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The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires Paperback – February 24, 2009
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“Tells the ‘real stories’ rather than just the glossy good bits—a thoroughly good read.” (Your Trading Edge)
“This warmly written book brilliantly captures the formation and evolution of the legendary Turtle investment program. It is loaded with wonderful anecdotal insights plus lessons on trading, risk, and life we should all follow. It should be on any novice or seasoned trader’s bookshelf alike. A must read!” (Michael Shannon, Original Turtle)
From the Back Cover
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. 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 tells their riveting story with the first ever on-the-record interviews with individual Turtles. He shows how Dennis's rules worked—and can still work today—for any investor with the desire and commitment to learn from one of the greatest investing stories of all time.
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Top customer reviews
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I recommend it, If anything, to learn about Richard Dennis and his reality TV style antics in the 80s futures markets.
He basically put a craigslist ad up saying that anyone could apply to trade with his system of rules, no experience required, and he’d give them all 1 million dollars of his money to trade with.
The majority of the people had no trading experience, they knew nothing about the markets they were trading in nor how to trade … but they were very successful, some of them are still trading today with their own billion dollar funds.
While reading the book in 2013, it just so happened to be around when bitcoin popped. I started using his rules to trade altcoins and I made a bunch of money following his strategy laid out in the book!
I've actually been using this book as a guideline to trade cryptocurrencies since then on and off, and I've netted well over 6 figures trading the turtle trading method.
The author, Michael Covel has a great podcast as well. Don't bother with any of Covel's other books - Trend Following, Trend Commandments, etc are just rehashes of the same story. There's no solid strategy in any of his other books. THIS is the one you want to get.
If you don't get this book you should at least subscribe to his podcast, in fact, in Covel's other audiobooks, he includes about 5 hours of his podcast episodes at the end ... just skip buying the other books and listen to the podcast episodes with the Tom Basso and other traders.
1. Dennis' view on money. Basically Dennis thought of money like points in a video game. This allowed him to make the right decisions with no emotion involved.
2. Being consistent and persistent. Dennis had the self-discipline to follow his trading method no matter what. 8 losing trades in a row? Doesn't matter. Put the 9th trade on.
3. The importance of good risk management. Dinnis' system has a way to measure the amount of risk he should take on each of his trades. A way that would change for each trade based on the amount of capital that is in his account at that particular moment.
I highly recommend this book. And if you are a trend following trader then this is a MUST HAVE for your library. The story alone is worth the price, but by far the two most valuable chapters in this book are The Philosophy and The Rules.
I think the main thing I learned from this book is discipline. You need to be quite disciplined and never let your
emotion get on the way. Cold calculated trades brings profits.
One thing that I want to warn is that gaining discipline is extremely hard. Yes, it can be done but it is quite challenging and it takes time.
Also, trading is not as simple. Remember that many gory details of trading is left out in the book.
Overall, an excellent book that every trader should read :D