by Michael W. Covel
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Product Description
This is the true story behind Wall Street legend Richard Dennis, his disciples, the Turtles, and the trading techniques that made them millionaires. What 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 TurtleTrader, Michael W. Covel, bestselling author of Trend Following and managing editor of TurtleTrader.com, 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 as—or even better than—Wall Street's top hedge fund wizards. In 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 worked—and still work today—for the Turtles, and any other investor with the desire and commitment to learn from one of the greatest investing stories of all time.
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Average Customer Review:
0 of 0 people found the following review helpful:
 "Must read" for serious market students, 2008-06-09
This book blows away a lot of the hype and speculation about who, what and how the "Turtles" were recruited and trained, and it does it in a no nonsense manner.
Covel has obviously thouroughly researched his subject and laid it out in a format which enables the reader to understand the concepts and gives all the rules you would need to trade the "turtle" system without going out and spending the rip off rates some are asking for the same information.Most important is the stress on the importance of money management, which you will soon realise is the "real"secret behind the success of the "Turtles". As is known to most experienced traders, entry is the least important part of a trade, the exit strategy is paramount.
In my opinion this is a "must read" book for all traders.
0 of 0 people found the following review helpful:
Impressed with the book, 2008-06-05
I've watch and listened to this author for years. I am a subscriber to his newsletter. Frankly I didn't know what to expect from him. BUT i got something that was worth the value and well written. The interviews with Turtles was icing on the cake. These guys were silent for so long and now they speak. I would have appreciated more interviews with the players, and perhaps an interview with Dennis himself. This would have made an 'A' book an 'A+'. Maybe the author tried to reach them - I dont know. Good read, this is a keeper
0 of 0 people found the following review helpful:
Refreshing, 2008-06-05
This was a refreshing read - I loved it. The story line relates to a group of educated traders called the Turtles. It is a good read and everyone can find use from it. The system described is very valuable and I am studying it now. Good read, highly recommended.
2 of 2 people found the following review helpful:
 Inspirational, but No Holy Grail, 2008-05-31
If you are looking for a magic trading system that could be applicable to today's financial market, you would be disappointed. Instead, this books gives a comprehensive account of the legendary turtle experiment happened some twenty plus years ago, with Covel's unique access to many of the turtles.
In Chapter 5, this book also includes the supposedly original trading systems that the Turtles used, but these systems seem too simple to be true. Consider this:
System 1: buy on new 20-day high, sell on new 10-day low.
System 2: buy on new 55-day high, sell on new 10-day low.
System 3: if S1 misses out, use S2.
Intuitively, the exit rule places too close a stop to the entry, and consequently many profitable trades could be stopped out. I back-tested these rules on the Dow 30 stocks, and my results have confirmed the intuition. That said, Covel cautioned readers not to blindly follow the rules, and urged readers to test before implementing them.
While the original trading systems are too simple to work, this book proves with actual historical trading record that trend following has worked and should continue to work. It also offers advice on trading psychology, risk management and trade positioning. For those who are steadfast fundamentalists, this book is a stroke of fresh air, albeit with a false lure of the holy trail of trading.
Interested readers should also read Covel's "Trend Following", and should visit his website turtletrader.com for extremely comprehensive trading advice and free data.
0 of 0 people found the following review helpful:
Trading Method Changer!!!!, 2008-05-30
I struggled evaluating the proper method to trade. Without the patience to wait on long term trades my preference is intra-day trading. Struggling with different ideas and algorythms the book brought it home for me. This book, coupled with "The Complete Turtle Trader" changed my whole theory of the trade.... Keep it Simple Stupid! After taking the complexity out of the algorythm and staying focused on the more simple charts, I finally... yes finally became a successful trader.
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