The Complete TurtleTrader Quotes

“He took delight in boasting, in contrast to most traders who got up early to read all they could from weather reports to daily Department of Agriculture assessments, that he stayed in bed until the last minute before getting to the exchange just as trading started.”
― Michael W. Covel, The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires

“Great investors conceptualize problems differently than other investors. These investors don’t succeed by accessing better information; they succeed by using the information differently than others.” Michael J. Mauboussin,”
― Michael W. Covel, The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires

“Eckhardt witnessed many systematic traders spending great deal of time searching for the “good” places to enter. He cautioned against it: “It just seems to be part of human nature to focus on the most hopeful point of the trading cycle. Our research indicated that liquidations are vastly more important than initiations. If you initiate purely randomly, you do surprisingly well with a good liquidation criterion.”11 Dennis actually challenged the Turtles to randomly enter the market and then manage their trades after getting in. That was a real Zen moment for many Turtles. If they applied appropriate risk management, they could handle the worst that came down the pike once they were in any trade.”
― Michael W. Covel, The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires

“Nonconformists—lower need to conform indicating self-reliance. Emotionally aloof—not necessarily cold to others, but can be oblivious. Sky divers—lower concern for physical harm, but does change with age. Risk takers — more comfortable taking it. Socially adroit—more persuasive. Autonomous—higher need for independence. Change seekers — like novel approaches. This is different than 99% of all other people. Energetic—higher need and / or ability to work longer. Self-sufficient—don’t need as much sympathy or reassurance, but they still need to form networks so self-sufficiency need not be taken to extremes.8”
― Michael W. Covel, The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires

“How much of a role does luck play in trading? In the long run,
zero. Absolutely zero. I don’t think anybody winds up make
money in this business because they started out lucky.”
― Michael W Covel, The Complete Turtletrader

“He enjoyed using a third of his time to do absolutely nothing.”
― Michael W. Covel, The Complete TurtleTrader: The Legend, the Lessons, the Results