I get a security warning on the web address above.
http://metastocktools.com/downloads/turtlerules.pdf
seems to be OK
I get a security warning on the web address above.
http://metastocktools.com/downloads/turtlerules.pdf
seems to be OK
montmorencyt2w
Senior member
- Messages
- 2,619
- Likes
- 294
Oh ye of little faith ...
shmeeko69
Junior member
- Messages
- 34
- Likes
- 1
If your not willing to invest a few quid in books
that will change your way of trading & hopefully
increase your bank balance, then this numbers game
is not for you.
I've read the book twice & now reading it for a third
time & still learning - I can't put it down.
Mark 👍
....Never had any time for turtles...and their methods...so not interested....
...But hey you be happy riding a turtle...!
montmorencyt2w
Senior member
- Messages
- 2,619
- Likes
- 294
This is the paradox: Some people say "read all you can" and similar phrases to "If your not willing to invest a few quid in books...etc", while others say "how can you expect to learn something from a book ... why would anyone successful give away their secrets in a book...", and others are tempted to spend thousands on special courses or one-to-one mentoring, while others warn that these people are all scammers.....and still others say that the only way you can learn is to actually do it....(that's a technique of learning that works so well with, say, the violin or brain surgery isn't it...?).
Still, reading a wide variety of books is good. At least while one is reading one is not trading and while one is not trading, at least one is not losing. 😉
After reading books, and then suitably primed with great and dynamic approach to trading, if people can make money then it is good luck.....I have seen people lose thousands after by just a 'click'....
And a friend of mine will say after reading a newspaper, I will be buying 10K worth of BARC at 90 because it seems a good buy....and then orders his drink and gets zonked. But he does come out as a winner....He has NOT read a single book on any trading methods...!
So when someone says what ? You have not read it..?...I say, better to have deprived existence when it comes to reading, and be rich, rather than have a Masters in book reading and just be average.....!
And a friend of mine will say after reading a newspaper, I will be buying 10K worth of BARC at 90 because it seems a good buy....and then orders his drink and gets zonked. But he does come out as a winner....He has NOT read a single book on any trading methods...!
So when someone says what ? You have not read it..?...I say, better to have deprived existence when it comes to reading, and be rich, rather than have a Masters in book reading and just be average.....!
thelerner
Junior member
- Messages
- 25
- Likes
- 5
I think the paradox is solved by considering books recommendations in the same manner as stock tips. Before investing in either, show some due diligence. In this case downloading 20 or 30 pages from an insider.
The Turtle story is well worth reading. I'm spoiled because my neighbor is an editor for a financial magazine and she gives me a couple of books each month.
My favorite book is the one I've created myself. I create a Best of Financial Blog on the current conditions, strategies and investment philosophies. I clip and paste to it whenever I find a worthwhile articles plus my thoughts on them. When they get beyond 30 pages I start a new one.
Every 6 months or so I edit the collection down to around 90 pages of the best stuff and try to group concepts together.
My latest book compliments my neighbor is The Stock Trader's Almanac 2010. Like the Old Farmers Almanac its filled with pithy quotes and is constantly trying to find patterns in old data. Typical example on June 3rd it says 'Memorial Day Week Dow down 7 of last 13, Up straight 1984-1995' is that useful? Not really.
Its a keeper but I don't think I'd have spent $40 on it.
Michael
Michael
The Turtle story is well worth reading. I'm spoiled because my neighbor is an editor for a financial magazine and she gives me a couple of books each month.
My favorite book is the one I've created myself. I create a Best of Financial Blog on the current conditions, strategies and investment philosophies. I clip and paste to it whenever I find a worthwhile articles plus my thoughts on them. When they get beyond 30 pages I start a new one.
Every 6 months or so I edit the collection down to around 90 pages of the best stuff and try to group concepts together.
My latest book compliments my neighbor is The Stock Trader's Almanac 2010. Like the Old Farmers Almanac its filled with pithy quotes and is constantly trying to find patterns in old data. Typical example on June 3rd it says 'Memorial Day Week Dow down 7 of last 13, Up straight 1984-1995' is that useful? Not really.
Its a keeper but I don't think I'd have spent $40 on it.
Michael
Michael
rathcoole_exile
Guest Author
- Messages
- 3,925
- Likes
- 767
are you going to lern to spell ?
