All from multiple vantage points not a single source. Michael W. Covel is the author of the bestselling book Trend Following, now in its seventh printing and translated into eight languages. Covel speaks regularly on the subject of trading and is managing editor of TurtleTrader.com, the leading news and commentary resource on https://forexarena.net/ insights into the Turtles. Bottom line though it is a trading and investing goldmine of insight. The book was sold over the summer to HarperCollins (Publisher of Freakonomics, Good to Great, etc.).
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Dennis believed in teaching someone to become a trader while Eckhardt had serious doubts. They made a the complete turtletrader review bet to give it a try through the experiment and called it the “Turtles” after Dennis had seen how turtles were being grown in Singapore. This fascinating story has also been covered in Jack D. Schwager’s Market Wizards book and in other materials by the author Michael W. Covel. The Complete TurtleTrader was first published in 2007.
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- This is the true story of novices trained to be millionaires.
- Richard Dennis made a fortune on Wall Street by investing according to a few simple rules.
- But if you have an open mind, and are willing to work hard, you can be the next TurtleTrader.
- The right answers aren’t included but hopefully I did good enough.
Richard Dennis
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. What happens when ordinary people are taught a system to make extraordinary money? For two weeks, Dennis taught them his investment rules and philosophy, and set them loose to start trading, each with a million dollars of his money.
The Books
If you want the chance for outsized returns trend following is where to be, but this ain’t clipping coupons. These rules worked—and still work today—for the Turtles, and any other investor with the desire and commitment to learn from one of the greatest investing stories of all time. Dennis taught the Turtles his theory-driven quantitative trading approach – mechanical trend-following based on a set of rules. Some core axioms of the Turtles sound very relevant even today, almost 40 years later; similar to what I have written down myself.
Trend Following Products
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.
For simple starters, turtle Jerry Parker, turtle Paul Rabar and one of their teachers William Eckhardt manage a combined $3+ billion dollars in assets. This is a complete and objective money making (and in some instances money losing) story with unexpected twists along the way. This is the true story of novices trained to be millionaires. It is the only narrative account of trader Richard Dennis and his student traders nicknamed the ‘Turtles’.
The bestselling book TurtleTrader is the true story of 23 novice traders becoming literal overnight millionaires. This story is absolute proof anyone can learn to invest and make big money. But if you have an open mind, and are willing to work hard, you can be the next TurtleTrader. He describes how Dennis interviewed and selected his students, details their education and experiences while working for him, and breaks down the Turtle system and rules in full. He reveals how they made astounding fortunes, and follows their lives from the original experiment to the present day. Some have grown even wealthier than ever, and include some of today’s top hedge fund managers.
Dennis and Eckhardt were very strict about their rules and they had to let some people go, so not everyone made the cut. An eye-opening story how the Turtles were taught to go against basic human nature, the flaws that we may not notice while making decisions but actually hurt our trading performance significantly. While the exact reason is unclear, Dennis was having some issues of his own.
The students were going to trade the firm’s money and be able to keep a part of the profits. For many it seemed a too good opportunity to be true. It’s the story of the famous experiment in 1983 about teaching a group of inexperienced people to become traders led by Richard Dennis and his partner William Eckhardt.
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I have read about the traders featured in this book and listened to them on podcasts. So I was already aware of much of the content but there was still so much new, too. The moral of the story is that trading can be learned and you don’t need to be born with special skills. However, people with entrepreneurial mindset and toughness to take losses and get back up, were the ones to continue on the success path when trading without a mentor. If you like the review, I recommend to read the whole book.
Many of the Turtles started to trade for clients on their own. There is a whole chapter on Jerry Parker, a successful Turtle who founded Chesapeake Capital and started managing money for clients. But not all Turtles were successful after the program.
The right answers aren’t included but hopefully I did good enough. One of the key factors here is why people with outstanding intelligence can be terrible traders. TurtleTrader is the 80,000 word authoritative look at the Turtle complete story – all the good and all the bad are in it.
