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8 of 8 people found the following review helpful
3.0 out of 5 stars Those who can't do teach, 18 Jan 2011
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This review is from: Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders (Hardcover)
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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