Turtle trader ebook




















This book was released on 13 October with total page pages. Book excerpt: 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. Covel, bestselling author of Trend Following and managing editor of TurtleTrader. 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. By the time the experiment ended, Dennis had made a hundred million dollars from his Turtles and created one killer Wall Street legend. Covel tells their riveting story with the first ever on-the-record interviews with individual Turtles. This one is. In this fascinating and instructive book, Michael Covel tells how a group of novice traders used a system that generated trades that were both different and right, and which made them a lot of money.

If you want to understand the real world of trading, read this book. The Turtles were traders in the s trained in a trend-following methodology by Richard Dennis and William Eckhardt. The traders came from a variety of backgrounds; most had no background whatsoever in financial markets.

Dennis championed the cause of nurture: he believed that great traders could be made. Eckhardt took the other side of the bet, and the Turtle experiment was on. One of the most interesting segments of the book covers Salem Abraham, who by chance met one of the original Turtles, took a degree life turn, and began his own highly successful fund.

He has clearly researched his topic and sources his quotes. This is not a methodology for the faint-hearted, which is one reason so many Turtles and would-be Turtles have not stuck with it. This inevitably leads money managers to refine and ultimately eviscerate the Turtle methodology. My impression, reading the book, is that Covel is under no illusions: the methodology, which provides the statistical edge in trading, is necessary but not sufficient for success.

Because Covel so clearly lays out these ingredients of success, his book is relevant not just to trend traders, but to anyone who aspires to greatness in the markets.

The message is clear: to win, the odds must be in your favor, and you must have the fortitude to keep playing, remain consistent, and compound your edge. There are quite a few resources there, including articles on money management and trend following. I wish it had never been done and I wish I were not in it, but I know that you were definitely going to do it, so I figured I would try to get the truth out as much as possible.

By and large, it worked that way. Read the book now. Other trademarks and service marks appearing on the Trend Following network of sites may be owned by Trend Following or by other parties including third parties not affiliated with Trend Following.



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