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CompleteMartialArts.com - Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders

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Manufacturer: McGraw-Hill
Average Customer Rating: Average rating of 4.0/5Average rating of 4.0/5Average rating of 4.0/5Average rating of 4.0/5Average rating of 4.0/5

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Binding: Hardcover
Dewey Decimal Number: 332.6452
EAN: 9780071486644
ISBN: 007148664X
Label: McGraw-Hill
Manufacturer: McGraw-Hill
Number Of Items: 1
Number Of Pages: 288
Publication Date: 2007-03-09
Publisher: McGraw-Hill
Studio: McGraw-Hill

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Editorial Reviews:

“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.

Spotlight customer reviews:

Customer Rating: Average rating of 3/5Average rating of 3/5Average rating of 3/5Average rating of 3/5Average rating of 3/5
Summary: Interesting account of the mysterious turtle technique
Comment: I first read about the turtles in Market Wizard and was excited when I saw this book. Well written book which covers what makes the author(a turtle) successful and also the turtle trading system.

Customer Rating: Average rating of 5/5Average rating of 5/5Average rating of 5/5Average rating of 5/5Average rating of 5/5
Summary: Great book on Trading
Comment: This book makes you think differently about trading stocks. It follows the approach of the Turtles, a straightforward and rigid method of systems trading. This is NOT a book about INVESTING in stocks but rather about short and medium term trading futures markets.

This book would be helpful for anyone interested in learning how to or in advancing their skill in day trading, technical analysis, and systems trading, with an emphasis on the psychological factors that affect performance. Five stars!

Customer Rating: Average rating of 5/5Average rating of 5/5Average rating of 5/5Average rating of 5/5Average rating of 5/5
Summary: If you trade the market you MUST read this book
Comment: I won't repeat what has already been said so well by the many reviewers who found incredible value in this book, as I have. I simply want to emphasise the importance of this book for its insight and valuable lessons into the psychology of trading.

I have been trading the markets now for about 6 months, and almost every day, I come back to this book in my mind and remember the lessons it taught me, including the SINGLE MOST VALUABLE FACT ABOUT TRADING: you will likely lose on MOST of your trades, yet this is essential to winning in the market!

It seems counterintuitive, especially if you have seen ads from the hypesters and hipsters who promise to give you tips that are "89% accurate" and so forth. Mr. Faith's extensive work with testing trading systems using modern computerized simulation techniques virtually proves that you cannot successfully make money with systematic trading systems unless you get in the game, stay in the game, and follow the rules of the game. This means most of your trades will LOSE MONEY, but not very much money. The few times that you do actually realize a profit will more than make up for the many times you don't, and that's the key, right there!

There's a lot more in this book, but for me, this is the biggest takeaway -- how to manage your money and follow your system so you can amass a fortune even while losing on most of your trades! How liberating is THAT concept? It's everything!

Customer Rating: Average rating of 5/5Average rating of 5/5Average rating of 5/5Average rating of 5/5Average rating of 5/5
Summary: Excellent book for understanding trading
Comment: Takes a long time to get to the meat, but I suppose it is a necessary developement of understanding the meat to have this outline. Will be reading a second time.

Customer Rating: Average rating of 2/5Average rating of 2/5Average rating of 2/5Average rating of 2/5Average rating of 2/5
Comment: I was soooo excited to read this book. Here is a trading legend what wants to spill the beans on how he did it, right? WRONG. This book simply rehashed old trading ideas, some are very old, that have been done in other forums and books over the years. He plugged his own software so many times that the book read like an advertisement for his it.

I found it interesting that he did not reveal anything that was going on with his current trading. I've heard all of the stories of the Turtle days; show me what you have done since. Tell me about the big trends you hit in the 1990's and earlier this decade. That would be fantastic - but he didn't. It would have added substance to the book.

Instead the author tells you he hasn't traded since the 1980s and has worked on other adventures. I find this hard to believe. How can the most successful trader of the Turtle class not trade? You have been given the gift of a wonderful education by Richard Dennis and you don't use it? Come on - this is too much to believe. Certainly you have traded right?

It was disappointing to say the least. A book written for a publishing advance is my opinion. It could have been much better. The author could have included details on the behind the scenes. Faith had access to the most noted trader in Chicago. Talk about what he was like and what the office was like. Talk about trades you have made since the 1980s and talk about the profits you made for other customers - not just Dennis - since the experiment was over. This would make the book better.

Provide more details on what you did with the information and how it changed your life. What is what the title implies 'Way of the Turtle'. The book is nothing more than a technical indicator book, something we have all done and seen many times before. I was very disappointed.

I struggled with giving one or two stars on this one. Part of me feels he deserves one star because the book was soooo bad. However, I posted two stars. He is a new author so I won't penalize him for so many oversights on the first attempt. Call it grading on the curve.

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