Book Review - Way of the Turtle

[wayneL]

I'm very fussy about what books I read on trading. I've probable flicked through just about every book there is on trading.... with my BS meter switched on the high sensitivty. Not many get past it onto my bookshelf.

Anywayz, I just bought Way of the Turtle by Curtis Faith beacause it really passed the flick through BS meter filter.

I thought I'd give a bit of a progressive review of it as I progress...stay tuned.

 

[tech/a]

Re: Book Review _ Way of the Turtle

Found it in a WA Bookshop myself when there last week.
Read it last week also.
Leave it to you Wayne to review.

 

[nizar]

Re: Book Review _ Way of the Turtle

I'm very fussy about what books I read on trading. I've probable flicked through just about every book there is on trading.... with my BS meter switched on the high sensitivty. Not many get past it onto my bookshelf.

Anywayz, I just bought Way of the Turtle by Curtis Faith beacause it really passed the flick through BS meter filter.

I thought I'd give a bit of a progressive review of it as I progress...stay tuned.

Looking forward to the review...

 

[rowes]

Hi,

Its not the book but thought i might add it as it is related to the topic.
Some may find it interesting.

http://bigpicture.typepad.com/comments/files/turtlerules.pdf

Cheers

 

[wayneL]

Been "taking the long road" between Perth and Geraldton, so haven't had a chance to get far, but a quote that caught my eye flicking through.

"Trading is not a sprint; it's boxing. The market will beat you up, screw with your head, and do anything it can to defeat you. But when the bell sounds at the the end of the twelfth round, you must be standing in the ring in order to win."

Kinda reminds me of Che Guevara's. "the first duty of the guerrilla fighter is survival"

 

[wayneL]

Just found out why a futures contract is sometimes referred to as a "car".

It is because originally, one contract is the amount of commodity that would fit into one rail car. eg 5000 bushels, 1000 bbl etc. Hence "cars".

This is a really good book and is satisfying to any pedantic tendencies as well. lol

 

[CanOz]

Just found out why a futures contract is sometimes referred to as a "car".

It is because originally, one contract is the amount of commodity that would fit into one rail car. eg 5000 bushels, 1000 bbl etc. Hence "cars".

This is a really good book and is satisfying to any pedantic tendencies as well. lol

Well I'm staying tuned Wayne...due for more books soon, although "Trading in the Zone" is taking a while.

Cheers,

 

[wayneL]

Well I'm staying tuned Wayne...due for more books soon, although "Trading in the Zone" is taking a while.

Cheers,

If you get this book you'll appreciate chapter 2 then - Taming the Turtle Mind. A short treatise on cognitive biases that traders use to sabotage themselves. Generally, I think my psychology is pretty good and/or know my strengths and weaknesses well enough to trade to advantage.

This chapter has caused me to re-evaluate that. There are areas where I can certainly improve my "head game".

Not a comprehensive thesis on psychology but succinct and to the point.

Quote I like from the chapter:

"...In fact some traders believe in there particular style with such fervor(sic) that all others are considered inferior. I hold no such belief. Anything that works, works. Doggedly sticking to a method to the exclusion of all others is foolish."

Amen

 

[wayneL]

Hi,

Its not the book but thought i might add it as it is related to the topic.
Some may find it interesting.

http://bigpicture.typepad.com/comments/files/turtlerules.pdf

Cheers

rowes,

Interesting that in this book, Curtis remarks that the original rules still work, but that due to a change in the nature of markets, there are now much better trend following algorithms.

This is born out by Tech/a's experiment.

 

[It's Snake Pliskin]

If you get this book you'll appreciate chapter 2 then - Taming the Turtle Mind. A short treatise on cognitive biases that traders use to sabotage themselves. Generally, I think my psychology is pretty good and/or know my strengths and weaknesses well enough to trade to advantage.

This chapter has caused me to re-evaluate that. There are areas where I can certainly improve my "head game".

Not a comprehensive thesis on psychology but succinct and to the point.

Quote I like from the chapter:

"...In fact some traders believe in there particular style with such fervor(sic) that all others are considered inferior. I hold no such belief. Anything that works, works. Doggedly sticking to a method to the exclusion of all others is foolish."

