The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires: The Legend, the Lessons, the Results Paperback – 15 Mar 2009
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“Tells the ‘real stories’ rather than just the glossy good bits—a thoroughly good read.” (Your Trading Edge)
“This warmly written book brilliantly captures the formation and evolution of the legendary Turtle investment program. It is loaded with wonderful anecdotal insights plus lessons on trading, risk, and life we should all follow. It should be on any novice or seasoned trader’s bookshelf alike. A must read!” (Michael Shannon, Original Turtle)
From the Back Cover
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. By the time the experiment ended, Dennis had made a hundred million dollars from his Turtles and created one killer Wall Street legend.
In The Complete TurtleTrader, Michael W. Covel tells their riveting story with the first ever on-the-record interviews with individual Turtles. He shows how Dennis's rules worked—and can still work today—for any investor with the desire and commitment to learn from one of the greatest investing stories of all time.See all Product Description
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Top Customer Reviews
Richard Dennis, an iconoclastic, wildcatting, independent Chicago trader, had by 1983 made hundreds of millions of dollars from an initial grubstake of just a few hundred.
Dennis made that fortune on his own terms, in less than 15 years, with no formal training or guidance from anyone. He took calculated risks leveraging up huge amounts of money.
In late 1983 Dennis bet his then partner Bill Eckhardt that he could teach beginners with no experience how to trade to make millions in the same way that he had. His partner responded that great traders were born, not bred. The two men decided to find out who was right. They hired and trained students, nicknamed "Turtles" after Dennis visited a turtle breeding farm, and gave them some simple rules to follow.
In essence, Dennis taught trend following: cutting your losses, and letting your winners run. This may sound easy, but it's a strategy that runs counter to basic human psychology. The turtles managed to make it work by implementing a rigid, rules-based approach for sizing, entering and exiting trades. And the results were - and are - spectacular. As examples of funds managed by successful turtles, Chesapeake Capital-Diversified Fund, with assets of over $1.5bn, had delivered at the time of writing total returns of over 1,400%. EMC Capital Management-Classic, with a longer track record, has delivered total returns of over 16,000%.
For those interested in the topic of trend-following - a more mechanistic and objective style of trading favoured by many hedge funds, as opposed to the largely discretionary management favoured by traditional long-only managers, Michael Covel's latest book is a must-read.
Obviously, this is not a text book to learn how to trade.
I gave it 4 stars because there are better books of the same kind such as Market Wizards, etc
1. It can be funny and entertaining.
2. It can be informative about trading.
If you are looking for 1, look at "liars poker", "when genius failed", "bombardiers"
If you are looking for a good trading book, there are many out there.
This book can never compete with "Way of the turtle" by Curtis Faith. He doesnt so much focus on "the story", which is only so interesting anyway, but he does write what is perhaps the best introductory text on systems trading that has ever been written. In addition, he really gets across the essence of why the turtles were successful: Having faith in a thoroughly backtested system.
In short, this book is thoroughly boring, uninformative, disorganised (it has no clear structure) and generally awful.
What Covel does so successfully, is not only detail the trading approach and mechanisms used by the traders in question. But he writes in such a way, that the concepts and methodology are clear and concise and can be copied directly by anyone who is serious about becoming a little more clutter free and disciplined.
This book is not only written in a clear and concise manner, but in a manner that I found to be extremely motivating. If there is one thing Covel clearly is, is an excellent communicator. I have read a few of his books and this is a common theme, reading them is easy and you find yourself motivated to apply strategies.
Buy this book, AND READ IT :D
In writing this book, Michael Covel has managed to get interviews with many of the Turtles. He also goes into the story of the Turtles and also talks about the performance of the Turtles (and related traders) and because the book does not focus on any one of these areas it satisfies none well.
The way he writes the story of the Turtles is too dry to make it an entertaining read. The technical trading stuff lacks the depth to make it useful (as mentioned in another review Curtis Faith's "Way of the Turtle" is a much better primer for a Turtle style of trading) and the performance figures seem to fall foul of Michael Covel's biggest weakness in my opinion - his utter belief that the ONLY way to trade is a trend following style.
You cannot argue with the long term records of many of the trend-following traders he talks about, but it does get up my nose that any other successful traders are basically either derided or we are told they are also trend-followers.
Essentially a book that could have been great, but while there is some good information and interviews, overall it is an unsatisfying read.
Most Recent Customer Reviews
I found this book very interesting and found some answers i was looking for. Easy to understand, improves understanding about trading. RecommendedPublished 2 months ago by pliumpt!
Very interesting book, full of fascinating stories about the traders (turtles) and their careers. A good read, especially for someone who is getting interested in hedge funds,... Read morePublished 4 months ago by Amazon Customer
You simply cannot be a descent successful trader without reading this book!! Stop struggling and start making profits. Understand trader psychology and mistakes. Read morePublished 6 months ago by Captain Walker
Excellent book, well recomennded, thoroughly enjoyed but thought Covell should not have wrote the critical things of Faith... Read morePublished 13 months ago by Russell Jayne