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Product Description
“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.
From the Inside Flap
"We're going to raise traders just like they raise turtles in Singapore."
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.
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.
Inside This Book
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Customer Reviews
Most Helpful Customer Reviews
28 of 28 people found the following review helpful
Format:Hardcover
The Turtles Story is Legendary in Trading Lore.
An open account of how the author was selected for the Turtles, how they did it and what was achieved and the obstacles they came across on route.
The full Turtle System is described, entries, exits, risk management.
Curtis Faith writes simply and describes in clear language what an effective trading system looks like, what its component parts are, with reference to the Turtles system.
There are an excellent couple of chapters on system design and evaluation. How to evaluate, what to expect in real time after your tests. It's clear he has walked the walk. I'll vouch for that from my own trading experience.
They way they made millions is explained carefully; anybody can do it if they follow the rules. But can you?
I've read many trading books, traded actively and this is an excellent book, the best I've read on trading systems. It's easy for anybody to read as a novice and will set you on the correct development path. For those more experienced but not following mechanical rule based systems it's a must.
As an aside there's a small Excel Spreadsheet you can find on the Internet called Risk of Ruin xls. Try working out how much of your available pot (that's when you stop trading due to losses reaching intolerable levels) you currently risk per trade and work out your risk of wipeout and your biggest forecast draw down. Ask yourself what that draw down would mean to you in cash terms and whether you could carry on at that point. It's most illuminating.
An open account of how the author was selected for the Turtles, how they did it and what was achieved and the obstacles they came across on route.
The full Turtle System is described, entries, exits, risk management.
Curtis Faith writes simply and describes in clear language what an effective trading system looks like, what its component parts are, with reference to the Turtles system.
There are an excellent couple of chapters on system design and evaluation. How to evaluate, what to expect in real time after your tests. It's clear he has walked the walk. I'll vouch for that from my own trading experience.
They way they made millions is explained carefully; anybody can do it if they follow the rules. But can you?
I've read many trading books, traded actively and this is an excellent book, the best I've read on trading systems. It's easy for anybody to read as a novice and will set you on the correct development path. For those more experienced but not following mechanical rule based systems it's a must.
As an aside there's a small Excel Spreadsheet you can find on the Internet called Risk of Ruin xls. Try working out how much of your available pot (that's when you stop trading due to losses reaching intolerable levels) you currently risk per trade and work out your risk of wipeout and your biggest forecast draw down. Ask yourself what that draw down would mean to you in cash terms and whether you could carry on at that point. It's most illuminating.
15 of 16 people found the following review helpful
Format:Hardcover
Way Of The Turtle is the first ever credible account of how Richard Dennis's legendary Turtle experiment managed to turn ordinary mortals into successful traders.
Much more than just a story of success, Way of the Turtle explains how Turtle methods were implemented and why, within a framework of outstanding results, some Turtles made lots of money and some lost money.
The reasons for this variation in individual performance are in themselves a fine lesson in trading but there is much more. You may be surprised to learn that many of the things you imagined were vital for success are of small concern. Does a trader know or even care what his next trade will do? Will you be surprised to discover that your system rules are fairly unimportant?
Way of the Turtle gets right down to the essentials of trading - why you must have an edge and how to find it, how to manage risk, avoiding the traps that catch most traders and evading the constant threats to divert you from following your system.
Written by the most successful of all the Turtles, this book must rank at the top of the list of all trading books ever published. You can't afford to wait for your best friend to buy this book for you!
Much more than just a story of success, Way of the Turtle explains how Turtle methods were implemented and why, within a framework of outstanding results, some Turtles made lots of money and some lost money.
The reasons for this variation in individual performance are in themselves a fine lesson in trading but there is much more. You may be surprised to learn that many of the things you imagined were vital for success are of small concern. Does a trader know or even care what his next trade will do? Will you be surprised to discover that your system rules are fairly unimportant?
Way of the Turtle gets right down to the essentials of trading - why you must have an edge and how to find it, how to manage risk, avoiding the traps that catch most traders and evading the constant threats to divert you from following your system.
