Books : Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders: The Secret Methods that Turned Ordinary People into Legendary Traders
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- Interesting readIt's a very interesting read to find out how the turtles were raised to trade millions. What makes it more interesting is that it has been a secret all these years. This book gives you a very good look the read hard-core trading system and it's users. It makes you think your own trading and system and helps figure out new ideas. However, the turtle system is not for all like it is stated in the book. You should have $100,000 trading account at minimum to try this out and it doesn't guarantee that you would succeed. So for the small scale traders this system is not applicable. It is also mentioned that not all people have the attitude and mindset to strictly follow the rules, which is really needed for the system to work. I would recommend this book for all who are into trading, but with the reservation it might not make you a succesful trader. But then, what book could?
Rating:
- over-ratedThis book doesn't reveal any secret of the turtle tradings. In fact, it doesn't even give you examples of why they entered a trade, why they held it for how long, and why they sold the position. Nothing in substance is found in this book. You can find a lot of general ideas you've heard on this book.
Rating:
- Turtle PowerIf you are looking for a high-level book on trading with a basis in personal experience, this is a great choice. If, however, you are looking for a book describing the mechanics of trading or one which focuses on developing trading systems -- this is not the book for you.
Personally I enjoyed the author's style and outlook on trading in general. I think he did a great job in focusing on the importance of building a trading system which has an edge (proven ability to beat the market) and the personal discipline to be able to trade that system.
Mix in the fascinating stories about the turtles and you have a great read for novices and masters alike.
Rating:
- Wonderful funThis wonderful book is not just an historical oddity of the "Turtles" of Richard Dennis.
Needless to say, it is 100,000^(googolplex) better than Michael Cover (the Turtle rip-off artist) books.
Curtis Faith's wonderful narrative of his own life and his acquisition of the techniques, and his observations of his classmates (the other "Turtles"), makes for interesting reading. His explication of the techniques they used will be considered dated or sometimes obvious nowadays, but it is fascinating reading nonetheless.
Possibly the best section that has the most current relevance is how key stop loss is for trend following.
A welcome addition to any trader's bookshelf. Thoroughly enjoyable, accurate, insightful, valuable, and entertaining.
Rating:
- Engaging and thoroughThis is the book I wish I'd had as a beginner. It is the best practical summary of systematic trend trading currently in print, and I think I have read them all. If you plan to be a long term trend follower with aspirations of triple digit returns, but don't have an account well into 6 figures or the psychological ability to ride out 50+% drawdowns, you'd better buy this book now.
Disclaimer: I met the author and have found him to be an honest guy, but have no financial affilation with him.
