| View Larger Image | Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders | Hardcoverby Curtis Faith (Author)
| List Price: | $27.95 | | Price: | $18.45 | | You Save: | $9.50 (34%) | | | Available: | Usually ships in 24 hours |
| | Binding: | Hardcover | | Publisher: | McGraw-Hill | | Edition: | 1st Edition | | Page Count: | 288 Pages | | Publication Date: | March 09, 2007 | | Sales Rank: | 21,269st |
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FEATURES | - ISBN13: 9780071486644
- Condition: NEW
- Notes: Brand New from Publisher. No Remainder Mark.
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EDITORIAL REVIEWS |
Product Description
“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. |
CUSTOMER REVIEWS (Average Customer Rating: 4.0 based on 77 reviews)
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A great book by Zhongwei Wang (DC)  5 Stars
November 21, 2009
A great book in many ways. But I also want to warn you that if you are considering using the strategies described in this book, think about the author himself was living paycheck to paycheck 20 years after he learned the full strategies described in this book. It doesn't mean you shouldn't do it, it means you should know what you are doing.
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Captures the essence of the Turtles but brings it up to date by Kurt A. Frankenberg (Monument, CO USA) 5 Stars
November 02, 2009
I'm so impressed with this book I have to give it my highest recommendation. Curtis Faith takes the most important parts of trading and boils them down for both the novice and highly experienced investor.
Curtis does in fact reveal the actual trading rules that he used as the Turtles' most successful member. However, the book's real value is that it shows how the principles are timeless and can be adapted for any market.
He also does an admirable job of showing the flawed thinking that may cause one to mistakenly believe that he has a robust system... when in fact it is in the end a losing proposition.
In all, I think this is one of the top five books on trading I've ever read, and I have a pretty extensive library.
Happy Trading!
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An interesting book by Edward Corlin (Columbus, Georgia)  4 Stars
September 15, 2009
This is a good book. No great revelations just good packaging of trading advice. I do think traders should read this book if only to look for their bad trading habits.
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Concise and accessible trading framework approach by Brandon Rush 5 Stars
July 12, 2009
The turtles are legendary in their success in trading. Curtis provides a great deal of insight into both the rigor and mindset required to be a successful trader. He lays out a very straightforward approach to developing a trading framework and focuses on removing the discretion from trading strategies. The examples he uses are geared more to breakout or trend trading strategies so no examples in here for the relative value trader although the concepts are applicable. This book is concise and accessible; you will get a basic introduction to technical indicators but the focus is more on understanding the market context you're in (i.e. trending vs oscillating) and building a rigorous framework for entry and exit based on back testing. I plan to keep this as a ready reference to refresh first principles in trading.
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A work of art! by Bytore (Canada) 5 Stars
June 05, 2009
Way of the Turtle is a true work of art. I say this for a reason.
I did not use the advice within it's covers to trade financial instruments. Not in the normal sense. I used it to trade sports!
Though not quite ready for an American audience, sports games can be traded in-running. That is, you trade as the game progresses. For example, the LA Lakers are playing the Orlando Magic. As the Laker lead increases or decreases, the share value fluctuates until it maxes out when a game is over at the buzzer. While it is a fascinating endeavor to discuss, I will mostly stop there.
In essence, it is a traded financial instrument. Just one that is based on a basketball game! Want fast moving trends??? You got them! Want the life of a stock in two hours as opposed to twenty years? Sure! Two hours or so to one bankrupt stock if you are the wrong side! The right side of course, and one wins the wager. As in all trading, trader "A" get's the money from trader "B" and vice versa.
Think of sports trading as trading options or stocks, at hyper speed. The nice thing is of course, is that you can be on the wrong side, exit a trade, and try be on the right side when the next signal for entry arrives.
What is most amazing about this book, is not just the extremely logical and philosophical writing style, it is the system building and testing sections. I had never seen this before, in any financial book. Of course, sports trading truly lends itself to trend trading, as basketball scores go back and forth. Any sport can be traded as well. I suggest a Google of "Betting Exchanges" to get the idea.
Using Faith's ideas on system building, I was able to build profitable systems, that work. I never actually though about building a system previous to this book, to truthfully back test the ideas I was using trading.
They work so well, I managed an 8000% return. Now, before anyone jumps up and down for joy, I started with $25! LOL!
Ok, I just wanted to test the ideas as I readied myself for financial trading. : )
$2000 later, I think this book to be a total gem. All the trend trading you read about, and the other ideas in the book, are very real on betting exchanges. They should be, as mentioned, betting exchanges are as real as any financial market, and just as ruthless if not more so.
So are all the highs and lows traders suffer from, also detailed in the book. Things one would never think about. And you truly learn in real time, trading experiences that may take a good part of a life time in some normal financial markets. In sports trading, a few minutes may represent a few months in something like a FOREX market.
Trading sports has one other thing that is uniquely different. You are your own margin account. So betting $1500 on a game to win $300 on a trade, the money is not borrowed. (Unless you have a rich Granny...). This cranks the emotional levels to new highs, every basket made is a change of state in the traders mind. Every state he mentions in the book, is real, I assure you!
I had the most trouble getting out of trending trades too early. This book cured that horrible habit.
Long-term, I am now converting the system building ideas to other sports. While not known to many, it is quite possible to earn a couple of hundred thousand a year trading just sports games. That is my goal, and I need good ideas to do it.
If a book like this will work and help betting exchange users, I can only imagine it's potential for traders of financial instruments. Some rules and strategies bear repeating, and he does a fine job to make sure one remembers.
As I expand further, testing the limits of places like Betfair, I shall certainly be using this book as a principle guide. It's is like a bible to me, it's that good. I often read certain areas over and over again, to re-enforce the ideas that are working, and to spot failures I may have let creep in.
Other areas I am slowly getting into, are fixed odds financial trading and spread betting. Though way outside the norm of American market style trading, they are quite enticing and work with a cash only approach. My goal of course, at least 100K per year doing this type of trading. No margin. No borrowed money. Only a profits re-invested approach. Then attack markets.
As in all matters of life, sometimes a great guide is the key to success. This book and it's author are my guide, and will be for many years to come. What I like most, is he is a real trader. I am not into the type of author that never traded or are simple journalists interviewing people.
It is not the same thing unless you trade. Paper traders need to be imprisoned! Well, ok, I will not get that radical, but you get the idea...
I highly recommend this book to anyone, no matter what you trade! It's that good!
P.S. I have also noted reviews where they say no trading system is listed. It is in the back of book. Anyhow, that is not where it's power is, it is how you read it truthfully, and use the ideas described, that can propel a trading style to the next level. The obvious lesson is that one should develop or adopt a trading style and go for it.
For myself, I am constantly hit by the ideas the book has pointed out.Things like "Recency bias". Who would of ever thought it was occurring while I was trading basketball...
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