I don’t think there is a better way to learn about the legendary Turtles then by hearing from the best Turtle.
I chanced upon the audio book and after listening to it, decided to get the book.
It is an easy read (if you less the formulae presented in the book). I’d like the way Curtis highlighted what was really important to the turtles that brought them trading success. In a nutshell, what really brought them success had to do a lot with their mentality - to follow the trading system consistently, to not focus on the immediate trading results but look at the long haul etc. Curtis also highlighted the importance of the money management rules - position sizing based on the violatility of the instrument, position size limitation based on market correlation etc. The above 2 aspects were more impactful to the Turtles’ trading success than the trading system itself. That’s why the rules of the trading system are revealed in entirety in the book.
“…The funny thing is that most of the principles that Richard Dennis taught us were not new. Some were basic principles that had been espoused by other famous traders since before Richard was born. Yet the very simplicity of the principles we were taught in some respects was a hindrance for those of us who tried to follow them in those initial months. People have a tendency to believe that complicated ideas are better than simple ones. Many find it hard to comprehend that Richard Dennis could have made several hundred million dollars by using a handful of simple rules…”
However, Curtis did highlight that the Turtles started off not having to worry about the trading system mainly because it came from the legendary futures traders . The Turtles trusted that their mentors had done the necessary system testing and had passed them a profitable trading system. So the Turtles just had to focus on their psychology and follow the money management rules strictly, which could explain why they became so successful in such a short time.
“…If I had to pick the single X factor most responsible for our success
as Turtles, it would be the fact that we were taught by a legendary
trader. This knowledge gave us a faith in the methods that
Richard taught us, making it much easier for us to follow his rules
consistently and persistently…”
Because of Curtis’ background in trading system testing, he also shared metrics for measuring the performance of a trading system (even how to identify if a trading system has an edge), how to do proper backtesting and pointers on how to make a trading system robust. Along with the interesting Turtle trading stories, I definitely find this book a good read!
inpost image by turtlemom4beacon
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The only way to be truely satisfied is to do what you believe is great work and the only way to do great work is to love what you do… - Steve Jobs
hi bro,
good to see you blogging again…. and thanks for the review of the book. i’m reading a lot lately too… finding Silvani’s book “Beat the Forex Dealer” very interesting :O)
all the best in your trading and health!
ck