Buy The Complete TurtleTrader: The Legend, the Lessons, the Results here, one of many top quality Gastronomy
books at Chef2Chef. We greatly appreciate your patronage at Chef2Chef and look forward to offering you great products and prices in the future.
Current Page: Cookbook Store : Gastronomy : Item 22 of 27
|
|
![]()
|
|
The Complete TurtleTrader: The Legend, the Lessons, the Results
by Michael W. Covel
Available from Amazon
$17.13
|
Features
Hardcover: 272 pages
Publisher: Collins October 9, 2007
Language: English
ISBN-10: 0061241709
ISBN-13: 978-0061241703
Product Dimensions:
9 x 5.9 x 1.1 inches
Shipping Weight: 1 pounds
From Publishers Weekly
Covel (Trend Following) revisits a famous financial trading experiment conducted by Wall Street trader Richard Dennis and extracts its lessons with mixed results. Dennis, who quickly learned how to trade after starting as a runner at the Chicago Mercantile Exchange in 1966 at age 17, had made a reported $200 million by 1983. To settle an argument with fellow trader William Eckhardt about whether trading ability was innate or could be taught, he put an ad in the Wall Street Journal offering to teach candidates how to trade in two weeks, and then backed them with his own money. Of the thousands of people who who applied, 23 turtles were accepted. Their trading made $100 million for Dennis, leading some to become highly successful traders in their own right. Having tracked down most of the people involved, Covel describes the turtle training, including rules for entering and exiting trades as well as Dennis and Eckhardt's personal lessons, and speculates on why some turtles succeeded more than others. However, there are too many characters with competing interests, and many missing facts. Covel's own strong views can also get more emphasis than the voices of the principals. Still, the book is a useful training manual distilling the lessons of a fascinating experiment. (Oct.)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
Bill Miller, Legg Mason Capital Management, Summer 2007
"If you want to beat the market, you have to do something different from what everyone else is doing, and you have to be right. In this fascinating and instructive book, Michael Covel tells how a group of novice traders used a system that generated trades that were both different and right, and which made them a lot of money. If you want to understand the real world of trading, read this book."
Reader Reviews
Back in the '80s, I wasn't following the stock market all too much. As such, I didn't know about the Turtle Trading story. But after reading The Complete TurtleTrader: The Legend, the Lessons, the Results by Michael W. Covel, I see why it created such a stir back then. It also opens the door to the mentality that it takes to be a successful commodities trader. It's not a world that I think I'd want to deal with day in and day out... Contents: Nurture versus Nature; Prince of the Pit; The Turtles; The Philosophy; The Rules; In The Womb; Who Got What to Trade; Game Over; Out on Their Own; Dennis Comes Back to the Game; Seizing Opportunity; Failure Is a Choice; Second-Generation Turtles; Model Greatness; Appendix 1 - Where Are They Now?; Appendix 2 - Related Websites; Appendix 3 - Turtle Performance Data; Appendix 4 - Turtle Performance While Trading For Richard Dennis; EndNotes; Index The Turtle Trader experiment was launched back in 1983 when Richard Dennis and William Eckhardt had a disagreement as to whether star traders could be trained or whether it was an inherent talent. Dennis, the "nurture" advocate, selected a wide variety of people through a simple job ad in the papers. Some were already familiar with trading and financial markets, while others didn't have a clue. The partners spent some time training the newly hired traders in the Turtle philosophy and system, and then set them loose to trade for Dennis' firm. The initiates were judged on how well they followed the system and pulled the trigger when necessary, as opposed to how much money they made or lost. The book follows their ups and downs, the rivalries and conflicts, and the odd decision to shut down the program after Dennis suffered his own major trading losses. The author also follows up with how the Turtle experiment affected the careers of the traders going forward, along with an analysis as to how trend trading is viewed in today's market. The book reads like a documentary rather than a dramatic retelling of the story. For this type of book, it works well as there's not any manufactured hype on minor decisions that were just that at the time.... minor. On the flip side, the book would be best appreciated by someone who already knows the basic story of the Turtle experiment or who is active in the trading scene. Even though I enjoyed the read, I felt that I was missing a bit since I had no previous knowledge on the subject. I *do* know that after reading this, I don't think I'd like to be responsible for trading millions of dollars based on trends, knowing (and hoping) that your down months will be offset by the up months. In any case, anyone who is interested in financial markets and commodities trading will be interested in this book...
Comment | Permalink |
(Report this)
|
|
|
The Complete TurtleTrader: The Legend, the Lessons, the Results
by Michael W. Covel
Available from Amazon
$17.13
|
|
