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The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires

3.79 of 5 stars 3.79  ·  rating details  ·  388 ratings  ·  20 reviews
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, lat
Paperback, 288 pages
Published February 24th 2009 by HarperBusiness (first published October 1st 2007)
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Type 1 error - rejecting something that shoudl have been accepted

type 2 error - accepting something that should have been rejected.

edge = winning % X avg winner + losing 5 X avg loser

1. calculate your edge for every trading decision because you cannot make bets if you do not know your edge. it is not about the frequceny of being correct, but the magnitude.

2. buy rallies - watch high low close. trading decisions shoudl all be based on price.

3. embrace shorting.

S1 - 4 week (20 trading day) price
I think very highly of this book overall, and my main grievance is a petty one -- I rather despise the constant "branding" of the word turtle throughout the book. It's a tedious exercise in self-promotion that serves to alienate the reader rather than programme him to buy the next book. One could reduce the number of references to "turtles" by 70% and the book would be much more readable.

The best thing about this method is that one is not required to watch MSNBC, Bloomberg TV or the Report on B
Chris Berkhout
This book and the events it describes do not answer the question of whether normal people can be taught the magic of trading and become wildly rich.

Instead, it tells the tale of a small group of exceptional individuals selected from a larger pool of motivated volunteers by an expert in the field. They were given a mundane but previously successful trading method to execute (following trends, with fixed rules for when to get in and out) and it did mostly continue to work. Later, some went on to g
An easy and enjoyable read about the Turtle Traders -- ordinary folks taught a mechanical way of trading that works -- and how they (mostly) got rich. The book recounts a true-life version of "Trading Places". (This is not a how-to.)
i must say i m quite disappointed with this book. Expected a lot more. Thought I could pick up more nuggets. It's just an autobiography of how these 'turtles' as they are called, made it.
Great story and straightforward intro to sound charting principles... very eye-opening!
Jason Green
This is a pretty good story about Nature vs Nurture put into action. Take the most successful trader in Chicago and give him a group of people from background that range the spectrum. Can he teach them to be successful traders? Or is that something that is inherent? While the story seems to support the nurture argument, what happens after the program is dissolved and the students are out on their own certainly supports nature.

Do not expect in-depth trading strategies from this book. This is a n
Marcelo Menezes
A decent account of the turtle trading methodology and VERY detailed background. Actually the methodology is ancillary: the author is passionate about the turtle story (including gossip and internal strife). I don't mean the story does not deserve being told. But the author just dug too deep.
These are the type of details I was looking for in the other Turtle trading book that I read. I've been reviewing chapter 5 of this book and learning more about some of the terminology as it goes into some of the details of the system used by the experiment conducted back in the 80s. If you're looking for a bit of an odd trading strategy that actually makes complete sense (at least for someone who has never traded before) then check this book out.

The book does go into a lot of details about the
Good read. Covers both the general idea of trend following and also the human story behind the turtle traders.
Plawooth Charoenchitmun
I'm creating a system of my own and this book gives me the right mindset to work on my system
Pyoungsung Choi
터틀 트레이더 실험에 관한 이야기를 알 수 있다. 소설처럼 편하게 읽을 수 있으나 투자와 관련한 지혜를 얻는 것은 그다지 많지 않은 것 같다.
Alex Ryan
A nice quick read that details how the lives of random average Jo's are changed when a successful trader teaches them his ways.
May 20, 2009 Mike rated it 4 of 5 stars
Recommends it for: Investors
I read this book after reading Curtis Faith's book and several others on automated trading systems. Covel gives a more "overviewish" type of approach to the topic than Faith (which is reasonable considering Faith is mostly concerned with his experiences as one of the members of the Turtle group.)

I liked it but read an earlier edition of the book, so I am not sure what is in the 2009 release that might be new, or different.
Good book, both going over the fundamentals and technicals of the trading method and providing perspective on the Turtles both in the program and their successes after. Well sourced and interesting.

However, the trading rules disagree with one other source I read on a couple of points so I need to do some more digging ...
Māris Balceris
Was expecting some technical analysis insights, it was minority of the book. More about people participating in it, philosophy of those traders etc. A bit controversial story.
Azmir Ismail
A must read book for financial traders .. more on the philosophy and psychology of trading :-)
May 04, 2012 John is currently reading it  ·  review of another edition
Intriguing modern day true to life analog to GB Shaw's Pygmalion...
This story is fascinating
Javier Villar
Javier Villar marked it as to-read
Nov 29, 2015
Ani added it
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