The Complete TurtleTrader How 23 Novice Investors Became Overnight Millionaires (Audible Audio Edition) Michael W Covel Joel Richards Trend Following Books
Download As PDF : The Complete TurtleTrader How 23 Novice Investors Became Overnight Millionaires (Audible Audio Edition) Michael W Covel Joel Richards Trend Following Books
This is the true story behind Wall Street legend Richard Dennis, his disciples, the Turtles, and the trading techniques that made them millionaires. What happens when ordinary people are taught a system to make extraordinary money? Richard Dennis made a fortune on Wall Street by investing according to a few simple rules. Convinced that great trading was a skill that could be taught to anyone, he made a bet with his partner and ran a classified ad in the Wall Street Journal looking for novices to train. His recruits, later known as the Turtles, had anything but traditional Wall Street backgrounds; they included a professional blackjack player, a pianist, and a fantasy game designer. For two weeks, Dennis taught them his investment rules and philosophy, and set them loose to start trading, each with a million dollars of his money. By the time the experiment ended, Dennis had made $100,000,000 from his Turtles and created one killer Wall Street legend. In The Complete Turtle Trader, Michael W. Covel, best-selling author of Trend Following and managing editor of TurtleTrader.com, the leading website on the Turtles, tells their riveting story with the first ever on-the-record interviews with individual Turtles. He describes how Dennis interviewed and selected his students, details their education and experiences while working for him, and breaks down the Turtle system and rules in full. He reveals how they made astounding fortunes, and follows their lives from the original experiment to the present day. Some have grown even wealthier than ever, and include some of today's top hedge fund managers. Equally important are those who passed along their approach to a second generation of Turtles, proving that the Turtles' system truly is reproducible, and that anyone with the discipline and the desire to succeed can do as well as - or even better than - Wall Street's top hedge fund wizards. These rules worked - and still work today - for everyone.
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The Complete TurtleTrader How 23 Novice Investors Became Overnight Millionaires (Audible Audio Edition) Michael W Covel Joel Richards Trend Following Books
About the product: I have both the print and Kindle versions. In one place in the print version is the number "½." In the Kindle version this came through as "V2." There may be other failures to translate accurately. I bought the Kindle edition so that I could do searches more readily.Content: I find the subject of the Turtles to be fascinating. Security trading is usually somewhat complex in the teaching and the Turtle method is so straight forward. Is it really possible to teach something like trading to reasonably smart people who have little or no prior trading knowledge, and if so, how do you do it? Covel covers that very thoroughly indeed.
There are satisfying presentations of how the idea of the Turtles came about, how the training was structured, the concepts of Turtle trading, what the steps are in Turtle trading, and how the students did. Those who stuck with and followed the method did extremely well, so it's worth the read.
The Turtle methodology doesn't involve huge secrets. It's author, Richard Dennis, said he could publish it in the newspaper but most people who tried it wouldn't stick with it and so would not benefit. So the truth about sound investing seems to be lack of discipline, not lack of good methods readily available. Somewhere along the line something happens with our trades that scares us and we abandon our process. That is our downfall.
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The Complete TurtleTrader How 23 Novice Investors Became Overnight Millionaires (Audible Audio Edition) Michael W Covel Joel Richards Trend Following Books Reviews
Excellent book about trading. Don't try to buy the dip, but the rally! Overall an awesome story about traders of the past.
If you want to trade futures and you need somewhere to start, this system will lay the groundwork to get you going. There are elements to a system like this you have to figure out on your own (paper trade and back test a lot). Your trading platform should be able to calculate all entries, stops, etc. The issue you will find here is capital. If you dont have a hundred grand or more laying around for trading, you will need to be wise about what you are doing as your risk as a percentage of you account may be much higher than what you read, and you will need to be clever about what contracts you look at (outside the scope of this book). You also have to rethink the add ons if you are using limited capital. The real test is to see if you can follow the rules and do what the system says when you think you are smarter than it. Rest of the book is worth reading, but is just backstory. If you have read any of Covel's other books, they pretty much read the same. Just remember, screwing up a futures trade that you are not properly set up in can wipe you out. Not just your trading account, but everything you own. This is not trading stocks. Make sure you understand the risk of futures trading prior to starting. You can always play around on Nadex for fixed-risk derivatives trading.
