Turtle's Way
 |
Description
Book Introduction
From the details of trading techniques, trading psychology, money management, and life issues.
You will find clear explanations and sharp perspectives.
Faith, the youngest of the Turtles at nineteen when the company was founded, made Dennis $31.5 million in profits in just four years through her brilliant trading skills.
What was the secret that brought this 19-year-old boy so much wealth? This book reveals, for the first time, the Turtle Group members themselves, why the trading system they used achieved such remarkable success.
In particular, Curtis Faith, who achieved the highest performance among the Turtle members, explains in this book how Dennis and Eckhardt were able to select 13 ordinary people from various professions and develop them into excellent traders in just two weeks.
The author also explains why the Turtle Method can work in today's markets and shares valuable insights gleaned from his own experience, including how to take risks, choose your own trading path, and learn from your mistakes.
You will find clear explanations and sharp perspectives.
Faith, the youngest of the Turtles at nineteen when the company was founded, made Dennis $31.5 million in profits in just four years through her brilliant trading skills.
What was the secret that brought this 19-year-old boy so much wealth? This book reveals, for the first time, the Turtle Group members themselves, why the trading system they used achieved such remarkable success.
In particular, Curtis Faith, who achieved the highest performance among the Turtle members, explains in this book how Dennis and Eckhardt were able to select 13 ordinary people from various professions and develop them into excellent traders in just two weeks.
The author also explains why the Turtle Method can work in today's markets and shares valuable insights gleaned from his own experience, including how to take risks, choose your own trading path, and learn from your mistakes.
- You can preview some of the book's contents.
Preview
index
Recommendation
Acknowledgements
prolog
Entering: The Day I Met the 'Prince of Pete'
Chapter 1: Risk is a Profit Opportunity
Traders trade risk
Traders, speculators, scalpers
Panic in the pit
Chapter 2: Traders, Techniques, and the Market
Traders' Emotions and Cognitive Biases
Trading techniques
Market Status by Trend and Volatility
Chapter 3: Earning the First $2 Million is the Hardest Part
Start Turtle Training
Consideration of the probability of bankruptcy
The Importance of Scientific Risk Management
Turtle's superiority
Expectations and confidence in long-term success
Turtle Trading
Deployed into real trading
Report Card for First Trade
Chapter 4: Turtle Mind
It doesn't matter who was right.
Don't get caught up in the past
Don't predict the future
Think in terms of probability
There are no special benefits or secrets.
Take responsibility for your trading results.
Chapter 5: Trading with an Edge
Factors that create an advantage
Good price movement vs.
bad price fluctuations
Advantage ratio (E-ratio)
Trend Portfolio Filter
The superiority of liquidation
Chapter 6: In Search of Superiority
Why do support and resistance arise?
Why Trend Following Has an Advantage in Support and Resistance
There is an advantage in the battleground of buying and selling.
Chapter 7: Risk and Reward
Four Types of Risk
Four Measures of Risk
Three Scales for Measuring Compensation
A representative index measuring the risk/reward ratio
Risk of loss of effectiveness of trading strategy
There can be no universal standard.
Chapter 8 Risk and Fund Management
Set a risk level you can tolerate
Trading is simple, but not easy.
Turtle Money Management: Don't Leave the Game
Turtle Risk Management: Follow the Rules to Avoid Catching the Last Train
Think back to past price shocks.
Chapter 9: Turtle Trading Basics
Basic tools of the Turtle program
And other things
Chapter 10: The Turtle Trading System
The only information we have is past data.
Basic elements of the system
Turtle Trading System
Comparison of performance of each system
Wait, about the loss limit rule.
