Tells the story of great traders | The Complete TurtleTrader: The Legend, the Lessons, the Results |...

"Must read" for serious market students | The Complete TurtleTrader: The Legend, the Lessons, the Results | Michael W. Covel

books:


	• The Complete TurtleTrader: The Legend, the Lessons, the Results Michael W. Covel Collins Business, 2007 - 272 pages average customer review:based on 68 reviews view larger image
	for more information click here

highly recommended

Nature vs. nurture

The book will be very interesting for readers who are new to trading literature and moderately interesting to those who have already read about trading, and trend trading in particular (I've read the author's magnum opus "Trend Following" and recommend it strongly).

As to the guide motive of The Complete Turtle Trader I wasn't convinced that "The Turtle experiment proved that nurture trumps nature" as the author states repeatedly. Why?

1/The Turtles were recruited not randomly but in a careful selection process. Clearly, they were perceived by R.Dennis as candidates having certain natural potential to become traders when nurtured/trained.

2/Turtles didn't risk their own money which seems the number one obstacle to trading success - a psychological one, it is called fear, while all the Turtles had to fear was not following through on job description provided by R.Dennis and W. Eckhardt, helpful indeed, although still not an easy task. Why only a small minority of the original group remained successful traders, or traders at all, after the experiment was over(many turned school teachers we learn)? In my opinion the conclusive experiment started rather then ended when the group got disbanded.

3/This point is less important than the earlier two - Turtles didn't develop their methods which is an intellectual challenge, in fact less formidable than the psychological challenge of trading, and also weren't faced with the question whether or not to adjust their methods when and if markets changed. As far as I know the 20 day breakout they applied with success during the time of the experiment doesn't work nearly as well as it did (famous L.Raschke, one of J.Schwager's Market Wizzards, has coined the name "Turtle Soup" for one of her trading setups - fading the 20-day breakout.

In conclusion: narture alone can very often be insufficient to become and remain successful at trading.

for more information click here

Tells the story of great traders

Don't read this book expecting to learn HOW to trade. Covel is telling you here about WHO the great traders were and a lot about their lives. There is as much to be learned in WHO you need to become in order to trade as there is in HOW to trade. I would put this book in the same catagory as "New Wall Street Wizzards" and "Reminiscences of a Stock Operator ".
I found this book easier to read and more enjoyable than Covel's book, "Trend Trading", because it wasn't "data" trying to prove anything. It is simply the story of some of the greatest traders who ever hit wallstreet. Don't you think that there might be a little value in knowing a bit about them?

for more information click here

"Must read" for serious market students

This book blows away a lot of the hype and speculation about who, what and how the "Turtles" were recruited and trained, and it does it in a no nonsense manner.
Covel has obviously thouroughly researched his subject and laid it out in a format which enables the reader to understand the concepts and gives all the rules you would need to trade the "turtle" system without going out and spending the rip off rates some are asking for the same information.Most important is the stress on the importance of money management, which you will soon realise is the "real"secret behind the success of the "Turtles". As is known to most experienced traders, entry is the least important part of a trade, the exit strategy is paramount.
In my opinion this is a "must read" book for all traders.

for more information click here

Refreshing

This was a refreshing read - I loved it. The story line relates to a group of educated traders called the Turtles. It is a good read and everyone can find use from it. The system described is very valuable and I am studying it now. Good read, highly recommended.

Impressed with the book

I've watch and listened to this author for years. I am a subscriber to his newsletter. Frankly I didn't know what to expect from him. BUT i got something that was worth the value and well written. The interviews with Turtles was icing on the cake. These guys were silent for so long and now they speak. I would have appreciated more interviews with the players, and perhaps an interview with Dennis himself. This would have made an 'A' book an 'A+'. Maybe the author tried to reach them - I dont know. Good read, this is a keeper

for more information click here

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 a hundred million dollars from his Turtles and created one killer Wall Street legend.

In The Complete TurtleTrader, Michael W. Covel, bestselling 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.

In an era full of slapdash investing advice and promises of hot stock tips for "the next big thing," as popularized by pundits like Jim Cramer of Mad Money, the easy-to-follow objective rules of the TurtleTrader stand out as a sound guide for truly making the most out of your money. These rules worked?and still work today?for the Turtles, and any other investor with the desire and commitment to learn from one of the greatest investing stories of all time.

for more information click here