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Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders Hardcover


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Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders + The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires + Market Wizards, Updated: Interviews With Top Traders
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Product Details

  • Hardcover: 288 pages
  • Publisher: McGraw-Hill; 1 edition (March 9, 2007)
  • Language: English
  • ISBN-10: 007148664X
  • ISBN-13: 978-0071486644
  • Product Dimensions: 9.3 x 6.3 x 1.1 inches
  • Shipping Weight: 1.2 pounds (View shipping rates and policies)
  • Average Customer Review: 3.9 out of 5 stars  See all reviews (114 customer reviews)
  • Amazon Best Sellers Rank: #81,522 in Books (See Top 100 in Books)

Editorial Reviews

From the Back Cover

After nearly 25 years, the turtles come out of their shells.

Way of the Turtle takes a never-before-seen look at the legendary Turtle Traders and the famous experiment that made them millions. Curtis Faith, the most successful member of this elite group, breaks the silence to reveal the rules, timing, risks, rewards, and secrets to his biggest trades and 100 percent annual returns. Sharing behind-the-scenes insights and step-by-step techniques, Faith shows how you can use the Turtle Way to achieve enormous profits-whatever your skill level.

“The most successful turtle was apparently Curtis Faith. Trading records show that Mr. Faith, who was only 19 when he started the program, made about $31.5 million in profits for Mr. Dennis.”-Stanley W. Angrist, The Wall Street Journal

About the Author

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.


More About the Author

Curtis Faith is author of the bestselling book Way of the Turtle, which has sold 70,000 copies and has been translated into nine languages. In his early twenties, Faith earned more than $30 million as a member of the legendary Chicago trading group, the Turtles. He founded several software and high-tech startups, including a public company and an Inc. 500 firm, and is also the author of Inside the Mind of the Turtles and Trading From Your Gut.

Customer Reviews

3.9 out of 5 stars
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Most Helpful Customer Reviews

259 of 283 people found the following review helpful By Brett Steenbarger on March 31, 2007
Format: Hardcover
Curtis Faith's Way of the Turtle is a significant contribution to the trading literature. As other reviewers have noted, it works on several levels: It is an engagingly written first-person narrative of one of the most interesting experiments in trading, but it is also a thoughtful presentation of the various ingredients of trading success.

Faith spells out the Turtle trading method in detail, providing a template for a more general approach known as trend following. Most helpful is the way he breaks down the method into components: entry criteria, criteria for adding to positions, position sizing, stops, and exits. A particularly interesting chapter draws upon his Trading Blox software to update trend following research and illustrate the results of several systems in recent markets.

If I had to identify a single theme for the book, it might be this: Relatively simple trading systems can provide a tradable edge, but it is psychologically difficult for traders to follow these systems and exploit that edge. Faith illustrates this with the variability in the results among the Turtle trainees (despite the fact that all of them were given the same system rules). He also provides a detailed accounting of the psychological biases that make it difficult to follow systems that ride relatively few big winning trades for an overall positive expectancy.

Among the gems provided by Way of the Trader is a discussion of stop loss criteria and surprising research about what works and doesn't; a concluding chapter that lays out the Turtle rules in manual form, along with execution tactics; and an insightful presentation of the reasons most traders do not succeed in trading.
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198 of 229 people found the following review helpful By M. Dooner on August 5, 2007
Format: Hardcover
Here are some of the key reasons why this book is simply a poorly written/edited and ineffective trading book:

1. Chapters do not build on one another. The story goes back and forth, between hazy descriptions of technical trading tools, bizarre charts poorly explained, then back to the Turtles story, including amazement about how not every turtle could follow the rules except the author. Back and forth. Back and forth.

2. Anecdotal wisdom. Stuff you see in every book, from every investor/trader. Don't follow the herd. Know yourself. Forget about the past. You can't predict the future. Don't let past losses upset you. Is the author getting paid by the cliche?

3. Author references his own websites and company, and also heavily references the author with the 'big' blurb on the front cover. That would be Van K. Tharp who calls this "One of the five best trading books ever written". There is no corelation between this quote and the author citing Van Tharp throughout the entire book. I would like to see a chart on those probabilities in this book.

4. Misleading and contradictory title. Throughout the book, the author presses on the point that there is no secret method, that people want to believe a secret method exists because then they wouldn't have to admit to themselves that they psychologically do not have the capacity to trade effectively. Then the book is titled "The Secret Methods..." I guess that kind of title sells better.

Also on contraditions - there are no methods in this book. Just general descriptions of basic technical trading tools that one can find by googling the subject. The worst part is that the descriptions aren't even fully developed.
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45 of 50 people found the following review helpful By Peter Douglass on May 6, 2007
Format: Hardcover
First off I need to state that this is not the greatest book on trading that many have stated it is - their are many others that would rank more highly in a traders library. Without wishing to sound churlish it should also be noted that Faith touted for reviews on his website.

However it is a reasonable exploration of the turtles story which is a compelling piece of trading history. It must be remembered that Faith left the program after its conclusion and did not pursue a career in money management/trading therefore his view of trading and experiences relate to a three year period over 20 years ago. To use an analogy this book is somewhat akin to someone writing a book on the developments in digital technology having used a beta video recorder for three years in the early 1980's - their experience begins and ends 20 years ago.

It is this lack of experience that hinders this book because in my opinion the most beneficial books on trading contain some insight into how the trader has managed their career over the long term. What problems they encountered and how they overcame them - because of his lack of longevity Faiths book is very light on with this sort of material.

As I said earlier it is a good book with which to get an insiders view of the program but you will not encounter anything new within the covers of the book.
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140 of 167 people found the following review helpful By TateJR on May 29, 2007
Format: Hardcover
I bought this book and couldn't wait until it

arrived. I tore into it to find out the "Way of

the Turtle" or the religion of Turtle Trading. I

expected the author to uncover how he used the

Turtle Way in his trading and personal life.

Perhaps talk about the lessons learned from his

tech-company going belly up, and his failings in

trading, and business in general. Certainly the

discipline taught by Dennis and Eckhardt should

have better prepared him mentally to avoid the

large scale failures he has endured in his life?

What I found instead was a boring assembly of

trading descriptions that really had nothing to

do with the "Way of the Turtle" or Curtis Faith

in general. It was a poor attempt to be

everything to everyone. He very rarely stayed on

one topic, and scattered around trading ideas

while providing little tangible insight. Oddly,

he did not mention any of the other traders in

his Turtle class. A "reveal all book" would

certainly mention the other students in his class

- seeing that some of them have become Wall

Street's greatest traders!

Recently Faith revealed (on YouTube) that he lost

all of his trading capital. So I am confused. I

bought this book to see in depth about who the

"most successful" Turtle was only later to hear

him confess that he lost all of his trading

capital. Which is it? Are you the great trader

that you claim to be or did you lose all of your

money? After reading this book I am convinced

that the author has probably not traded in years.

This is a bargain basket book inside of 2 years -

don't waste your time or money.
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