Changes in the performance of each system
Chapter 11: Lies, Damn Cheats, and Postmortems
Trader Effect
random effects
Optimization Paradox
Overoptimization or curve fitting
Chapter 12 A Solid Foundation
Statistical basis of verification
Existing scales are not robust
Robust Performance Scale
Regression Annual Average Return, RAR%
R4: A New Risk/Reward Scale
Robust Sharpe ratio
Representativeness of the sample
sample size
Looking into the future from the past
Monte Carlo simulation
Limitations of postmortem verification
Chapter 13 The Perfect System
Predicting the future
Robust Trading
Robust System
Market dispersion
Decentralization of the system
Overcoming limitations
Chapter 14: The Psychological Reasons for Turtle's Success
Live by pride, die by pride
The most beneficial attitude for a trader is humility.
A simple but most important element: consistency.
Chapter 15: The Path Everyone Chose and the Path I Chose
I had a dream of becoming a millionaire at nineteen.
Success is impossible without trying.
Learning requires failure.
If you feel like you've taken the wrong path
Thinking about money and dreams
Appendix: Turtle's Trading Rules
Things a Perfect Trading System Must Determine
Market: Turtle's chosen market
Determining Position Size
Market entry rules
loss limit rules
Liquidation rules
Tactics: The Details That Determine Profitability
Epilogue
References
Acknowledgements
prolog
Entering: The Day I Met the 'Prince of Pete'
Chapter 1: Risk is a Profit Opportunity
Traders trade risk
Traders, speculators, scalpers
Panic in the pit
Chapter 2: Traders, Techniques, and the Market
Traders' Emotions and Cognitive Biases
Trading techniques
Market Status by Trend and Volatility
Chapter 3: Earning the First $2 Million is the Hardest Part
Start Turtle Training
Consideration of the probability of bankruptcy
The Importance of Scientific Risk Management
Turtle's superiority
Expectations and confidence in long-term success
Turtle Trading
Deployed into real trading
Report Card for First Trade
Chapter 4: Turtle Mind
It doesn't matter who was right.
Don't get caught up in the past
Don't predict the future
Think in terms of probability
There are no special benefits or secrets.
Take responsibility for your trading results.
Chapter 5: Trading with an Edge
Factors that create an advantage
Good price movement vs.
bad price fluctuations
Advantage ratio (E-ratio)
Trend Portfolio Filter
The superiority of liquidation
Chapter 6: In Search of Superiority
Why do support and resistance arise?
Why Trend Following Has an Advantage in Support and Resistance
There is an advantage in the battleground of buying and selling.
Chapter 7: Risk and Reward
Four Types of Risk
Four Measures of Risk
Three Scales for Measuring Compensation
A representative index measuring the risk/reward ratio
Risk of loss of effectiveness of trading strategy
There can be no universal standard.
Chapter 8 Risk and Fund Management
Set a risk level you can tolerate
Trading is simple, but not easy.
Turtle Money Management: Don't Leave the Game
Turtle Risk Management: Follow the Rules to Avoid Catching the Last Train
Think back to past price shocks.
Chapter 9: Turtle Trading Basics
Basic tools of the Turtle program
And other things
Chapter 10: The Turtle Trading System
The only information we have is past data.
Basic elements of the system
Turtle Trading System
Comparison of performance of each system
Wait, about the loss limit rule.
Changes in the performance of each system
Chapter 11: Lies, Damn Cheats, and Postmortems
Trader Effect
random effects
Optimization Paradox
Overoptimization or curve fitting
Chapter 12 A Solid Foundation
Statistical basis of verification
Existing scales are not robust
Robust Performance Scale
Regression Annual Average Return, RAR%
R4: A New Risk/Reward Scale
Robust Sharpe ratio
Representativeness of the sample
sample size
Looking into the future from the past
Monte Carlo simulation
Limitations of postmortem verification
Chapter 13 The Perfect System
Predicting the future
Robust Trading
Robust System
Market dispersion
Decentralization of the system
Overcoming limitations
Chapter 14: The Psychological Reasons for Turtle's Success
Live by pride, die by pride
The most beneficial attitude for a trader is humility.
A simple but most important element: consistency.
Chapter 15: The Path Everyone Chose and the Path I Chose
I had a dream of becoming a millionaire at nineteen.
