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The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires, by Michael W. Covel
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This is the true story behind Wall Street legend Richard Dennis, his disciples, the Turtles, and the trading techniques that made them millionaires.
What happens when ordinary people are taught a system to make extraordinary money? Richard Dennis made a fortune on Wall Street by investing according to a few simple rules. Convinced that great trading was a skill that could be taught to anyone, he made a bet with his partner and ran a classified ad in the Wall Street Journal looking for novices to train. His recruits, later known as the Turtles, had anything but traditional Wall Street backgrounds; they included a professional blackjack player, a pianist, and a fantasy game designer. For two weeks, Dennis taught them his investment rules and philosophy, and set them loose to start trading, each with a million dollars of his money. By the time the experiment ended, Dennis had made a hundred million dollars from his Turtles and created one killer Wall Street legend.
In The Complete Turtle Trader, Michael W. Covel, bestselling author of Trend Following and managing editor of TurtleTrader.com, the leading website on the Turtles, tells their riveting story with the first ever on the record interviews with individual Turtles. He describes how Dennis interviewed and selected his students, details their education and experiences while working for him, and breaks down the Turtle system and rules in full. He reveals how they made astounding fortunes, and follows their lives from the original experiment to the present day. Some have grown even wealthier than ever, and include some of today's top hedge fund managers. Equally important are those who passed along their approach to a second generation of Turtles, proving that the Turtles' system truly is reproducible, and that anyone with the discipline and the desire to succeed can do as well as—or even better than—Wall Street's top hedge fund wizards.
In an era full of slapdash investing advice and promises of hot stock tips for "the next big thing," as popularized by pundits like Jim Cramer of Mad Money, the easy-to-follow objective rules of the TurtleTrader stand out as a sound guide for truly making the most out of your money. These rules worked—and still work today—for the Turtles, and any other investor with the desire and commitment to learn from one of the greatest investing stories of all time.
- Sales Rank: #21063 in Books
- Published on: 2009-02-24
- Released on: 2009-02-24
- Original language: English
- Number of items: 1
- Dimensions: 8.00" h x .65" w x 5.31" l, .47 pounds
- Binding: Paperback
- 288 pages
From Publishers Weekly
Covel (Trend Following) revisits a famous financial trading experiment conducted by Wall Street trader Richard Dennis and extracts its lessons with mixed results. Dennis, who quickly learned how to trade after starting as a runner at the Chicago Mercantile Exchange in 1966 at age 17, had made a reported $200 million by 1983. To settle an argument with fellow trader William Eckhardt about whether trading ability was innate or could be taught, he put an ad in the Wall Street Journal offering to teach candidates how to trade in two weeks, and then backed them with his own money. Of the thousands of people who who applied, 23 turtles were accepted. Their trading made $100 million for Dennis, leading some to become highly successful traders in their own right. Having tracked down most of the people involved, Covel describes the turtle training, including rules for entering and exiting trades as well as Dennis and Eckhardt's personal lessons, and speculates on why some turtles succeeded more than others. However, there are too many characters with competing interests, and many missing facts. Covel's own strong views can also get more emphasis than the voices of the principals. Still, the book is a useful training manual distilling the lessons of a fascinating experiment. (Oct.)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
Review
“Tells the ‘real stories’ rather than just the glossy good bits—a thoroughly good read.” (Your Trading Edge)
“This warmly written book brilliantly captures the formation and evolution of the legendary Turtle investment program. It is loaded with wonderful anecdotal insights plus lessons on trading, risk, and life we should all follow. It should be on any novice or seasoned trader’s bookshelf alike. A must read!” (Michael Shannon, Original Turtle)
From the Author
This is the story of how a group of rag tag students, many with no Wall Street experience, were trained to be millionaire traders. Think of Donald Trump's show "The Apprentice," played out in the real world with real money and real hiring and firing. However, these apprentices were thrown into the fire and challenged to make money almost immediately with millions at stake. They weren't trying to sell ice cream on the streets of New York City. They were trading stocks, bonds, currencies, oil and dozens of other markets to make millions.
