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Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders (精装)
by Curtis Faith
| Category:
Financial market, bond trading, Wall Street |
| Market price: ¥ 278.00
MSL price:
¥ 248.00
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| Stock:
Pre-order item, lead time 3-7 weeks upon payment [ COD term does not apply to pre-order items ] |
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MSL rating:
 Good for Gifts |
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AllReviews |
1 Total 1 pages 10 items |
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Paul (MSL quote), USA
<2008-01-25 00:00>
Since 2000, I have been dedicated to trading mastery. Along the way, I have read scores of trading books and attended numerous seminars. I have come to know that great traders have great stories, and Curtis Faith is no exception. In his awesome book, Way of the Turtle, Curtis not only tells his remarkable story of being one of the now legendary Turtles, he also provides some unique and fascinating insights into the development and testing of trading systems. In these pages, Curtis manages not only to provide a new way of thinking about our trades, he also helps one see new ways of thinking about life, as well. And, just as Curtis is now a legendary trader, Way of the Turtle is bound to become a lengendary trading book. |
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Mark (MSL quote), USA
<2008-01-25 00:00>
I've got a lot from other's reviews in the past, so thought I should contribute my bit. So here goes.
The original complete Turtle trading rules are the LAST chapter of this book, which tells you something, though the skeleton is given early and key concepts are introduced throughout the book. Faith acknowledges the Turtle rules were relatively simple and,while obviously extremely successful in the right hands, could be significantly improved on or beaten in performance by other approaches. Whether these rules would be similarly successful today is not covered and up to you to find out. So, if you are looking for a simple paint it by numbers path to riches, firstly you are kidding yourself and secondly you would be misguided if you thought you had found it with this book.
The book gives a good insight and backgound to the psychology of trading and I think it makes pretty clear why Faith was the best of the turtle traders. It has some useful stuff on expectations of system and trading performance in different market states. Plus discussion on diversification accross markets and position sizing relative to market volatility. Most of that is from a futures market perspective, but the concepts are of some value for stock traders also, in my view.
A lot of the book considers system testing and measures, particularly the statistical uncertainty and testing biases and flaws involved and how easy it is to kid yourself - to get much poorer actual performance than testing would indicate and to cop a much bigger drawdown than you thought possible. The book points out that the reality is much harder to cope with than you will probably have thought, when you started trading a system with an expected 30% drawdown! I had thought I would not be particularly interested in all this, as I am a stock trader, particularly in small caps, but it is written in a very accessible way and I found that what could otherwise be very dry and detailed material was an interesting and easy enough read with good insights.
I've traded full time for three years and have been involved in smallish scale share investing on my own behalf for over twenty. If you are not interested in system testing and performance measures then there is a good chunk of the book that you will probably think you are not interested in, but I'd suggest that you are asking for trouble by not being interested in at least performance measures! I got more out of those sections than I expected.
Overall I think the book gives good insights into the how of the success of the Turtles approach, though often by reading between the lines and recognising the applicability of the broader lessons to what the Turtles were doing. The simple is less simple than it would appear. It gives good insights into what it takes to be successful as an individual trader, with these insights often popping up in unexpected places through the book and by interesting and real anecdotes in many cases. It gives some good references for follow up reading.
If you expect miracles for a few bucks, then go read the Tales of Narnia. But IMHO there's more good advice in this than you should expect for the price of a book, particularly one as accessible as this. If you don't get it straight away, have a look at some of the other references, I'd say particularly Elder and Van Tharp, have a go at trading for a bit, then have another look at Curtis. On the other hand, if you have been trading for years, you may still find something valuable here and a pretty enjoyable read related to a bit of trading history. |
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William (MSL quote), USA
<2008-01-25 00:00>
So we finally get a look into the heart and soul of Curtis Faith, and I gotta say he's one cool mofo. Curtis knows it's about developing a system that works, a system that's robust, then sticking with it through good and bad. Who at nineteen has that foresight? Certainly not me. But Curtis did and surely still does. Anyway, that's my key takeaway from his book: it's about the process and sticking with it. And you might say: "Well, so what? We all know it's about the developing the 'right process' and sticking with it." And you might be right. But hearing it from someone you know is good, someone who is walking down the same path you're walking down, well I think it's good to hear it again like that.
Other key takeaways are the new system performance metrics discussed, as well as the philosophy behind doing what you want to do versus doing what other people want you to do. Seykota refers to this as 'right livlihood,' Navin Johnson refers to it as his 'special purpose,' and Curtis Faith refers to it as 'your own path.' The label doesn't matter, what matters is doing what you really feel good about doing. Hearing that from Curtis, seeing that he has the courage to do what he wants to do because he truly believes in what he wants and is not afraid to fail three times small to win one time REALLY BIG, well understanding that makes all the difference.
P.S. And if you really do want to test what you trade, if you want to avoid playing 'surprise myself,' check out Curtis and Tim's software. |
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Phil (MSL quote), USA
<2008-01-25 00:00>
This book is the real deal. No hype or BS. Very refreshing to finally see the real turtle rules explained in context by someone who lived them. You read the exact rules the turtles used AND why they had those rules. In a market full of books by posers this book shines.
