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The Complete TurtleTrader: The Legend, the Lessons, the Results | MadDog's Trading House

The Complete TurtleTrader: The Legend, the Lessons, the Results

The Complete TurtleTrader : The Legend, The Lessons, The ResultsAuthor: Michael W. Covel
Publisher: HarperBusiness (October 9, 2007)
Format: Hardcover – 272 pages
ISBN-10: 0061241709
ISBN-13: 978-0061241703
List Price: $25.99

We read constantly about the men and women who make nine- and ten-figure fortunes in the markets-the Warren Buffetts, Paul Tudor Joneses, and Michael Milkens of the world. Do they have some incredible gift the rest of us lack, an ability to make cool decisions under fire when we let emotion get in the way, to coolly assess the impact of each trade as though millions — or billions — of dollars aren’t riding on the next click of their mouse?

Richard Dennis, “the Prince of the Pits,” a man who’d already made a fortune on the Street, was convinced that great trading wasn’t a gift from God, but something that could be taught to anyone. So one day he made a bet with his partner, and ran a classified ad in the Wall Street Journal looking for trainees. And he didn’t just hire finance professionals: his trainees — who became known as the “Turtles”– included an actor, a security guard, two professional blackjack players, a pianist, a fantasy game designer, and others. After two weeks of training, he set them loose, with a $1 million bankroll each to invest as they chose, and the right to keep a share of their trading gains for themselves, as long they adhered to the Turtle system. By the time the program ended, Dennis and his partner had made over $120 million — from trades made by complete novices. Many of these Turtles then went on to trade for themselves, and some are among the top investors operating today.

As fascinating as Dannis and the Turtles’ story is, Covel doesn’t stop there. He lays out, in detail, the exact system the Turtles used to reap their millions. And because the Turtle system is a form of so-called technical investing, meaning the Turtles weren’t concerned about the fundamentals of the investments they made, it is an investing strategy where a Wall Street operator, plugged into the second-by-second madness of finance, has NO advantage over an ordinary investor. And Covel takes us step-by-step through all the details needed to apply this at home.

Michael W. Covel is the founder and President of Trend Following. A researcher of top investment managers, he has been in the alternative investments industry consulting to individual traders, hedge funds and banks for ten years. His best selling book, Trend Following: How Great Traders Make Millions in Up or Down Markets (Prentice Hall, May 2004 and Nov 2005) is a complete and concise guide to trend following. It profiles great trend followers who have won millions if not billions in the market. Trend Following is currently available in Japanese, Chinese, German, Korean, and French. Covel also writes for numerous industry publications including the Market Technicians Association, Yahoo! Finance, TradingMarkets.com, Your Trading Edge Magazine, Futures Japan Magazine and Stocks, Futures and Options Magazine. He is consistently quoted and interviewed by the likes of Bloomberg Radio, Technical Analysis Magazine and Barrons.

Covel is also Managing Editor at TurtleTrader.com, the leading trend following news and commentary resource since 1996. Thousands of visitors from more than 70 countries as well as hundreds of trading professionals engaged in years of debate and interchange making the site the rich archive of trading information, data and opinion that it continues to be today. TurtleTrader is one of the largest & strongest trading communities on the web with over 10 million unique visitors since its inception.

MadDog’s Opinion: Not reviewed yet.

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