Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders (by Curtis Faith)

BookInfo

ISBN: 9780071486644	Number of Pages: 288
Publisher:  McGraw-Hill	Book Title: Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders
Publication Year: 2007	Target Audience: Trade
Author: Curtis Faith	Reading Age: 18+

Summary

In the financial world, there is such a famous story. In 1983, Richard Dennis and William Eckhardt, two close friends in the American futures industry, disagreed on a question: Are great futures traders inborn or can be trained?

They gambled on this question and experimented to find the answer. This is the famous “Turtle Trading Experiment”.

Dennis and Eckhardt selected 13 turtles from 1000 applicants and taught them trading ideas and rules in 2 weeks. In the following 4 years, the Turtles made an average annual income of 80% by these trading rules.

The author of this book is one of the most successful turtles in this experiment. In his book, he first revealed the whole experiment process and the mysterious Way of the Turtle in the eyes of outsiders.

This book will let you know:

• How did the Turtles trade and how did they seize the trading opportunity;
• How did the Turtles measure risk and manage capital;
• How can the turtles obtain an annual return rate of more than 100%;
• Why did some turtles succeed, while others lost all of their money;
• How to apply the Turtle Trading Rule to your trading;

This book is indispensable book for all professional traders and public investors.

Way of the Turtle is one of the Best Quantitative Trading Books for Beginners

About the Author

Curtis Faith is the most successful of all turtles, he earned more than 30 million dollars for Richard Dennis during the “Turtle Trading Experiment”. He is also one of the pioneers in the mechanical trading system and software industry.

Way of the Turtle  PDF version will come as soon as possible.

Table of Contents

Order
preface
introduction

Chapter I Traders Playing Risk Games

• Liquidity risk and price risk
• Hedgers, speculators, and haters
• Panic in the trading hall

Chapter 2 Uncover Turtle Thinking

• Emotional trap
• Turtle Trading Strategy
• Market status

Chapter 4 Thinking Like a Turtle

• Avoid result preference
• Avoid near-term preferences
• Avoid predicting the future
• Consider the problem from the perspective of probability
• Be responsible for their trading results

Chapter 5 Discover System Advantages

• Three elements of system advantage
• Advantage ratio
• Trend Combination Filter
• Advantages of exit strategy

Chapter 6 Finding Trading Opportunities

• Support and resistance
• Breakthrough of the support level and resistance level
• Fixed point of unstable price

Chapter 7 How to Measure Risks

• Four risks
• Quantification of risk
• Quantification of returns
• Comprehensive indicators for measuring risk and return
• Imitation Effect and Risk of System Death

Chapter 8 Risk and Fund Management

• Keep it simple and focus on the core
• The First Rule of Survival
• Rules for limiting the size of position units
• Risk measurement rules

Chapter 9 Turtle Building Blocks

• Common trend-tracking blocks
• A piece of advice

Chapter 10 Turtle Trading System

• History test
• Test parameters
• Six systems
• Test results
• Do you want to add a stop?
• The test results have changed

Chapter 11 Lies Tested by History

• Trader effect
• Random effect
• Optimization contradiction
• Overfitting or curve fitting

Chapter 12 Statistical Basis of Historical Test

• Validity of test samples
• Robustness of measurement indicators
• Return to an annual rate of return
• Robust risk-return ratio
• Robust Sharpe ratio
• Representativeness of samples
• Sample size
• From virtual test to an actual transaction
• Monte Carlo test

Chapter 13 Defense System

• An unpredictable future
• Two Characteristics of Robust Trading Strategy
• Strengthening the robustness of the system
• Select multiple different markets
• Using multiple different systems

Chapter 14 Control Your Heart Demon

• Overcoming conceit
• Be modest
• not to move or retreat
• In the end, everything is ready
• Be yourself and follow your path
• Away from the life track of dreams
• Accept failure and learn from it
• Face reality and change decisively
• Money is not everything

Attached with the original Turtle Trading Rules
Complete trading system
Market: Turtles’ Choice
Position size
Market entry strategy
Stop loss
sign out
Concluding remarks
thank