Success is impossible without trying.
Learning requires failure.
If you feel like you've taken the wrong path
Thinking about money and dreams
Appendix: Turtle's Trading Rules
Things a Perfect Trading System Must Determine
Market: Turtle's chosen market
Determining Position Size
Market entry rules
loss limit rules
Liquidation rules
Tactics: The Details That Determine Profitability
Epilogue
References
Into the book
Some might find it surprising that Dennis thinks he can turn trainees into competent traders in just two weeks.
As I found out later, Dennis actually thought that two weeks was too long.
In fact, the training period for the second batch of Turtle trainees conducted the following year was shortened to just one week.
The difficulty of trading lies not in the difficulty of the concepts, but in the ability to apply them.
Learning what to do specifically in a trading training course is relatively easy.
The real challenge is applying what you've learned in an actual trading environment.
--- From 'Entering'
In a word, traders are people who trade risk.
There are different types of risk, and each type has a corresponding type of trader.
Various risks can be broadly divided into two categories.
One is liquidity risk and the other is price risk.
--- From 'Traders Trade Risk'
Everyone has an inherent, systematic, repetitive irrationality, and Turtles succeed because they trade based on the market fluctuations that arise from this.
...
People with a strong loss aversion tendency absolutely prefer avoiding losses over gaining gains.
For most people, losing $100 and not making $100 are not the same thing.
But from a rational point of view, these two are the same.
Both of these changes are negative and change the value of $100.
Research has shown that losses have twice the psychological power of gains.
--- From 'Traders' Emotions and Cognitive Biases'
The concept we used most often was 'breakthrough'.
Breakout is a concept widely known as a 'Donchian Channel Breakout' after Richard Donchian, who used it in his trading techniques.
The basic logic is to buy when the market price reaches a new all-time high over a certain period, i.e., when the previous price level is broken.
There are two types of periods for determining highs and lows: System 1 and System 2. System 1 is a medium-term system based on 20 days (4 weeks), and System 2 is a longer-term system based on 60 days (12 weeks).
--- From 'Turtle Trading'
The difference in earnings is not due to knowledge or information factors, but rather to emotional or psychological factors.
All Turtle trainees, including myself, learned the exact same things in the same training course.
Yet, I earned three times more than the other trainees.
All the trainees I trained with were taught by the best traders of their time, and their intellectual abilities were second to none.
While some of these individuals could undoubtedly become highly successful traders within a few years, their performance during this training period has not been particularly impressive.
--- From 'Getting into Real Trading'
Even turtles don't know which trades will be profitable or lose money.
However, we can only roughly draw a distribution that may appear as a result of trading.
Turtles approach each trade with the understanding that while there is a possibility of profit, there is also a high probability of loss.
However, we also know that there are medium-sized profit trades of around 4R to 5R, but there can also be large-scale profit trades of 12R, 20R, or even 30R.
Ultimately, what Turtles clearly understand is that the size of their winning trades is so large that they can generate profits large enough to offset multiple losing trades.
Therefore, when turtles go into trading, they are not overly excited or depressed by individual trading results.
This is because we are well aware that, based on frequency, losing trades account for a much larger proportion of overall trading activity.
Our turtles make decisions based on probability.
That's why we can be confident in our judgment even in situations where risk and uncertainty are high.
As I found out later, Dennis actually thought that two weeks was too long.
In fact, the training period for the second batch of Turtle trainees conducted the following year was shortened to just one week.
The difficulty of trading lies not in the difficulty of the concepts, but in the ability to apply them.
Learning what to do specifically in a trading training course is relatively easy.
The real challenge is applying what you've learned in an actual trading environment.
--- From 'Entering'
In a word, traders are people who trade risk.
There are different types of risk, and each type has a corresponding type of trader.
Various risks can be broadly divided into two categories.
One is liquidity risk and the other is price risk.