Written by the most successful of all the Turtles, this book must rank at the top of the list of all trading books ever published. You can't afford to wait for your best friend to buy this book for you!
14 of 15 people found the following review helpful
Format:Hardcover
To anyone who has had the pleasure of working with Mr Faith's and Mr Arnold's superb back testing software over the past few years (Trading Blox), the excellence of this book will come as no surprise. Both the book and the software are "must haves" for anyone with an interest in trading or investment. The concentration is on trend following - the Turtles were intermediate term trend followers. The software itself however can be used for testing almost any trading strategy and plans are well in place for a version which uses intra day data.
The lessons to be learned from Mr Faith's book can be applied not only to futures but to shares, ETFs and mutual funds. The premise is that a successful trading or investment strategy need not (perhaps should not) be complex and detailed systems are discussed and back tested results published.
Unlike other offerings on the market, the book is not full of vague waffle. It is specific and to the point and shows you what you need to know to get going along the path of successful trend following. As a bonus, the original and exact Turtle Trading rules are set out in full as an appendix to the book. Better still, the book details a simpler and better Turtle like system, more appropriate perhaps to today's markets.
The lessons to be learned from Mr Faith's book can be applied not only to futures but to shares, ETFs and mutual funds. The premise is that a successful trading or investment strategy need not (perhaps should not) be complex and detailed systems are discussed and back tested results published.
Unlike other offerings on the market, the book is not full of vague waffle. It is specific and to the point and shows you what you need to know to get going along the path of successful trend following. As a bonus, the original and exact Turtle Trading rules are set out in full as an appendix to the book. Better still, the book details a simpler and better Turtle like system, more appropriate perhaps to today's markets.
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Most Recent Customer Reviews
Those who can't do teach
The book is well written. However I do not recommend it to discretionary traders. There might be some value to system traders who would like to have a go creating their own trend... Read more
Published 16 months ago by kashbg
Simplicity Itself
An excellent Book.
Works on two levels ie 1) an absorbing read and 2) a roadmap to more effective trading. Read more
Works on two levels ie 1) an absorbing read and 2) a roadmap to more effective trading. Read more
Published 17 months ago by Cognition
A fantastic insight, and a great place to start
Way of the Turtle was a fantastic insight into trading, describing a fantastic story of 'raising' traders, and providing some insightful knowledge into the mindset of a trader. Read more
Published 17 months ago by rtfart
Way of the Turtle Review
Found the audio CD very boring and not inspiring....a few interesting points but in parts very technically boring....not what I was expecting.
Published 17 months ago by Fxtrader100
a rehash of many better books.
Dont bother with this, If you read trading books, you've already read this one.
Nothing new or original in it. You can read the turtle system for free on the web. Read more
Nothing new or original in it. You can read the turtle system for free on the web. Read more
Published 17 months ago by Matt
How to become a turtle
This book is the story of what happened when Richard Dennis set out to prove to his friend Bill Eckhardt that it was possible to 'breed' successful traders just like they bred... Read more
Published 18 months ago by Copycreate
Way of the Turtle -
Read the book in a couple of days. Well written. It won't make you a millionaire but does help you understand the mindset required to be a successful trader. Read more
Published 23 months ago by T. McGuire
Brilliant writing, thoughtful
I have just read Curtis Faith's Way of the Turtle. It took me about 1.5 days (I might be a slow reader) and I didn't put this book down until I finished the last chapter. Read more
Published on 26 Sep 2009 by Literature Reviewer
Ordinary method you can find on the net - Psychology good written
The first part of the book where he explains the entire story how he got in as a turtle and the different psychologies amongst the turtles is very interesting. Read more
Published on 1 Aug 2009 by Brad Durden
Fascinating insights
Many parts of this book are a bit over my head, and I find myself going back to a previous chapter to review a definition or a key point. Nonetheless, Mr. Read more
Published on 10 Jun 2009 by M. Lee
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