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31 of 31 people found the following review helpful
5.0 out of 5 stars Superb How To Book
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...
Published on 20 Aug. 2007 by Pete17

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9 of 10 people found the following review helpful
3.0 out of 5 stars 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 following system and lose money. The markets are no longer trending how they used to be 25 years ago. That is why Curtis Faith lost everything he allegedly made and when at his lowest point...
Published on 18 Jan. 2011 by kashbg


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1 of 1 people found the following review helpful
3.0 out of 5 stars Way of the Turtle -, 14 Jun. 2010
This review is from: Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders (Hardcover)
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.

The key point I took away from the book is you need a documented plan based on sound analysis, and stick to the plan even though you have to incur losses. Set stop losses in such away you don't close out opportunities to profit too early.

Have I used any of the lessons learned in the book no? However, for an active trader experiencing losses, who still want's to stay in the game, this book will be a useful addition to the bookshelf.
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4.0 out of 5 stars Watch out for what isn't covered, 15 Nov. 2013
By 
Jason Broomer (Surrey, UK) - See all my reviews
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This review is from: Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders (Hardcover)
Although the book's title takes its name from a discussion on whether traders are born or bred, the book is an primer for those looking to try their hand at trading. Faith tells us that success can be found in some very simple strategies. He provides the outline for various strategies, all of which have produced success in the market. Surprisingly these strategies have remained productive for many market cycles and Faith speculates on the reasons why this may be so. The real issue for the turtles was a failure to apply the process rather than a failure of the process. Any aspiring trader may wish to dwell on the failure rate amongst the original 'turtles' before committing capital.

Fortunately the book has value to investors as well as traders. This is not a book about forecasting but about identifying repeatable and exploitable opportunities in markets. Faith makes valuable comments on the importance of considering the state of the market and how the productivity of a process may depend on this state. Helpfully Faith provides guidance on how to test processes. Many of these steps are intuitive, simple and logical but put together they provide a suite to truly examine the robustness of any system. Any trader must have total confidence in his process if he is to survive a long drawdown.

Surprisingly Faith does not consider the impact of computer driven trading. Presumably strategies employed by CTAs and statistical arbitrage programmes will be similar to those espoused by Faith. With billions of dollars following these strategies, free from heuristic flaws, it would seem reasonable to expect increasing levels of process degeneration. The question is not considered.
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4.0 out of 5 stars How to become a turtle, 8 Nov. 2010
This review is from: Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders (Hardcover)
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 turtles in Singapore. Dennis advertised in the press and set about recruiting what the people required for his human experiment. He then trained them in his set of very precise trading rules and systems and set them lose to see what happened. This book is written by one of the most successful traders - one who confounded initial expectations since he was actually one of the least qualified 'on paper'.

The book goes on to give quite a bit of detail about the system, entry positions, volatility etc. etc. The recent credit crisis has fundamentally changed the stock market so this book may be less applicable now in terms of actual trading systems but many of its messages about the trading mentality stand firm. Not least are the parts about the iron will required to be successful. What turned out to be hardest for most traders was following the rules. Not because they were difficult - they were actually incredibly simple - but because it was hard to stick to your guns in the face of mounting losses. Therefore many people exited the market just at the point when their losses were highest, and just before things might have turned around.

In summary, the method probably needs review for the current climate, the underlying lessons about mentality, discipline and the psychology of trading are more important than ever and set out clearly here is a very easy to read style. It's an interesting story even for non -traders about how you can shape individuals and the pressure of certain circumstances.

For another great book on the pscychology of trading try Brett N Steenbarger's book 'The Psychology of Trading'.
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5.0 out of 5 stars Simplicity Itself, 26 Dec. 2010
This review is from: Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders (Hardcover)
An excellent Book.

Works on two levels ie 1) an absorbing read and 2) a roadmap to more effective trading.

A well balanced approach covering those areas critical to improved performance ie 1) understanding your own psychological profile with regard to risk control and money management 2) appreciating the mass psychology of the market place 3) investigation in to the necessary components required for a successful trading strategy 4) statistical tools available to both analyse and compare performance 5) the importance of following a strategy consistently.

