For these reasons this book is an easy pick for my list of top ten trading books of all time. Most trading books and software programs try to make it look so simple. He was also trading against the Turtles at times, something that made absolutely no sense from the standpoint of the rules.
Richard Dennis
In The Complete TurtleTrader, Michael W. Covel tells their riveting story with the first ever on-the-record interviews with individual Turtles. It is the definitive book on the subject and has been translated into German, Japanese, Chinese (Traditional and Simplified), Korean and Russian. It is the only narrative account of trader Richard Dennis and his student traders nicknamed the ‘Turtles’. This is the true story of novices trained to be millionaires. This makes The Complete TurtleTrader (paid link) a compelling read for anyone interested in financial markets or personal success stories. The book’s structure is another strong point.
Complete TurtleTrader: A Review and Summary of the Book by Michael W. Covel
Covel’s book reads more like a piece of financial journalism than I expected, and I mean that as a compliment. It’s a powerful illustration that, though markets have changed since the 1980s, the dynamics of success have not. Eckhardt took the other side of the bet, and the Turtle experiment was on. The traders came from a variety of backgrounds; most had no background whatsoever in financial markets.
- Investors who place their money in funds simply don’t want to see 20% of their money evaporate in a quarter.
- He shows how Dennis’s rules worked—and can still work today—for any investor with the desire and commitment to learn from one of the greatest investing stories of all time.
- He made a few attempts at trading comebacks, but nothing that approached his former trading glory days.
- This inevitably leads money managers to refine (and ultimately eviscerate) the Turtle methodology.
by Michael W. Covel
“Few legends in trading have been as enduring as that of the Turtles. “Most beat-the-market books aren’t worth my shelf space. He shows how Dennis’s rules worked—and can still work today—for any investor with the desire and commitment to learn from one of the greatest investing stories of all time.
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. By the time the experiment ended, Dennis had made a hundred million dollars from his Turtles and created one killer Wall Street legend. Richard Dennis made a fortune on Wall Street by investing according to a few simple rules. The Complete TurtleTrader by Michael W. Covel book link
Covel has done an excellent job of revealing the complexities, not only in the trading itself, but the complexities inherent in human nature that form the context in which the trading takes place. That Dennis was possibly taking risks over and above his Turtles by a factor of 100 simply made no sense. At the time he believed that collecting fee income was an “easy” way to supplement his profitability while lowering his risk, but his performance suffered. Even though they followed the same rules, there was a wide variation of in each individual’s performance.
Michael Covel Books
Now, thanks to Michael Covel, we are lucky enough to have access to the whole story. Buying a stock is not a commitment “until death do you part.” A friend once told me the story of a man he knew who worked at Worldcom during the go-go 90’s and had his entire 401(k) invested in the company stock. “No warning can save people determined to grow suddenly rich” – Lord Overstone Overall, readers appreciated the historical account but were divided on its practical value for aspiring traders.
How did Richard Dennis train the Turtles in The Complete TurtleTrader?
In this fascinating and instructive book, Michael Covel tells how a group of novice traders used a system that generated trades that were both different and right, and which made them a lot of money. It is well-organized, making it easy to follow the journey of these novice investors as they transform into successful traders. What happens when ordinary people are taught a system to make extraordinary money? However, people with entrepreneurial mindset and toughness to take losses and get back up, were the ones to continue on the success path when trading without a mentor. There is a whole chapter on Jerry Parker, a successful Turtle who founded Chesapeake Capital and started managing money for clients. They made a bet to give it a try through the experiment and called it the “Turtles” after Dennis had seen how turtles were being grown in Singapore.
Michael W. Covel is a bestselling author and entrepreneur known for his work on trend following trading strategies. Positive reviews highlighted the book’s lessons on trend following, position sizing, and the importance of a systematic approach. Many Turtles achieved extraordinary success, with some making 100% or more per year over four years, proving the effectiveness of the taught system.
How did the Turtles’ performance compare to traditional traders in The Complete TurtleTrader?
His experiment proves nurture trumps nature. Part one takes place during the experiment, when the Turtles are on the relatively level playing field designed by Richard Dennis. The Turtle story breaks down into two parts. He made a few attempts at trading comebacks, but nothing that approached his former trading glory days.
- There is a whole chapter on Jerry Parker, a successful Turtle who founded Chesapeake Capital and started managing money for clients.
- Covel has done an excellent job of revealing the complexities, not only in the trading itself, but the complexities inherent in human nature that form the context in which the trading takes place.
- To settle a bet with his business partner about whether traders could be taught or were simply “born,” the an experiment was conceived.
- They made a bet to give it a try through the experiment and called it the “Turtles” after Dennis had seen how turtles were being grown in Singapore.
- What stands out to me is the book’s ability to demystify complex financial concepts through real-life stories.
If you want to understand the real world of trading, read this book.”Bill MillerChairman and Chief Investment Officer, Legg Mason Capital Management He doesn’t just tell you what happened; he shows you the mindset and discipline required to achieve success in trading. 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. 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.
Negative reviews felt it contained too much filler and failed to provide actionable trading advice. However, some criticized the writing style and lack of detailed trading strategies. “To follow the good principles and not let fear, greed and hope interfere with your trading is tough. You’re swimming upstream against human nature.” “The single hardest thing I have to do to make people understand how I trade is to convince them how wrong I can be about things, how much of a guess it is.” Real money, real stakes. This disagreement led to the the complete turtletrader review famous Turtle experiment in 1983.
Bloomberg noted that the book was worthy of a spot on any investor’s shelf and The Hindu called The Complete TurtleTrader “exciting and educative.” Parker was the only investor in the top hundred advertised as being “trained,” and as an investor himself, Covel found this story intriguing. Covel recounts the story of Wall Street’s Richard Dennis and his disciples, the Turtles. The purpose of this website is to encourage the free exchange of ideas across investments, risk, economics, psychology, human behavior, entrepreneurship and innovation.
Some of the Turtles did great, continuing on in the tradition of successful trend traders, others gave trading a shot but failed to repeat their prior performance, and still others became near total losers. And while there are a near infinite variety of potentially successful trading strategies (as the book Market Wizards shows), some of the most successful strategies have been mechanical trend following systems. For those who like inspiring books about successful trading, this one is as good as they come. The turtles were wildly successful, grossing over $150 million in four years. If you are only interested in making a ton of money trading, you might think that all you need to do is read these two chapters, that the secret to successful trading can be found in those few pages.
Covel’s narrative is gripping and makes the subject matter accessible even to those who are new to trading. What stands out to me is the book’s ability to demystify complex financial concepts through real-life stories. ‘Complete TurtleTrader’ by Michael W. Covel demystifies trading through real-life stories, offering practical advice and engaging insights for novice and seasoned investors alike. Gain wisdom, insights, and actionable knowledge with great books distilled down to their essence.
Sign in to start bookmarking and taking notes! Covel delivers a clear, actionable blueprint for building disciplined strategies, making it essential for traders who want to cut through market noise and focus on what works. The book explores how Turtles traded commodities, currencies, and stocks, and why discipline trumped talent.