Amen

Exactamento!

 

[tech/a]

"...In fact some traders believe in there particular style with such fervor(sic) that all others are considered inferior. I hold no such belief. Anything that works, works. Doggedly sticking to a method to the exclusion of all others is foolish."

By the end of the book its plain to see why!
I doubt as you get into the book that its anything like you expect (anyone reading it).

 

[wayneL]

By the end of the book its plain to see why!
I doubt as you get into the book that its anything like you expect (anyone reading it).

This is no monopoly Tech. Feel free to give your opinion on it as well... or anyone else for that matter.

 

[tech/a]

What and spoil the punch line?

 

[>Apocalypto<]

By the end of the book its plain to see why!
I doubt as you get into the book that its anything like you expect (anyone reading it).

Tech that quote is somthing you should really think about with you last little tiff with Magdoran. eg Gann

 

[theasxgorilla]

rowes,

Interesting that in this book, Curtis remarks that the original rules still work, but that due to a change in the nature of markets, there are now much better trend following algorithms.

This is born out by Tech/a's experiment.

It seems to be the case as with his examples in the book he uses data from 28 high-volume futures markets between 1996 and 2006. Thats what I'm finding to be the best part about the book. Due to his ongoing work at TradingBlox is seems that he has an up-to-the-moment grasp on how trend following still works, when it hasn't worked and why, and then why it works again. There are a lot of stark home truths in this book, and I'm not even half way through yet!

 

[tech/a]

Tech that quote is somthing you should really think about with you last little tiff with Magdoran. eg Gann

Trade it.
Ive looked at Gann often over the last 13 yrs.

You may well find after 13 yrs your view may well be as mine is.

The point I make with ALL analysis is NOT THE ANALYSIS itself but the successful APPLICATION of the analysis in a consistantly profitable way.

As Waves/Wayne and I have pointed out with so many "Pressure Points" possible its not practical to trade.
Ive not seen its practical application YET.

Let me know when you can and I'll be happy to learn.

 

[nizar]

It seems to be the case as with his examples in the book he uses data from 28 high-volume futures markets between 1996 and 2006. Thats what I'm finding to be the best part about the book. Due to his ongoing work at TradingBlox is seems that he has an up-to-the-moment grasp on how trend following still works, when it hasn't worked and why, and then why it works again. There are a lot of stark home truths in this book, and I'm not even half way through yet!

I really have to get my hands on this book.
I think i'll head down to Borders 2mrw.

Im not sure if it was Curtis Faith who was the most successful of the turtles. On some accounts, i hear it was Jerry Parker.

This guy still trades until today, and manages more than US$1billion.

Any thoughts?

 

[wayneL]

By the end of the book its plain to see why!
I doubt as you get into the book that its anything like you expect (anyone reading it).

Since I knew the basic outline of the turtle story, it was mostly entirely as expected.

The bolt from the blue was the epilogue. I liked what he had to say there, though not likely to align him with the majority in the guru business.

 

[wayneL]

I really have to get my hands on this book.
I think i'll head down to Borders 2mrw.

Im not sure if it was Curtis Faith who was the most successful of the turtles. On some accounts, i hear it was Jerry Parker.

This guy still trades until today, and manages more than US$1billion.

Any thoughts?

Without knowing the facts fully. I think Curtis was the most successful while they were all still with Dennis and Eckhart.

Curtis subsequently moved off to other fields, while Parker stayed on in the industry.

 

[theasxgorilla]

I really have to get my hands on this book.
I think i'll head down to Borders 2mrw.

Im not sure if it was Curtis Faith who was the most successful of the turtles. On some accounts, i hear it was Jerry Parker.

This guy still trades until today, and manages more than US$1billion.

Any thoughts?

This is a good point to raise and I think you're right. And as Wayne said, as a Turtle, he was the most successful. Although he took a 15 year hiatus from trading between '88 and '03. I notice that in the book he makes a lot of reference to the '87 crash and the effect that it had on his account...70% drawdown he approximates. Then a year or so later he stops trading....hmmm.