This Is The True Story Behind Wall Street Legend Richard Dennis, His Disciples, The Turtles, And The Trading Techniques That Made Them MillionairesWhat Happens When Ordinary People Are Taught A System To Make Extraordinary Money Richard Dennis Made A Fortune On Wall Street By Investing According To A Few Simple Rules Convinced That Great Trading Was A Skill That Could Be Taught To Anyone, He Made A Bet With His Partner And Ran A Classified Ad In The Wall Street Journal Looking For Novices To Train His Recruits, Later Known As The Turtles, Had Anything But Traditional Wall Street Backgrounds They Included A Professional Blackjack Player, A Pianist, And A Fantasy Game Designer For Two Weeks, Dennis Taught Them His Investment Rules And Philosophy, And Set Them Loose To Start Trading, Each With A Million Dollars Of His Money By The Time The Experiment Ended, Dennis Had Made A Hundred Million Dollars From His Turtles And Created One Killer Wall Street Legend In The Complete Turtle Trader, Michael W Covel, Bestselling Author Of Trend Following And Managing Editor Of TurtleTrader, The Leading Website On The Turtles, Tells Their Riveting Story With The First Ever On The Record Interviews With Individual Turtles He Describes How Dennis Interviewed And Selected His Students, Details Their Education And Experiences While Working For Him, And Breaks Down The Turtle System And Rules In Full He Reveals How They Made Astounding Fortunes, And Follows Their Lives From The original Experiment To The Present Day Some Have Grown Even Wealthier Than Ever, And Include Some Of Today S Top Hedge Fund Managers Equally Important Are Those Who Passed Along Their Approach To A Second Generation Of Turtles, Proving That The Turtles System Truly Is Reproducible, And That Anyone With The Discipline And The Desire To Succeed Can Do As Well Asor Even Better ThanWall Street S Top Hedge Fund WizardsIn An Era Full Of Slapdash Investing Advice And Promises Of Hot Stock Tips For The Next Big Thing, As Popularized By Pundits Like Jim Cramer Of Mad Money, The Easy To Follow Objective Rules Of The TurtleTrader Stand Out As A Sound Guide For Truly Making The Most Out Of Your Money These Rules Workedand Still Work Todayfor The Turtles, And Any Other Investor With The Desire And Commitment To Learn From One Of The Greatest Investing Stories Of All Time I learned a few practical things.
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Old story and statistics After reading over 150 trading books and trading for seven years, I have to say that this book is the best book on trading I ve read Being a masterful story teller, Covel brilliantly details what is probably the greatest story in the trading world But this book is not just about a great story the book goes right into the heart of the trading system the Turtles used, covering position sizing, risk management, psychology, entry rules, pyramiding rules and exit rules The enter system is laid out in this book.
Personally, this book inspired me to make some changes to my own trading which have greatly increased my profitability and my ability to manage risk how many trading books out there talk about position sizing risk management.
I would basically say that if you read this book and you are not inspired by the story or motivated to look further into developing a system on your own, then trading is likely not for you And that s fine it s not for everyone, and I would suggest finding something else that you can be the best at But if you read this book, it may just light a spark, as it did with me, that will lead you down the road to profitable trading Danny Merkel Charting Trends Blog
To suggest that the turtles became overnight millionaires is a bit of a stretch Nonetheless, the book is a very interesting example of what can happen to a number of inexperienced people given the right teaching environment Some of whom have gone on after the turtle experiment to become mind bogglingly is that a word wealthy We re talking waaay beyond millionaire status It s a well written tome by Michael Covel, also the author of another book Trend Following which I am currently reading It s an interesting look into an idea generated by a couple of highly experienced and successful traders to see if it was possible to take a group of novices, turn them loose on the market, and see if they could succeed.
This book is a real eye opener.