This book has what all the other trend following books don't: A deep understanding of trading as a game of risk and clear thinking. The most valuable and enjoyable features of this excellent book is the clarity of the ideas expressed. This is only possible from someone who deeply understands them. Reading this book was a pleasure (except for the self involved foreword by Van Tharp).
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Paul (MSL quote), USA
<2008-01-25 00:00>
Curtis began his successful trading career at the ripe old age of 19 back in 1983. He has over 25 years of experience in the trading business. He also has a successful mechanical trading product that is well-respected as one of the most advanced trading system testing environments available today.
In this well-written and though-provoking book Curtis gives a detailed description of his trading philosophy, beliefs, and useful techniques that have served him well throughout his trading career.
As the most profitable and youngest of the original "Turtles", plus his extensive experience in the trading business, everything Curtis has to say is well worth listening to regardless of your own level of trading experience. |
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Lucky (MSL quote), USA
<2008-01-25 00:00>
This book covers the history of the Turtle program, which my review will not go into. Even if you have no idea what that is, this is a book you should read.
From a pure investing perspective, the author covers exactly how they traded profitably over a long period. Entries, exits, position sizes, several ways to find trending prices, and how to evaluate methods that you discover on your own or from other sources. He does cover specific methods to find price entry and exit points that you could trade with, as well as how you might find meaningful ways that you might want to - and more importantly should NOT - use to improve on these methods. The methods presented cover multiple financial markets - not just stocks.
He also covers why different people given the exact same trading rules achieved different results. I found that part as interesting as the rest.
Now a note to the current and former gamblers - blackjack players, poker players, etc... If you know all the fundamentals of money management from your gambling endeavors, he covers very well how to apply those over to your trading activities.
The cover reads along the lines of "one of the 5 best investment books ever written" and that comment gets a lot of flack. I don't know if it's top 5. But it's definitely a top tier book worthy of reading.
Given what I learned in this book, I am prepared to finalize my trading method and put what I have learned to work in the market.
If you are looking for a gift for an investor/trader, this would be an excellent pick. |
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Rolf Dobelli (MSL quote), USA
<2008-01-25 00:00>
This trading-room memoir harks back to a group of novices whom experts recruited in the 1980s and - to fulfill a bet - trained to be traders. The training worked, according to the most successful student, author Curtis M. Faith. His memoir promises what any capitalist would love to possess: the secret to making money in volatile markets. Alas, Faith tells us, there is no secret. Successful traders analyze markets to find an edge, then remain disciplined enough to pursue that edge, even when their hearts and their guts try to overrule their brains. In spite of constant references to Donchian channels and Sharpe ratios, Faith assures readers that trading isn't a matter of using secret formulas but of applying time-tested wisdom. His tome is intriguing because it lets you inside the thoughts of someone who made $30 million as a trader (so no wonder he tends toward the self-congratulatory, though his anecdotes are entertaining). We recommend this to traders seeking an advantage and to those who want to watch the experts try to beat the odds. |
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Anonymous (MSL quote), USA
<2008-01-25 00:00>
It's rare to find an investing book that successfully combines a compelling first-person narrative with practical trading advice - Way of the Turtle is that rare gem. An entertaining read for sure, the book is written by a true insider and explores exactly what happened in the Turtle training sessions and trading room.
In Way of the Turtle, author Curtis Faith lays bare the story of the Turtle experiment, explaining exactly what the Turtles were taught and how they traded; it details some of the biggest trades the Turtles made with exact descriptions of the rules behind the trade, the timing of the trade, and the gain or loss.
Not only is Way of the Turtle a terrific read, it is also a valuable trading guide supported by hard data. This is s a gem of book that is entertaining, eye opening, and instructive. |
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From the Back Cover, USA
<2008-01-25 00:00>
After nearly 25 years, the turtles come out of their shells.
Way of the Turtle takes a never-before-seen look at the legendary Turtle Traders and the famous experiment that made them millions. Curtis Faith, the most successful member of this elite group, breaks the silence to reveal the rules, timing, risks, rewards, and secrets to his biggest trades and 100 percent annual returns. Sharing behind-the-scenes insights and step-by-step techniques, Faith shows how you can use the Turtle Way to achieve enormous profits-whatever your skill level.
"The most successful turtle was apparently Curtis Faith. Trading records show that Mr. Faith, who was only 19 when he started the program, made about $31.5 million in profits for Mr. Dennis.”-Stanley W. Angrist, The Wall Street Journal. |
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Jim (MSL quote), USA
<2008-01-25 00:00>
This book is an excellent resource for a trader looking to make the leap from unsuccessful to successful trader. It is packed with real world, usable information from a legendary trader. If it didn't turn into a commercial for his "TradingBlox" company toward the end of the book, I would have to say it was the best book ever written on trading. Even so, if you are looking to learn the elements of a succesful trading system, you need to buy this book and spend some quality time digesting it... it's worth every penny and thensome. |
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1 Total 1 pages 10 items |
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