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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- The Best Book About TradingThis is the best book about trading I have read. Specially good for all of you who are interested in developing a MECHANICAL TRADING SYSTEM.
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- Being A Turtle Doesn't Mean You Are SlowTake a group of intelligent people, teach them a classic trend following trading system, give them some money to trade, and what do you have? One of the most fascinating trading stories ever told.
This book is an eyewitness account of the story of the Turtles, told by the most successful of the bunch. And while the book does not go into details about the story it does something better- it explains how they made money and how anyone can use their strategies to make money as well as or better than they did.
The author not only details the systems used by the turtles but also describes how systems work, why they work, the problems with system testing, and how to effectively create your own trading system.
The story of the turtles begins in chapter 2 and is continued throughout the book. Part story, part trading text book, the author has done a great job explaining how to trade well using simple systems. If the reports are correct, the author made $31 million while trading as a turtle and several turtles are still make millions managing large hedge funds using the same strategies explained in the book.
The four main points of the Turtle Class:
1. Trade With An Edge: have a positive expectation.
2. Manage Risk: control risk so you can continue to trade
3. Be Consistent: execute your plan
4. Keep it Simple: catch every trend
Think Like a Turtle
1. Trade in the present
2. Think in terms of probabilities not prediction
3. Take responsibility for your own trades.
This book belongs in every trader's library even if you do not trade using a system. But after reading the arguments for systems, I cannot imagine why anyone would do so without one, or several. This book, along with Trade Your Way to Financial Freedom
has helped me create the 3 systems that I trade. Not only has trading with systems made me more money, it has lowered my risk and helped me sleep better at night. If you want to read more of my reviews of stock trading and investment books, you can get them[...]
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- Interesting account of the mysterious turtle techniqueI first read about the turtles in Market Wizard and was excited when I saw this book. Well written book which covers what makes the author(a turtle) successful and also the turtle trading system.
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- Great book on TradingThis book makes you think differently about trading stocks. It follows the approach of the Turtles, a straightforward and rigid method of systems trading. This is NOT a book about INVESTING in stocks but rather about short and medium term trading futures markets.
This book would be helpful for anyone interested in learning how to or in advancing their skill in day trading, technical analysis, and systems trading, with an emphasis on the psychological factors that affect performance. Five stars!
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- If you trade the market you MUST read this bookI won't repeat what has already been said so well by the many reviewers who found incredible value in this book, as I have. I simply want to emphasise the importance of this book for its insight and valuable lessons into the psychology of trading.
I have been trading the markets now for about 6 months, and almost every day, I come back to this book in my mind and remember the lessons it taught me, including the SINGLE MOST VALUABLE FACT ABOUT TRADING: you will likely lose on MOST of your trades, yet this is essential to winning in the market!
It seems counterintuitive, especially if you have seen ads from the hypesters and hipsters who promise to give you tips that are "89% accurate" and so forth. Mr. Faith's extensive work with testing trading systems using modern computerized simulation techniques virtually proves that you cannot successfully make money with systematic trading systems unless you get in the game, stay in the game, and follow the rules of the game. This means most of your trades will LOSE MONEY, but not very much money. The few times that you do actually realize a profit will more than make up for the many times you don't, and that's the key, right there!
There's a lot more in this book, but for me, this is the biggest takeaway -- how to manage your money and follow your system so you can amass a fortune even while losing on most of your trades! How liberating is THAT concept? It's everything!
