Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders

Curtis Faith

314 Pages
2007

Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders

The Secret Methods that Turned Ordinary People into Legendary Traders

McGraw Hill Professional

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⚡ Free 3min Summary

"Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders" - Summary

"Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders" by Curtis Faith is a fascinating exploration of a unique trading experiment initiated by Richard Dennis and William Eckhardt. The book reveals how 23 ordinary individuals were transformed into exceptional traders in just two weeks. Curtis Faith, the youngest and one of the most successful Turtles, provides an insider's perspective on the strategies and principles that led to their remarkable success. This book is special because it demystifies the trading process, showing that with the right training and mindset, anyone can achieve financial success. It’s a must-read for anyone interested in trading, personal development, or the psychology of success.

Key Ideas

1

The Power of a Proven System

The Turtles' success was largely due to the robust trading system developed by Dennis and Eckhardt. This system was based on clear, objective rules that could be consistently applied, removing emotional decision-making from the equation. Faith explains how these principles can be adapted to any market, emphasizing the importance of discipline and consistency in trading.

2

The Importance of Risk Management

One of the core lessons from the Turtle experiment is the critical role of risk management. The Turtles were taught to carefully manage their exposure to risk, ensuring that no single trade could significantly impact their overall portfolio. This principle is essential for long-term success in trading and investing, as it helps to protect against significant losses.

3

Mindset and Psychological Resilience

Faith highlights the psychological aspects of trading, noting that even with a proven system, success depends on the trader's mindset. The Turtles were trained to handle the emotional highs and lows of trading, maintaining focus and discipline even in challenging market conditions. This theme underscores the importance of mental resilience and the ability to learn from mistakes.

FAQ's

The main focus of "Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders" is to reveal the strategies and principles behind the success of the Turtle trading experiment, initiated by Richard Dennis and William Eckhardt, which transformed ordinary individuals into exceptional traders.

Curtis Faith, being the youngest and one of the most successful Turtles, provides an insider's perspective on the trading strategies and principles that led to their remarkable success, making the book a valuable resource for understanding the trading process.

Some key lessons highlighted in "Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders" include the power of a proven trading system, the importance of risk management, and the significance of mindset and psychological resilience in achieving long-term success in trading.

💡 Full 15min Summary

Young programmer's journey to trading success underscores importance of discipline and system adherence.
0:00 / 1:57

The book begins with the author, Curtis Faith, describing his experience visiting the Chicago Board of Trade and interviewing with legendary commodities trader Richard Dennis. Faith was only 19 years old at the time but had a strong background in computer programming and analyzing trading systems.

Dennis and his partner William Eckhardt were running an experiment to see if they could train people to become successful traders. They had placed ads seeking applicants and received over 1000 responses for just 13 spots. The interview focused on assessing the applicants' intelligence, reasoning abilities, and beliefs about trading.

Faith was selected as one of the trainees, later nicknamed the "Turtles" after Dennis mentioned raising traders like they raise turtles in Singapore. The group consisted of individuals with diverse backgrounds, including gaming, linguistics, and trading experience. While Faith initially lacked trading experience, his system testing background gave him an edge.

After a 2-week training session, the Turtles began live trading with small accounts. Based on their performance over the first month, some like Faith received multi-million dollar accounts while others received smaller amounts or were asked to continue with their initial funding. Despite the short training, Faith had full confidence in Dennis' approach and was able to follow the trading rules precisely.

In the end, the Turtles achieved remarkably successful results, averaging over 80% returns per year. Faith himself earned Dennis' trust to manage the largest account. He credits their success to what he calls the "Way of the Turtle" - a psychological foundation that enabled them to apply the trading lessons correctly during live markets. Let's explore this way.

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