Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders (英語) ハードカバー – 2007/3/30
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“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.
Curtis M. Faith was the most successful of the Turtles, earning more than $30 million for Richard Dennis while trading as a Turtle. He is one of the industry's leading pioneers of mechanical trading systems and software. Faith is currently head of research and development for Trading Blox, LLC, a company that specializes in software for trading system analysis and development. He also runs an Internet forum for mechanical system traders at tradingblox.com/forum.
Way of the Turtle is less a history lesson about the Turtles (for that you can read The Complete Turtle Trader), and more a deeper discussion of the philosophy behind the trend following methodology Dennis and Eckhardt taught them and the implementation of that system. The Turtle system has been published in other formats and other places before now, but Faith does more than that in Way of the Turtle. He talks considerably about the requirements for successfully implementing the system and how easy it is to fail with it.
To my mind, Way of the Turtle is a book of three primary parts. One is a really interesting discussion of the psychology of traders and the markets. Another is a very thorough exploration of system development, testing, and performance measurement. The final part is specific discussions of the Turtles and their methods.
The issue some readers might have is the manner of presentation of the parts.
I personally found the chapters on system design, testing, and evalutation to be the most unified and consistently coherent of the book. They progress well and present some things that I have not previously seen in comparable discussions. I found Faith's coverage of the material to be an excellent advancement into somewhat more complex approaches for one who has a decent basic grounding. His discussion of the subject is, to my mind, a virtual must read for anyone look to develop and/or evaluate trading systems.
In terms of trader and market psychology, the early chapters of the book are an outstanding exposition on the different biases and mental states that we all go through as market participants in one fashion or another. It was this material, so plainly laid out, which got me very excited to be reading the book. It really is a fantastic look at the things we have in our heads which can create so much havoc in our trading, and Faith frequently cites examples of these things through the remainder of the book in talking about his and other Turtles' successes and failures trading their system.
It's in the third subject of the book where many readers may find it lacking. Way of the Turtle, as I noted at the outset, is not a history. While Faith does clearly deliniate the full Turtle system he spends relatively little time talking about the grand experiment which the Turtles were meant to be. Rather he provides views and opinions from his own perspective. Necessarily, that makes for a narrow scope. This isn't necessarily a bad thing. One just needs to realize that going in and be prepared to find it in little bits scattered throughout the text.
Here's the biggest rub - at least for someone expecting to come away with an immediately useful trading system. Even though the book does tell you exactly how the Turtle system worked, don't expect it to be something you can use yourself. It was specifically designed for use across an array of markets by traders with a large capital base. By that I mean hundreds of thousands of dollars, minimum. As such, the vast majority of readers will not be in a position to make use of it.
So it's a question of expectations. Are you looking to become a new Turtle and trade just like them? If so, you're probably going to be disappointed. If, however, you are looking to learn from the experience and education of someone who was there, who learned a great many lessons under the tutelage of a pair of legendary traders, then you will probably come away from reading Way of the Turtle quite satisfied.