--- From 'Traders Trade Risk'
Everyone has an inherent, systematic, repetitive irrationality, and Turtles succeed because they trade based on the market fluctuations that arise from this.
...
People with a strong loss aversion tendency absolutely prefer avoiding losses over gaining gains.
For most people, losing $100 and not making $100 are not the same thing.
But from a rational point of view, these two are the same.
Both of these changes are negative and change the value of $100.
Research has shown that losses have twice the psychological power of gains.
--- From 'Traders' Emotions and Cognitive Biases'
The concept we used most often was 'breakthrough'.
Breakout is a concept widely known as a 'Donchian Channel Breakout' after Richard Donchian, who used it in his trading techniques.
The basic logic is to buy when the market price reaches a new all-time high over a certain period, i.e., when the previous price level is broken.
There are two types of periods for determining highs and lows: System 1 and System 2. System 1 is a medium-term system based on 20 days (4 weeks), and System 2 is a longer-term system based on 60 days (12 weeks).
--- From 'Turtle Trading'
The difference in earnings is not due to knowledge or information factors, but rather to emotional or psychological factors.
All Turtle trainees, including myself, learned the exact same things in the same training course.
Yet, I earned three times more than the other trainees.
All the trainees I trained with were taught by the best traders of their time, and their intellectual abilities were second to none.
While some of these individuals could undoubtedly become highly successful traders within a few years, their performance during this training period has not been particularly impressive.
--- From 'Getting into Real Trading'
Even turtles don't know which trades will be profitable or lose money.
However, we can only roughly draw a distribution that may appear as a result of trading.
Turtles approach each trade with the understanding that while there is a possibility of profit, there is also a high probability of loss.
However, we also know that there are medium-sized profit trades of around 4R to 5R, but there can also be large-scale profit trades of 12R, 20R, or even 30R.
Ultimately, what Turtles clearly understand is that the size of their winning trades is so large that they can generate profits large enough to offset multiple losing trades.
Therefore, when turtles go into trading, they are not overly excited or depressed by individual trading results.
This is because we are well aware that, based on frequency, losing trades account for a much larger proportion of overall trading activity.
Our turtles make decisions based on probability.
That's why we can be confident in our judgment even in situations where risk and uncertainty are high.
--- Think in terms of probability
Publisher's Review
Appendix: The Legendary "Turtle Trading Rule" Revealed!
The core techniques of the legendary Turtle Program that turned ordinary people into top traders in just two weeks!
Turtle's trading techniques, first revealed in 1983 by Curtis Faith, a founding member of the Turtle family.
From the details of trading techniques, trading psychology, money management, and life issues.
You will find clear explanations and sharp perspectives.
The legendary "Turtle Trading Technique" revealed for the first time by a Turtle original member.
This is the first book by a Turtle member to explain the legendary Turtle Traders and the trading techniques that made them millionaires.
Curtis Faith, the man who made the Turtle program a legend among traders on Wall Street and around the world, has broken his long silence and fully revealed the Turtle's unique trading system, which has achieved an average annual return of 100%.
Regardless of your current trading skill level, we'll break down the following specific topics to explain how you can apply the Turtle Method to generate high profits.
How the Turtles Made Their Money: The Trading Principles and Rules They Followed
Why do turtles perform differently even when using the same approach?
How to identify core strategies applicable to all markets based on these principles
How to Apply Turtle Trading Techniques to Your Trading and Life
How to increase trading diversity and reduce exposure to risk
The author explains why the Turtle Method works in today's markets and shares valuable insights from his own experience, including how to take risks, choose your own trading path, and learn from your mistakes.
"One of the top five must-read trading books of all time."
Van K. is recognized as the leading authority on trading psychology on Wall Street.
In his recommendation, Dr. Taff lavished praise on the book, calling it “one of the top five trading books of all time.”
First, I heard that this book explains what is essential for successful trading, and second, it presents an easy-to-understand way to apply behavioral economics to trading.
