Way of the Turtle

[Choicey123]

Has anyone read "Way of the Turtle" by Curtis Faith, one of the original Turtles?
I was just wondering what everyone's thoughts were on both his comments on the techniques and the mentality of learning to trade.
Definitely worth getting for anyone in their earlier days of Trading.

 

[Rhody Trader]

I'm about halfway through it right now and it's fantastic!

While I wouldn't recommend it for someone just getting started only because they have some basic foundational stuff to learn first, I definitely think it's an excellent next step type of book once the foundational elements are in place.

 

[Richie_A]

Yes I think it's a good read. As a newbie I admire the psychological edge the 'successful' turtles have. For example the ability to follow a system even through serious draw downs. Also it's interesting to see that sometimes they went almost a year without making a trade to wait for the right set-up.

 

[0007]

Definitely worth getting for anyone in their earlier days of Trading.

Worth reading at any stage IMHO. Some very good trading psychology advice.

 

[v01101999]

I have applied their methodology successfully though these days there tend to be a lot of false breakouts due to advent of program trades etc. Recommended reading.

 

[chilltrader]

What a coincidence! this is what I'm reading at the moment on the commute to work

 

[nine]

Just finished it. Well written and interesting.

 

[Rhody Trader]

Having finished it myself a while back (I wrote a review here for anyone interested), I will affirm my earlier comments. The one thing I would say, though, is that using the Turtle system as designed really can only be done by a very well capitalized trader.

 

[Jaydee]

Yep, I too would recommend this book. Its systematic and analytical points of view make it my favourite trading book of the lot. It tackles bad thinking, stop loss position analysis, position sizing, backtesting and over optimization, etc. It even has the original Turtle rules....what more could you ask for?!?!

Er...Aside from the massive payout I receive from people buying this book in droves (joke) ...I should point out that I am neither Curtis Faith or affliated with him or this book. I'm just a big zealot of The Way of the Turtle and can't recommend it enough.

Best

JD

 

[BSD]

Definitely very well worth a read.

Well written, and, most importantly, by some one who has been there and done it.

Absolutely recommend it.

 

[wildkactus]

Have read it and liked it,
I would recommend it to anyone from beginner to pro.
This basic system can be used by anyone, you just need to stick to the rules.

 

[Victor90]

Have read it and liked it,
I would recommend it to anyone from beginner to pro.
This basic system can be used by anyone, you just need to stick to the rules.

I think i read somewere, maybe in the book, that you got to start with at least $100 000. Dont know if thats for everyone!

 

[Rhody Trader]

I think i read somewere, maybe in the book, that you got to start with at least $100 000. Dont know if thats for everyone!

The requirements for trading a wide array of markets to both provide for sufficient opportunities and reasonable diversification does require a heathly account balance, yes.

 

[wildkactus]

I use this type of system and I only started it with 10k, (CFD"S / Futures) its working for me, even in these tough times.
One thing is watchout for the drawdowns as they can be huge, good money management is what makes this system work not the account size, you can always leverage up to get account size, but I would say 10k is min.

 

[Rhody Trader]

I use this type of system and I only started it with 10k, (CFD"S / Futures) its working for me, even in these tough times.
One thing is watchout for the drawdowns as they can be huge, good money management is what makes this system work not the account size, you can always leverage up to get account size, but I would say 10k is min.

But how many instruments are you trading?

 

[wildkactus]

But how many instruments are you trading?

When I started only 1 or 2 until I got the hang of it and was comfortable trading like this, now ten+,
I don't need to trade to live which is a help, If I was going to do it to live off I would do it With a min of 50k - 100k to start and thats trading not just this system, just like any business you need to be capitalised correctly.

 

[Rhody Trader]

When I started only 1 or 2 until I got the hang of it and was comfortable trading like this, now ten+

Might I ask which 10+ that is?

 

[wildkactus]

Might I ask which 10+ that is?

sorry I miss read your question before, writing and talking at the same time shouldn't do it.

I trade CFD's and futures, and normally have 10+ trades in the market at anyone time.

 

[Rhody Trader]

sorry I miss read your question before, writing and talking at the same time shouldn't do it.

I trade CFD's and futures, and normally have 10+ trades in the market at anyone time.

That's what I was asking. What specifically comprises the 10+ trades do you have open?

 

[wildkactus]

That's what I was asking. What specifically comprises the 10+ trades do you have open?

It all depends on the markets, At the moment it is more commodity Futures then equity CFD's but can be the other way, I just let the markets and the charts decide.