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The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires Paperback – Illustrated, February 24, 2009
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“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.
- Item Weight : 8 ounces
- Paperback : 288 pages
- ISBN-10 : 0061241717
- ISBN-13 : 978-0061241710
- Dimensions : 5.31 x 0.65 x 8 inches
- Publisher : Harper Business; Illustrated edition (February 24, 2009)
- Language: : English
- Best Sellers Rank: #25,772 in Books (See Top 100 in Books)
- Customer Reviews:
Top reviews from the United States
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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.
If you want a fiction, light reading to spend some time - this is exactly it. In this case I'd put solid "5" on this book.
But, if you want to learn more about experiment itself, rules, etc., this is not a book for you. I did not learn anything in addition to what I already new from online free PDF and Curtis Faith book, which is BTW much better than this one. Fro this perspective it deserves "1" or "2". So, total is a solid "3" or maybe very-very light "4".
And one more thing - Covel seems to have some grievance towards Faith and spends quite a time to discredit him. This does not feel appropriate.
Some people may have read these rules some other books, but you gotta remember: most of those rules came originally from the Turtles.
Top reviews from other countries
After telling the story of the bet/participants, the book describes their further achievements showing how many of them used this knowledge as a cornerstone to become successful traders. It also lays out the major rules and learning points taught within the programme, so the reader can attempt to learn and analyse their validity if they wish. Overall its an interesting read that supports the idea of active trend following within investing.
I love Michael Covels writing style, he lays it all down and its up to the reader to mine for those nuggets applicable to them at that time. I feel you could pick Michael Covels books up again and again and find a gem hiding in plain sight.
In short, it is a great book, gives you alot of motivation and definitely a right mindset to be a successful trader, and if you are really interested in trading this one is one you should absolutely have it in your bookshelve.