Who is your main adversary ? The market place or yourself ? A strong strategy in the hands of a weak player could prove just as ineffective as a weak strategy in the hands of a strong player. The 'turtle strategy' is as statistically effective as many other strategies. Consistency is the key, discipline is the enabler. To have these in abundance you must build your strategy like a well-tailored suit that fits you in every respect then test it to destruction.

In the final encounter you are battling against yourself. The market place is just the ground on which the battle rages. As the man himself says - "over the years I kept finding evidence that emotional and psychological strengths are the most important ingredients in successful trading".

Choose your weapon, conquer yourself then conquer the markets. Simplicity Itself
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5.0 out of 5 stars Intriguing look inside the head of a million-dollar trader, 22 Oct. 2007
By 
Rolf Dobelli "getAbstract" (Switzerland) - See all my reviews
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This review is from: Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders (Hardcover)
This trading-room memoir harks back to a group of novices whom experts recruited in the 1980s and - to fulfill a bet - trained to be traders. The training worked, according to the most successful student, author Curtis M. Faith. His memoir promises what any capitalist would love to possess: the secret to making money in volatile markets. Alas, Faith tells us, there is no secret. Successful traders analyze markets to find an edge, then remain disciplined enough to pursue that edge, even when their hearts and their guts try to overrule their brains. In spite of constant references to Donchian channels and Sharpe ratios, Faith assures readers that trading isn't a matter of using secret formulas but of applying time-tested wisdom. His tome is intriguing because it lets you inside the thoughts of someone who made $30 million as a trader (so no wonder he tends toward the self-congratulatory, though his anecdotes are entertaining). We recommend this to traders seeking an advantage and to those who want to watch the experts try to beat the odds.
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10 of 12 people found the following review helpful
5.0 out of 5 stars excellent, 9 Jun. 2007
By 
A. Koelmans (Newcastle, UK) - See all my reviews
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This review is from: Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders (Hardcover)
This book is worth having just for the extensive section on the perils of backtesting - I've never seen a thorough discussion of this topic anywhere else. The book also discusses the psychological aspects of trading in considerable detail. Low price, high value.
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4 of 5 people found the following review helpful
3.0 out of 5 stars Disappointed, 2 Jan. 2008
This review is from: Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders (Hardcover)
I have to say this book disappointed me. I have read numerous articles on 'The Turtles' and Curtis Faith and was really looking forward to a 'warts and all' account of his time as a turtle. I was expecting something similar to 'Pit Bull' by Schwartz. This book does not deliver in this arena.

I did perserve and as a trading book however it is strong - explaining how to develop strategies, back-test, the importance of money management and so forth.

I think therefore that the title of the book is misleading but then again who would have bought a book called 'Curtis Faiths guide to Trading'
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5.0 out of 5 stars Outstanding distillation of the necessary factors for trading success, 6 Mar. 2014
By 
M. Hersee "Mike Hersee" (Luton, UK) - See all my reviews
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This review is from: Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders (Hardcover)
As someone who already owns many books on trading, I didn't think I really needed any more. But when I was finally getting ready to do some actual trading I asked a successful trader what he'd recommend, and he said this book was the essential accompaniment to any trading course. Having read it, I'm inclined to agree he's right. It distils very succinctly and in a readable way the most important lessons from a wide variety of other books on many different topics - psychology, trading strategies, understanding risk, money management, for instance, and also relevant lessons in life. And the stories are told with humility, that helps the medicine go down that much easier.
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5.0 out of 5 stars Brilliant, 21 Aug. 2007
This review is from: Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders (Hardcover)
This book is an excellent and essential read. Why pay unscrupilous websites a fortune when the secrets of these legendary traders are laid bare in this book.

However, I am a little confused why the author didn't follow some of his fellow Turtles into fund management (the rewards are fantastic) but that aside, I think Faith does a good job of providing an interesting "walts and all" account of life in the Richard Dennis trading academy as well as revealing the original methods used.

This book is an excellent primer for anybody looking to develop a technical trading strategy.
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4.0 out of 5 stars A fantastic insight, and a great place to start, 22 Dec. 2010
This review is from: Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders (Hardcover)
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. Although the book does go into some detail of trading systems, it does lack a very simplified step by step trading system, and would require further reading in order to get your strategy fully in swing.

However an absolute must read if you are considering getting into trading. After all, the story is legend, and is referred to in many other trading books.
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