The Complete TurtleTrader How Novice Investors Became Overnight Mill 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 g

  • Title: The Complete TurtleTrader: How 23 Novice Investors Became Overnight Mill
  • Author: Michael W. Covel
  • ISBN: null
  • Page: 315
  • Format: Kindle Edition
  • 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 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 as though millions orWe 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 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 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 in the Wall 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 1 million bankroll each to invest as they chose, and the right to keep 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 120 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 TurtleTrader, 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.

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      Posted by:Michael W. Covel
      Published :2018-09-06T07:29:19+00:00

    One thought on “The Complete TurtleTrader: How 23 Novice Investors Became Overnight Mill”

    1. Type 1 error - rejecting something that shoudl have been acceptedtype 2 error - accepting something that should have been rejected.edge = 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 frequceny of being correct, but the magnitude.2. buy rallies - watch high low close. trading decisions shoudl all be based on price. 3. embrace shorting.S1 - 4 week (20 trading day) price [...]

    2. This book and the events it describes do not answer the question of whether normal people can be taught the magic of trading and become wildly rich.Instead, 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 g [...]

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

    4. 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 more readable. The best thing about this method is that one is not required to watch MSNBC, Bloomberg TV or the Report on B [...]

    5. 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 n [...]

    6. 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.

    7. 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.)

    8. A nice quick read that details how the lives of random average Jo's are changed when a successful trader teaches them his ways.

    9. Was expecting some technical analysis insights, it was minority of the book. More about people participating in it, philosophy of those traders etc. A bit controversial story.

    10. 터틀 트레이더 실험에 관한 이야기를 알 수 있다. 소설처럼 편하게 읽을 수 있으나 투자와 관련한 지혜를 얻는 것은 그다지 많지 않은 것 같다.

    11. I'm creating a system of my own and this book gives me the right mindset to work on my system

    12. Good read. Covers both the general idea of trend following and also the human story behind the turtle traders.

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

    14. This is a blow-by-blow, detailed account of one of the greatest financial experiments in the history of trading.Its great book that details the background, motivations, and thinking of all the key players and supporting players.I really appreciated how the Covel made key distinctions later in the book on the differences in the results of the turtles during Dennis' supervision and the success after the experiment was halted. Covel described the differences in character traits and mindsets that we [...]

    15. The Complete Turtle Trader is not the best writing. But it is a fascinating subject. The book details the true story of an experiment which was designed to determine if outstanding trading success is part of a person's psychology, intellect and character.or a learned set of skills. Fascinating topic.fascinating true life story. Richard Dennis, a legendary trader, hired 20 novices from all walks of life who were interested in beginning a trading career. He trained them for two weeks and then allo [...]

    16. This was an interesting book about an "experiment" of teaching non-financial people how to trade using a system. I like the idea of trading using this system and I would like to learn more about it. There is one chapter that details the system but I don't think there was enough information (for me anyway) to apply it to trading.

    17. Listened to this one via audible. The story was really interesting but the audio format made it really hard to follow the financial side of things.

    18. Now I know about the Turtle Traders from the 1990's. Not a bad book, but wouldn't recommend it unless you are interested in the financial markets

    19. Fascinating story! Thank you for inspiring me with a story that shows it's possible to crush it in the financial markets without being a corporate blueblood!

    20. Disclamer I'm a big fan of M. Covel, i listen to his interviews on the trend following podcast regularly. This was an inspiring story, that started in 1983 and follows the evolution and career of the so called turtles, regular people who were taught a system for trading by the great Richard Dennis and Bill Eckhart the legendary Chicago traders. It all started with an experiment can trading be taught or is it something inherent/genetic. I enjoyed the section which explains the turtle trading meth [...]

    21. This book is for non-traders. You don't need to have any technical knowledge of trading to understand it and find it highly entertaining and informative. I recommend it, If anything, to learn about Richard Dennis and his reality TV style antics in the 80s futures markets.He basically put a craigslist ad up saying that anyone could apply to trade with his system of rules, no experience required, and he’d give them all 1 million dollars of his money to trade with.The majority of the people had n [...]

    22. These are the type of details I was looking for in the other Turtle trading book that I read. I've been reviewing chapter 5 of this book and learning more about some of the terminology as it goes into some of the details of the system used by the experiment conducted back in the 80s. If you're looking for a bit of an odd trading strategy that actually makes complete sense (at least for someone who has never traded before) then check this book out.The book does go into a lot of details about the [...]

    23. Entertaining, educational and a must read for a Trend Follower. This book is about an experiment conducted by a very wealthy man, Richard Dennis. Started by a debate with his friend on 'are successful traders trainable? or are they born to be successful traders?'Basically around 20 ordinary people are selcted (from various backgrounds from Havard MBA to a drug dealer), trained for 2 weeks. After a year or so these Turtle Traders made millions, just by sticking to the system they've learnt and be [...]

    24. I read this book after reading Curtis Faith's book and several others on automated trading systems. Covel gives a more "overviewish" type of approach to the topic than Faith (which is reasonable considering Faith is mostly concerned with his experiences as one of the members of the Turtle group.)I liked it but read an earlier edition of the book, so I am not sure what is in the 2009 release that might be new, or different.

    25. I can summarize this entire book in about 5 pages. My thoughts on the book?1. It talks about the 2-Donchian Channel system and the Trailing Average True Range stoploss.2. These indicators worked in the 80s. If you play by the rules of the 80s, the quants will take you to the cleaners.Its a good for to get started with probabilistic thinking and process orientation.

    26. Good book, both going over the fundamentals and technicals of the trading method and providing perspective on the Turtles both in the program and their successes after. Well sourced and interesting.However, the trading rules disagree with one other source I read on a couple of points so I need to do some more digging

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