Dr. Tharp emphasizes that this book is a must-read for anyone who dreams of becoming a successful trader, as it provides a thorough understanding of the Turtles' training methods, what they actually learned, the Turtles' "real secrets," and the challenges associated with system development.
The Wall Street Journal also featured a feature on the Turtle program, stating, “The most successful of the Turtles is Curtis Pace.
At the age of 19, Faith, the youngest person ever to enter the Turtle program, reportedly earned Dennis a whopping $31.5 million.
"Just as you can raise turtles on a farm, you can also raise traders."
The legendary trading system was born when Richard Dennis, a titan nicknamed the "Prince of the Pit" (trading floor), and his longtime friend Bill Eckhardt made a bet on whether trader ability was innate or could be developed through training.
The 13 original members selected in 1983 were mostly outsiders who knew nothing about financial markets or trading.
Yet, in just two weeks, they completely transformed into top traders.
It was all thanks to Dennis and Eckhart's trading training.
Among them, Curtis Pace is the main character who made the Turtle Group a legend on Wall Street through his genius trading activities.
In this book, Faith takes readers into a treasure trove of turtle trading secrets, revealing the full contents of a two-week course, enabling readers to become another "turtle."
The Legend of the Turtle will now become a reality thanks to our readers!
As an appendix, the 'Turtle Trading Rules' that everyone wanted to know are revealed!!
The Turtles have remained silent for so long due to a five-year confidentiality clause in their Turtle class contracts and their reluctance to reveal their trading secrets.
So, in some quarters, the expression 'Turtle's Silence' was being circulated.
Dennis' fame and the Turtles' incredible returns made it a golden land that everyone dreamed of, but it remained a forbidden sanctuary that no one could enter due to the oath of secrecy.
The aspirations of countless aspiring traders and those striving to become successful traders have led to a relentless obsession with the Turtles' secret techniques, yet the Turtles have consistently remained silent on the core content of their two-week classes.
But the secret has finally been revealed for the first time by Curtis Pace, Dennis's most cherished disciple and the Turtle's highest-grossing investor! Readers who can hear will hear, and those who can see will see!
“This is a significant book as the first to be told directly by the participants in one of the most fascinating experiments in trading history.
Curtis shares his unique experience and makes you think deeply about the various elements necessary for successful trading.
It provides detailed information on the Turtle Trading technique, which goes a step further than the common method known as trend following.
This book provides valuable techniques for entry criteria, position addition principles, position sizing, stop-loss, and exit.
- Brett Steenberger (reader)
“This is the best book I have ever read in every way.
The author's insights into the psychology of trading are particularly suggestive.
As a trader, I wholeheartedly agree with the psychological analysis Curtis outlined.
“I think the attitude Curtis showed in his first month as a turtle trader in particular is not unrelated to the reason he achieved the best results.”
- Biz Leader (Reader)
“This is the story of a real turtle.
There is absolutely no exaggeration or sensational content.
You will learn the 'exact' rules the Turtles used, and why they used them.
“That’s why this book shines among the books flooding the market.”
- Andrew (reader)
The core techniques of the legendary Turtle Program that turned ordinary people into top traders in just two weeks!
Turtle's trading techniques, first revealed in 1983 by Curtis Faith, a founding member of the Turtle family.
From the details of trading techniques, trading psychology, money management, and life issues.
You will find clear explanations and sharp perspectives.
The legendary "Turtle Trading Technique" revealed for the first time by a Turtle original member.
This is the first book by a Turtle member to explain the legendary Turtle Traders and the trading techniques that made them millionaires.
Curtis Faith, the man who made the Turtle program a legend among traders on Wall Street and around the world, has broken his long silence and fully revealed the Turtle's unique trading system, which has achieved an average annual return of 100%.
Regardless of your current trading skill level, we'll break down the following specific topics to explain how you can apply the Turtle Method to generate high profits.
How the Turtles Made Their Money: The Trading Principles and Rules They Followed
Why do turtles perform differently even when using the same approach?
