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30 of 30 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 9 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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30 of 30 people found the following review helpful
5.0 out of 5 stars Superb How To Book, 20 Aug 2007
By 
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.
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9 of 9 people found the following review helpful
3.0 out of 5 stars Those who can't do teach, 18 Jan 2011
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 financially he was forced to look for a job (internet consultant start-up) so that he can pay his rent. Curtis Faith in my opinion breaks the preconception of the Turtles as a brilliant bunch of guys who knew what they were doing. In fact they have had to follow strict instructions as to when to get into the trade, by what way, what size to trade, where to take profit and where to get out if wrong. Anybody not following those strict instructions was soon to become dismissed. They have been following religiously Richard Denis's instructions represented by his trend following system. When their system was not generating any instructions they would sit in their office all day playing table-tennis or reading novels. When Curtis Faith's friends would ask him as for his opinion on the markets, he would reply - "I do not have a clue". Not long after that experiment even Richard Denis quits trading (New Market Wizards) when his managed fund of over 150 million looses just over 49% of its equity. So you have both Richard Denis and Curtis Faith out of the loop - why? There are some good risk managing advises and rules to follow like "Cut you loses and Run your winners". If you are just curious to find out what went on during that experiment you would not be disappointed but overall if I am being asked to sum up, I'd say "Those who can't do teach".
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18 of 19 people found the following review helpful
5.0 out of 5 stars Top of the trading book list!, 29 Mar 2007
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!
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15 of 16 people found the following review helpful
5.0 out of 5 stars A superb primer, 5 April 2007
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.
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3 of 3 people found the following review helpful
5.0 out of 5 stars Complete Trading Plan, 3 Mar 2013
Way of the Turtle is an excellent trading book that is underappreciated in my opinion. It is the first book I have read that accurately presents a complete trading plan and then describes it in detail and fits it all together. It also includes an insider account of the legendary turtle trading story, and thoroughly describes the fundamentals of backtesting. The specific turtle strategy (a simple Donchian breakout strategy to identify trends) isn't the main theme of the book, nor is the turtle story, which I think most people misunderstand. Way of the Turtle covers some fundamental concepts including types of traders, market states, trading plans, measuring returns, and trading with an edge, as well as systems, backtesting, optimization, system death, and psychology. It also describes how the market (and technical analysis) is concerned with cognitive biases, which is hugely important and not sufficiently covered in trading literature in my opinion. It is about trading - creating a plan and trading that plan consistently. A plan includes markets, position sizing, entries, risk/stops, exits, and tactics/management, and the book puts it all into both detailed and general context in a clear and readable way.
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3 of 3 people found the following review helpful
4.0 out of 5 stars Excellent book, 18 Dec 2012
By 
Mr. R. O'regan (Your mum) - See all my reviews
(REAL NAME)   
Verified Purchase(What is this?)
I'm tempted to give this book 5* just to try and mitigate the numerous fake 1* reviews from people that clearly never read the book.

This book is NOT just about the turtle method, yes, it explains the whole method in an appendix at the end, but that is not the focus of the book.

The book is about systems. Backtesting and optimising safety using robust statistics. It gave me many new insights into the matter, the book has alot of original material that I've never seen anywhere else. Van Tharp even recommends this book and has written a forward.

This was the 2nd time I have read the book now, I first read in 2009 and marked it as 're-read in a few years'. I just completed the 2nd re-read and realise how much information Id forgotten.

I think this book is best suited for somebody who is capable of doing their own backtesting and programming.. if you are not that way inclined, you may find the book less use, but even still I think it would be worth a read as it is a quality book and you will surely pick something up.

Thanks for reading
regards
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2 of 2 people found the following review helpful
5.0 out of 5 stars Fascinating insights, 10 Jun 2009
By 
M. Lee - See all my reviews
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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. Faith tells a fascinating story of life as a trader -- and all the more interesting because of the "I was there" factor. I'm still reading the book with great interest, and his insights make me feel he is looking over my shoulder and coaching me! The techniques the Turtles used may or may not be valid today, I don't know -- but his comments on human nature and psychological factors involved are right on the mark, in my opinion. A good investment!
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3 of 3 people found the following review helpful
3.0 out of 5 stars Just Shows It Doesnt Have To Be Difficult, 4 Sep 2007
I was very surprised by how simple a system is outlined and with money management and keeping to the system exactly you can make money.

The key is money management and keeping it as mechanical as possible.

Worth a read.
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1 of 1 people found the following review helpful
5.0 out of 5 stars Excellent book on trading - Definite buy!, 30 Mar 2009
I've been an active trader for over 5 years and found this book immensely useful. Curtis Faith has an easy to read style and lays out his case for trading. When I read it the first time, I couldnt put the book down and raced through it, the Turtles are legendary and I just wanted to soak it up. When I got to the end I didnt quite realise what the book taught. So I re-read the book, this time studying it and really absorbing what he was telling the reader. The section on testing different trading systems like Dual MA's was magical! As was the fact that the turtles system itself was so 'simple'. Amazing book with great insights, can come over a bit too simplistic but that is the whole point!!! Definiltey get it and tailor your trading - I have and it works!
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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
(TOP 500 REVIEWER)    (REAL NAME)   
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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