Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders

Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders | Curtis Faith | Excellent book for understanding trading

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Way of the Turtle:...

	Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders Curtis Faith McGraw-Hill, 2007 - 288 pages average customer review:based on 64 reviews view larger image
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highly recommended

?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.

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If you trade the market you MUST read this book

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!

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Excellent book for understanding trading

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.

Very good

Faith has taken some flack of late from guys like Michael Covel, but he is an extremely sharp guy and the book is full of valuable insights. If you're a mechanical systems trader it's required reading.

Well thought out, logically presented, well reasoned arguments provide development methods and set realistic expectations for the aspiring or veteran systems trader.

Interesting