How to identify core strategies applicable to all markets based on these principles
How to Apply Turtle Trading Techniques to Your Trading and Life
How to increase trading diversity and reduce exposure to risk
The author explains why the Turtle Method works in today's markets and shares valuable insights from his own experience, including how to take risks, choose your own trading path, and learn from your mistakes.
"One of the top five must-read trading books of all time."
Van K. is recognized as the leading authority on trading psychology on Wall Street.
In his recommendation, Dr. Taff lavished praise on the book, calling it “one of the top five trading books of all time.”
First, I heard that this book explains what is essential for successful trading, and second, it presents an easy-to-understand way to apply behavioral economics to trading.
Dr. Tharp emphasizes that this book is a must-read for anyone who dreams of becoming a successful trader, as it provides a thorough understanding of the Turtles' training methods, what they actually learned, the Turtles' "real secrets," and the challenges associated with system development.
The Wall Street Journal also featured a feature on the Turtle program, stating, “The most successful of the Turtles is Curtis Pace.
At the age of 19, Faith, the youngest person ever to enter the Turtle program, reportedly earned Dennis a whopping $31.5 million.
"Just as you can raise turtles on a farm, you can also raise traders."
The legendary trading system was born when Richard Dennis, a titan nicknamed the "Prince of the Pit" (trading floor), and his longtime friend Bill Eckhardt made a bet on whether trader ability was innate or could be developed through training.
The 13 original members selected in 1983 were mostly outsiders who knew nothing about financial markets or trading.
Yet, in just two weeks, they completely transformed into top traders.
It was all thanks to Dennis and Eckhart's trading training.
Among them, Curtis Pace is the main character who made the Turtle Group a legend on Wall Street through his genius trading activities.
In this book, Faith takes readers into a treasure trove of turtle trading secrets, revealing the full contents of a two-week course, enabling readers to become another "turtle."
The Legend of the Turtle will now become a reality thanks to our readers!
As an appendix, the 'Turtle Trading Rules' that everyone wanted to know are revealed!!
The Turtles have remained silent for so long due to a five-year confidentiality clause in their Turtle class contracts and their reluctance to reveal their trading secrets.
So, in some quarters, the expression 'Turtle's Silence' was being circulated.
Dennis' fame and the Turtles' incredible returns made it a golden land that everyone dreamed of, but it remained a forbidden sanctuary that no one could enter due to the oath of secrecy.
The aspirations of countless aspiring traders and those striving to become successful traders have led to a relentless obsession with the Turtles' secret techniques, yet the Turtles have consistently remained silent on the core content of their two-week classes.
But the secret has finally been revealed for the first time by Curtis Pace, Dennis's most cherished disciple and the Turtle's highest-grossing investor! Readers who can hear will hear, and those who can see will see!
“This is a significant book as the first to be told directly by the participants in one of the most fascinating experiments in trading history.
Curtis shares his unique experience and makes you think deeply about the various elements necessary for successful trading.
It provides detailed information on the Turtle Trading technique, which goes a step further than the common method known as trend following.
This book provides valuable techniques for entry criteria, position addition principles, position sizing, stop-loss, and exit.
- Brett Steenberger (reader)
“This is the best book I have ever read in every way.
The author's insights into the psychology of trading are particularly suggestive.
As a trader, I wholeheartedly agree with the psychological analysis Curtis outlined.
“I think the attitude Curtis showed in his first month as a turtle trader in particular is not unrelated to the reason he achieved the best results.”
- Biz Leader (Reader)
“This is the story of a real turtle.
There is absolutely no exaggeration or sensational content.
You will learn the 'exact' rules the Turtles used, and why they used them.
“That’s why this book shines among the books flooding the market.”
- Andrew (reader)
GOODS SPECIFICS
- Date of issue: June 1, 2010
- Format: Hardcover book binding method guide
- Page count, weight, size: 400 pages | 838g | 162*235*30mm
- ISBN13: 9788991998391
- ISBN10: 8991998399
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