This story blows the roof off the conventional Wall Street success image so carefully crafted in popular culture: prestige, connections and no place at the table for the little guy to beat the market and beating the market is no small task. Legendary investor Benjamin Graham always said that analysts and fund managers as a whole could not beat the market because in a significant sense they were the market. On top of that, the academic community has argued for decades about efficient markets, once again implying there is no way to beat the market averages.
Yet making big money, beating the market, is doable if you don't follow the herd, if you think outside the box. Anyone does have a chance to win in the market game, but he or she needs the right rules and attitude to play by. And those right rules and attitude collide against basic human nature.
Most helpful customer reviews
2 of 2 people found the following review helpful.
Turtle Trading is legit
By Amazon Customer
If you want to trade futures and you need somewhere to start, this system will lay the groundwork to get you going. There are elements to a system like this you have to figure out on your own (paper trade and back test a lot). Your trading platform should be able to calculate all entries, stops, etc. The issue you will find here is capital. If you dont have a hundred grand or more laying around for trading, you will need to be wise about what you are doing as your risk as a percentage of you account may be much higher than what you read, and you will need to be clever about what contracts you look at (outside the scope of this book). You also have to rethink the add ons if you are using limited capital. The real test is to see if you can follow the rules and do what the system says when you think you are smarter than it. Rest of the book is worth reading, but is just backstory. If you have read any of Covel's other books, they pretty much read the same. Just remember, screwing up a futures trade that you are not properly set up in can wipe you out. Not just your trading account, but everything you own. This is not trading stocks. Make sure you understand the risk of futures trading prior to starting. You can always play around on Nadex for fixed-risk derivatives trading.
1 of 1 people found the following review helpful.
This book is entertaining (and as a side note, it has made me money in the cryptocurrency market)
By Brad Mills
This book is for non-traders. You don't need to have any technical knowledge of trading to understand it and find it highly entertaining and informative.
I recommend it, If anything, to learn about Richard Dennis and his reality TV style antics in the 80s futures markets.
He basically put a craigslist ad up saying that anyone could apply to trade with his system of rules, no experience required, and he’d give them all 1 million dollars of his money to trade with.
The majority of the people had no trading experience, they knew nothing about the markets they were trading in nor how to trade … but they were very successful, some of them are still trading today with their own billion dollar funds.
While reading the book in 2013, it just so happened to be around when bitcoin popped. I started using his rules to trade altcoins and I made a bunch of money following his strategy laid out in the book!
I've actually been using this book as a guideline to trade cryptocurrencies since then on and off, and I've netted well over 6 figures trading the turtle trading method.
The author, Michael Covel has a great podcast as well. Don't bother with any of Covel's other books - Trend Following, Trend Commandments, etc are just rehashes of the same story. There's no solid strategy in any of his other books. THIS is the one you want to get.
If you don't get this book you should at least subscribe to his podcast, in fact, in Covel's other audiobooks, he includes about 5 hours of his podcast episodes at the end ... just skip buying the other books and listen to the podcast episodes with the Tom Basso and other traders.
1 of 1 people found the following review helpful.
book: the Complete Turtle Trader
By Amazon Customer
This was my second book on the Turtles, and serves as a needed counterpoint to "Way of the Turtle", published by one of the turtles.
By "Complete..." seems to actually be meant, "...all I could find out, despite stiff, even vehement opposition to my finding out anything at all, let alone publishing, by a number of those Turtles..." The book is not an expose of a scam - it's just that some of the Turtles felt that their experience (and ensuing successes) ought not to become public domain. One of the reasons for that is likely that the market (then and now) is a zero-sum game: whatever money you make trading, other traders lose, in aggregate. If all trading becomes [more] rational, then those with the "inside scoop" (the Turtles and their ilk) stand to make far less money off the rubes. "Complete..." doesn't get quite that blunt, but it comes to that. So, the book is quite helpful in supporting your introspection on whether futures trading is for you. It may be, it may not...
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