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Way of the Turtle: The Secret Methods That Turned Ordinary People into Legendary Traders

3.9 out of 5 stars 52 customer reviews

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Product details

  • Audio CD
  • Publisher: American Media International LLC; abridged edition edition (25 Oct. 2008)
  • Language: English
  • ISBN-10: 1933309687
  • ISBN-13: 978-1933309682
  • Product Dimensions: 14.2 x 3.1 x 19.4 cm
  • Average Customer Review: 3.9 out of 5 stars  See all reviews (52 customer reviews)
  • Amazon Bestsellers Rank: 2,663,792 in Books (See Top 100 in Books)
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Product description

From the Inside Flap

"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. --This text refers to the Hardcover edition.

From the Back Cover

After nearly 25 years, the turtles come out of their shells.

Way of the Turtle takes a never-before-seen look at the legendary Turtle Traders and the famous experiment that made them millions. Curtis Faith, the most successful member of this elite group, breaks the silence to reveal the rules, timing, risks, rewards, and secrets to his biggest trades and 100 percent annual returns. Sharing behind-the-scenes insights and step-by-step techniques, Faith shows how you can use the Turtle Way to achieve enormous profits-whatever your skill level.

“The most successful turtle was apparently Curtis Faith. Trading records show that Mr. Faith, who was only 19 when he started the program, made about $31.5 million in profits for Mr. Dennis.”-Stanley W. Angrist, The Wall Street Journal

--This text refers to the Hardcover edition.

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Customer Reviews

Top Customer Reviews

By Avid Reader HALL OF FAMETOP 50 REVIEWER on 21 Dec. 2016
Format: Hardcover Verified Purchase
The author first describes the "turtles" experiment, where he was one of the ordinary people selected by Richard Dennis to be trained as a trend-following trader. Then he gives us the details on how to trade like the turtles.

But be careful. Clenow in Stocks on the Move: Beating the Market with Hedge Fund Momentum Strategies says "Classic trend following is done on futures. The normal way to execute this strategy is to follow trends on a large set of futures markets ... if you apply a trend following model to a single market, you're just gambling... the core premise of trend following is therefore based on diversification".

So, use the techniques Faith describes, but be careful to execute them within a large portfolio of futures trades. I recommend that you read this book first: Following the Trend: Diversified Managed Futures Trading (Wiley Trading).
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Format: Hardcover Verified Purchase
Excellent book with a surprisingly detailed analysis section.
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Format: Hardcover
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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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.
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Format: Hardcover Verified Purchase
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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