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Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders Hardcover – March 9, 2007
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From the Publisher
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.
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
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Let your winners run, have a SIMPLE plan, discipline. Most of these trading books say the same thing, though I did enjoy the story.
Also when it comes to systems, less is more. I do forex and I would use like 3 moving averages, RSI, blah blah. It doesn’t work. Pure price action, just two MA’s and donchian break outs have been good for me and this book used stats to actually determine that 2 is better than 3 when it came to the MA’s and trading breakouts was more profitable with the donchian. SO that was cool to see.
If you are a struggling trader, never give up. Eventually find your system, keep it simple, remain humble, and SHOW UP!
But much more emphasis on being disciplined both in terms of system and psychology.
The methods that are discussed are sound but quite difficult to implement.
However, I suggest that anyone interested in trading take a look at the book.
Most of the "Turtle" books focus on how successful the traders were, offering little about their methods.
The reason I was 'far beyond' is that I had already read Curtis Faith's 'Way of the Turtle' several years ago. His book is a must for any really serious trader who wants to make his monies consistently appreciate over time. Faith's excellent book assisted me with my goal to develop an optimization approach for any indicator - a 'robust' approach - meaning that the superb trading results obtained from using the optimized indicator were consistently positive (irrespective of the stock invested in, and irrespective of the market conditions). This sounds like a trader's dream, but it really works.
At this point, I use the approach only for my own trading, and have little desire to sell subscription services to would-be traders. I suspect that many so-called 'entrepreneurs' who sell subscription services to traders prefer to take traders' cash, rather than invest in the markets themselves. It's much easier to sell suggestions to others, rather than risking one's own cash (especially if the suggestions are not backed up by a sound, well-tested system).
Back to Curtis Faith's book: it's full of gems! The gems include "how to determine whether or not you have an 'edge' before participating in a trade" and "how to calculate that edge." There are many other gems. To top it off, the book is also entertaining. Last but not least, this book is one of the few which alert traders to the many hazards involved when trading in the marketplace. Curtis Faith's message: "You must have an edge before you trade." I agree with him.
"Way of the Turtle" is a must-read - already many traders think so, for the sale of Faith's books is quite crisp. There is also a later edition out, which I'm considering purchasing, as well. Thank you, Curtis Faith!
Top international reviews
But be careful. Clenow in Stocks on the Move: Beating the Market with Hedge Fund Momentum Strategies says "Classic trend following is done on futures. The normal way to execute this strategy is to follow trends on a large set of futures markets ... if you apply a trend following model to a single market, you're just gambling... the core premise of trend following is therefore based on diversification".
So, use the techniques Faith describes, but be careful to execute them within a large portfolio of futures trades. I recommend that you read this book first: Following the Trend: Diversified Managed Futures Trading (Wiley Trading).
Fortunately the book has value to investors as well as traders. This is not a book about forecasting but about identifying repeatable and exploitable opportunities in markets. Faith makes valuable comments on the importance of considering the state of the market and how the productivity of a process may depend on this state. Helpfully Faith provides guidance on how to test processes. Many of these steps are intuitive, simple and logical but put together they provide a suite to truly examine the robustness of any system. Any trader must have total confidence in his process if he is to survive a long drawdown.
Surprisingly Faith does not consider the impact of computer driven trading. Presumably strategies employed by CTAs and statistical arbitrage programmes will be similar to those espoused by Faith. With billions of dollars following these strategies, free from heuristic flaws, it would seem reasonable to expect increasing levels of process degeneration. The question is not considered.