentors once they got out on their own Turtles have never been very forthcoming about what and how they were trained Some turtles refuse to speak and some like Curtis Faith who have written their own books about turtle trading are in dispute with this author I did not learn anything new from this still it makes for an engrossing read


  3. Chris Berkhout Chris Berkhout says:

    This book and the events it describes do not answer the uestion of whether normal people can be taught the magic of trading and become wildly richInstead it tells the tale of a small group of exceptional individuals selected from a larger pool of motivated volunteers by an expert in the field They were given a mundane but previously successful trading method to execute following trends with fixed rules for when to get in and out and it did mostly continue to work Later some went on to greater successesIt is frustrating that the author seems so awestruck and uncritical of his subject The events and personalities described are interesting at times but that deteriorates into minutiaIt was worth a look but I stopped half way I was a little curious about certain details that might be in the second half but not enough to bear than a few minutes flicking through


  4. Jess Kang Jess Kang says:

    Beyond strategy success lies in psychology


  5. John John says:

    Interesting but filler than I wanted Also his editor was right to cut all the petty stuff at the end that is only in the audiobook


  6. Reid Reid says:

    I think very highly of this book overall and my main grievance is a petty one I rather despise the constant branding of the word turtle throughout the book It's a tedious exercise in self promotion that serves to alienate the reader rather than programme him to buy the next book One could reduce the number of references to turtles by 70% and the book would be much readable The best thing about this method is that one is not reuired to watch MSNBC Bloomberg TV or the Report on Business TV show The book stresses that a trader using his own money need only use the price as a guide This is not a method devoted to fundamentalsThe method seems to apply to a variety of markets including such diverse securities as Kansas City Wheat Futures the Dec 2006 Eurodollar Futures and Japanese Yen futures We'll see how it holds its own in the spot FX currency market


  7. Jason Green Jason Green says:

    This is a pretty good story about Nature vs Nurture put into action Take the most successful trader in Chicago and give him a group of people from background that range the spectrum Can he teach them to be successful traders? Or is that something that is inherent? While the story seems to support the nurture argument what happens after the program is dissolved and the students are out on their own certainly supports nature Do not expect in depth trading strategies from this book This is a non fiction story Not a training manual That being said there is a lot to be learned about trading from the book


  8. John John says:

    An easy and enjoyable read about the Turtle Traders ordinary folks taught a mechanical way of trading that works and how they mostly got rich The book recounts a true life version of Trading Places This is not a how to


  9. Marcelo Menezes Marcelo Menezes says:

    A decent account of the turtle trading methodology and VERY detailed background Actually the methodology is ancillary the author is passionate about the turtle story including gossip and internal strife I don't mean the story does not deserve being told But the author just dug too deep


  10. Joseph Joseph says:

    i must say i m uite disappointed with this book Expected a lot Thought I could pick up nuggets It's just an autobiography of how these 'turtles' as they are called made it


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TurtleTrader: Lessons from the Legendary Trader Who Taught Ordinary People to Make Extraordinary Money [EPUB] ✼ TurtleTrader: Lessons from the Legendary Trader Who Taught Ordinary People to Make Extraordinary Money By Michael W. Covel – Buyprobolan50.co.uk We read constantly about the men and women who make nine and ten figure fortunes in the markets the Warren Buffetts Paul Tudor Joneses and Michael Milkens of the world Do they have some incredible gif We read constantly from the PDF/EPUB Â about the men and women who make nine and ten figure fortunes in the markets the Warren Buffetts Paul Tudor Joneses and Michael Milkens of the world Do they have some incredible gift the rest of us lack an ability to make cool decisions under fire when we let emotion get in the way to coolly assess the impact of each trade TurtleTrader: Lessons ePUB ´ as though millions or billions of dollars aren’t riding on the next click of their mouse Richard Dennis “the Prince of the Pits” a man who’d already made a fortune on the Street was convinced that great trading wasn’t a gift from God but something that could be taught to anyone So one day he made a bet with his partner and ran a classified ad Lessons from the PDF/EPUB ¶ in the Wall Lessons from the Legendary Trader Kindle - Street Journal looking for trainees And he didn’t just hire finance professionals his trainees who became known as the “Turtles” included an actor a security guard two professional blackjack players a pianist a fantasy game designer and others After two weeks of training he set them loose with a million bankroll each to invest as they chose and the right to keep Lessons from the Legendary Trader Kindle - a share of their trading gains for themselves as long they adhered to the Turtle system By the time the program ended Dennis and his partner had made over million from trades made by complete novices Many of these Turtles then went on to trade for themselves and some are among the top investors operating today As fascinating as Dannis and the Turtles’ story is Covel doesn’t stop there He lays out in detail the exact system the Turtles used to reap their millions And because the Turtle system is a form of so called technical investing meaning the Turtles weren’t concerned about the fundamentals of the investments they made it is an investing strategy where a Wall Street operator plugged into the second by second madness of finance has NO advantage over an ordinary investor And Covel takes us step by step through all the details needed to apply this at home In THE COMPLETE TURTLETRADER Michael W Covel author of TREND FOLLOWING and Managing Editor of TurtleTradercom tells the riveting story of the Turtles their selection their training how they made and lost astounding fortunes and certainly not least the tools readers will need to start trading like Turtles themselves.