The Turtle Rules will work over a long enough period of time as long as you have deep enough pockets and strong enough will to withstand the false signals and draw-down these generate. The draw-downs are so significant with this method because a new entry is made on a new high signalled by a (Donchian-style) break-out: a new short is opened on a new low from a break-down. The odds certainly favour a continuation of either move in the direction of the break: however, because entry has been made at an extreme, if a signal failure occurs, the distance price might travel is that much greater. So eventual success as a Turtle has to be balanced with a significant risk of being wiped out.
In principle I agree with following strong trends but I think its smarter to find a pull-back in the trend so that you can buy in at a discount, and identify a tighter stop in case the signal fails. After all, if, say, Barclays, is rising steadily, then makes a new high and breaks out with a 10% rise in a single session, who would feel the best possible strategy is to buy BARC at the absolute highest price?
In principle I agree with following strong trends but I think its smarter to find a pull-back in the trend so that you can buy in at a discount, and identify a tighter stop in case the signal fails. After all, if, say, Barclays, is rising steadily, then makes a new high and breaks out with a 10% rise in a single session, who would feel the best possible strategy is to buy BARC at the absolute highest price?
tenbobtrader
Guest
- Messages
- 450
- Likes
- 140
...Good one....lets see the readers of great turtle literature provide a proof of their fortune making trades......!!
A good bit of fun - incredibly hard (for me) to make any consistent peformance, maybe because the chart extracts selected are deliberately free from the established trends I like to jump on.
This is lovely. I made a few percent gain after less than 10 trades, the gain is not enough to cover the commission, but I will com back and use the other tools such as BB, MACD, RSI since I wasn't aware of their existence.
An excellent studying tool.
Thanks
The guide says that it's hard to beat buy and hold but I triple the buy and hold in the last 2 games: 14.86% vs. 5.12%.
I took a screen shot as a certificate of accomplishment 😆 😛
combotrader
Active member
- Messages
- 187
- Likes
- 10
Guys
No book will ever make you a competent trader. Only you can make yourself a competent trader. Follow someone else`s rules and you are bound to fail - unless those rules suit your personality. This last bit is the most important stuff for discretionary traders. Even automated traders tinker with their long term systems if they are at heart short term scalpers.
FWIW Bretts Steenbergers book is the best I have read so far. IMO it is far superior to Trading in the zone by Mark Douglas. Bretts insights into trading as a performance are very relevant. Mark Douglas by comparison fills his book with a lot of wishy washy psychobabble about negative energy crap. Its good to read - but not worth the adulation it normally receives.
PS I dont know Brett personally !
No book will ever make you a competent trader. Only you can make yourself a competent trader. Follow someone else`s rules and you are bound to fail - unless those rules suit your personality. This last bit is the most important stuff for discretionary traders. Even automated traders tinker with their long term systems if they are at heart short term scalpers.
FWIW Bretts Steenbergers book is the best I have read so far. IMO it is far superior to Trading in the zone by Mark Douglas. Bretts insights into trading as a performance are very relevant. Mark Douglas by comparison fills his book with a lot of wishy washy psychobabble about negative energy crap. Its good to read - but not worth the adulation it normally receives.
PS I dont know Brett personally !
thelerner
Junior member
- Messages
- 25
- Likes
- 5
Books have taught me some, but I've learned more about real life trading from websites. Sites like Phils Stock World or the Covered Call Advisor are places where I can read up on a philosophy and techniques of trading, then see them done in the real world.
I've also been inspired by Brett Steenbarger and his insights into trading discipline and psychology. He's has many excellent articles and I've made a 'Best of ' booklet of what I consider his best writing.
Michael
P.S.
Rat, U ASSume incorrectly, my board name is taken from my last name.
I've also been inspired by Brett Steenbarger and his insights into trading discipline and psychology. He's has many excellent articles and I've made a 'Best of ' booklet of what I consider his best writing.
Michael
P.S.
Rat, U ASSume incorrectly, my board name is taken from my last name.
rathcoole_exile
Guest Author
- Messages
- 3,925
- Likes
- 767
thats me telt then
blancspa
Established member
- Messages
- 814
- Likes
- 35
His new book is quite advanced, as he mainly focused on trading ES and NASDAQ via order book. But the way, his attempts to nail the problem is typicall to the shrink. Strategy - tactic - mechanics. Technical improvement of M.Douglas brilliant thinking imo.
Just read the book Zambuck you never know what you may find.
Similar threads
