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Usually ships in 1 business days | | | Covel (Trend Following) revisits a famous financial trading experiment conducted by Wall Street trader Richard Dennis and extracts its lessons with mixed results. Dennis, who quickly learned how to trade after starting as a runner at the Chicago Mercantile Exchange in 1966 at age 17, had made a reported $200 million by 1983. To settle an argument with fellow trader William Eckhardt about whether trading ability was innate or could be taught, he put an ad in the Wall Street Journal offering to teach candidates how to trade in two weeks, and then backed them with his own money. Of the thousands of people who who applied, 23 turtles were accepted. Their trading made $100 million for Dennis, leading some to become highly successful traders in their own right. Having tracked down most of the people involved, Covel describes the turtle training, including rules for entering and exiting trades as well as Dennis and Eckhardt's personal lessons, and speculates on why some turtles succeeded more than others. However, there are too many characters with competing interests, and many missing facts. Covel's own strong views can also get more emphasis than the voices of the principals. Still, the book is a useful training manual distilling the lessons of a fascinating experiment. (Oct.)
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| | Product Details | | Average Customer Rating: |  based on 72 reviews |
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 Good read Aug 27, 2008
Good book. A lot of traders get caught up in the fundamental garbage, especially when they start out. Focusing on the noise just takes your attention off of what really matters - making money. I can't cant the number of times when a crop report comes out that supports my bias on the market, only to see the market move the opposite direction. The author did a great job of showing a simple system that performs over time. Too often we trade to feed our ego, not to make money. I don't know about you, but I just want to make money. The easiest way to do it is to follow the method that others are using to make cash. This book outlined the strategy and showed how others are doing it right now. It almost gives you the edge because you don't have to do the research on what everyone else is doing. This book straightens out the learning curve.
0 of 2 found the following review helpful:
 Good as a reference for Technical Analysis Aug 26, 2008
A interesting book to read, the author obviously did a nice job of collecting all the info.
In term of the trading methology, I am not too impress with it. It is laughable that someone will trade the market without paying attention to current market condition and fundamental at all. May be that's why Dennis would often loss 30% or more in one month and he often lost 9 trades out of 10. Sounds to me he got into the sucker rally all the time because he did not know and did not care what's underneath. I bet if he spend more time studying the general market fundamental, he will do better than that.
On the upside, there's indeed one thing that interested me in this book, and that's the profolio risk management. Although Dennis is a lazy dude that would not spend time studying the fundamental, but due to his skillful risk management, he managed to make money eventhough he's wrong 90% of the time, and that's what I try to learn from this book.
Actaully, try read "How I Made $2,000,000 In The Stock Market" its much more inspiring to me, the author prove at the end that you have to combine fundamental and technical analysis to make big money in the stock market.
 Another excellent book Aug 23, 2008
Congrats - All the basics are right in front of the reader... The info in this books gives the serious reader a basic structure, and allows them to then build their own personalized methods around a time proven concept.
Eastern Research & Trading
Bill G. / Singapore
0 of 1 found the following review helpful:
Very good and still works Aug 18, 2008
It looks like ideas from this book still works. One of the interesting example of similar approach - Alexander Rezviakov in Russia, whose approach very similar to approach in this book. Even ideas like "...looking at the news for decision-making cues was the wrong thing to do.". Very interesting, that Alexander start his public lectures about a year before this book was published.
Maybe Donchinan's channels are old-fashioned nowadays, but main idea - turn off TV, focus at the price, catch the trend, use stops and some other - is still is up to date.
1 of 2 found the following review helpful:
 Nature vs. nurture Jul 18, 2008
The book will be very interesting for readers who are new to trading literature and moderately interesting to those who have already read about trading, and trend trading in particular (I've read the author's magnum opus "Trend Following" and recommend it strongly).
As to the guide motive of The Complete Turtle Trader I wasn't convinced that "The Turtle experiment proved that nurture trumps nature" as the author states repeatedly. Why?
1/The Turtles were recruited not randomly but in a careful selection process. Clearly, they were perceived by R.Dennis as candidates having certain natural potential to become traders when nurtured/trained.
2/Turtles didn't risk their own money which seems the number one obstacle to trading success - a psychological one, it is called fear, while all the Turtles had to fear was not following through on job description provided by R.Dennis and W. Eckhardt, helpful indeed, although still not an easy task. Why only a small minority of the original group remained successful traders, or traders at all, after the experiment was over(many turned school teachers we learn)? In my opinion the conclusive experiment started rather then ended when the group got disbanded.
3/This point is less important than the earlier two - Turtles didn't develop their methods which is an intellectual challenge, in fact less formidable than the psychological challenge of trading, and also weren't faced with the question whether or not to adjust their methods when and if markets changed. As far as I know the 20 day breakout they applied with success during the time of the experiment doesn't work nearly as well as it did (famous L.Raschke, one of J.Schwager's Market Wizzards, has coined the name "Turtle Soup" for one of her trading setups - fading the 20-day breakout.
In conclusion: narture alone can very often be insufficient to become and remain successful at trading.
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