Prior to reading this book I knew very little in regards to following the market (any market for that matter). However, after reading this book and about the Turtles, I was both inspired and intrigued by trend following. I'm an engineer by trade and as such, am a numbers oriented person. That is what this book offers. Seeing the raw data and results from what the turtles accomplished is pretty awesome. If you want to learn more about trend following but have very little to no knowledge of the market, I'd highly recommend this book! It is a fantastic starting point!
Loved this book. I read two of Michael's other books first (Trend Following and Trend Commandments). I think I would recommend you read those first. They give a good grounding in the Trend Following concepts. Then this book gives you a lot of history about the Turtles, but also some great practical advice on how to implement and follow a trend following system. These books give you lots to think about if you are trying to get serious about investing. I also recommend Michael's podcast. Between the books and the podcasts if you want to get serious about investing, and quit counting on other people to do it for you, this is a fantastic place to start!
A fascinating story of the real life "Trading Places" experiment. The author really dug deep to get the full story from various sources including many of the original Turtles. The original Turtle trading rules are included, as well as tips on how to use them in your own trading account. Even if you have no interest in trading for a living, this is a great story of a real-life social experiment that took place years ago but people are still benefiting from today.
The Complete Turtle Trader is the amazing story of Rich Dinnis and his Turtle experiment. I won't go into too much detail about the story itself, but I would like to mention a few things that were huge takeaways for me personally.
1. Dennis' view on money. Basically Dennis thought of money like points in a video game. This allowed him to make the right decisions with no emotion involved.
2. Being consistent and persistent. Dennis had the self-discipline to follow his trading method no matter what. 8 losing trades in a row? Doesn't matter. Put the 9th trade on.
3. The importance of good risk management. Dinnis' system has a way to measure the amount of risk he should take on each of his trades. A way that would change for each trade based on the amount of capital that is in his account at that particular moment.
I highly recommend this book. And if you are a trend following trader then this is a MUST HAVE for your library. The story alone is worth the price, but by far the two most valuable chapters in this book are The Philosophy and The Rules.
I had heard about the Turtles for years and, out of curiosity, finally decided to learn more about them by reading Michael Covel's book, "The Complete Turtle Trader". This easy read captured and held my attention as people with highly diverse backgrounds were taught to successfully trade by a master. The book revealed that trading can be learned and is not restricted to those lucky few born with the instinct for it. Accordingly, I will read Mr. Covel's other books on Trend Following and have subscribed to his newsletter. I recommend the book to everyone but especially to those who, like me, are curious about the Turtle story.
About the product I have both the print and versions. In one place in the print version is the number "½." In the version this came through as "V2." There may be other failures to translate accurately. I bought the edition so that I could do searches more readily.
Content I find the subject of the Turtles to be fascinating. Security trading is usually somewhat complex in the teaching and the Turtle method is so straight forward. Is it really possible to teach something like trading to reasonably smart people who have little or no prior trading knowledge, and if so, how do you do it? Covel covers that very thoroughly indeed.
There are satisfying presentations of how the idea of the Turtles came about, how the training was structured, the concepts of Turtle trading, what the steps are in Turtle trading, and how the students did. Those who stuck with and followed the method did extremely well, so it's worth the read.
The Turtle methodology doesn't involve huge secrets. It's author, Richard Dennis, said he could publish it in the newspaper but most people who tried it wouldn't stick with it and so would not benefit. So the truth about sound investing seems to be lack of discipline, not lack of good methods readily available. Somewhere along the line something happens with our trades that scares us and we abandon our process. That is our downfall.
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