The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
Michael W. Covelamazon.com
The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
The people who excel in any field are people who realize that the moment is to be seized, that there are opportunities at every turn. They’re more alive to the moment.
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
It didn’t necessarily matter how little the Turtles lost on any individual trade, but they needed to know how much they could lose in their whole portfolio. Eckhardt was clear: “The important thing is to limit portfolio risk. The trades will take care of themselves.
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
“The reason we all needed to stay together, especially in the beginning, was we literally made all our money in a normal year in about a three-week period. The rest of the year, most people were down minus 30 percent.
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
In 1960, Donchian reduced this philosophy to what he called his “weekly trading rule.” The rule was brutally utilitarian: “When the price moves above the high of two previous calendar weeks (the optimum number of weeks varies by commodity), cover your short positions and buy. When the price breaks below the low of the two previous calendar weeks, l
... See moreMichael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
The Turtles were trained this way because by 1983, Dennis knew the things that worked best were “rules”: “The majority of the other things that didn’t work were judgments.
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
The Turtles were taught not to fixate on when they entered a market. They were taught to worry about when they will exit.
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
How to handle profits properly is a separation point between winners and losers. Great traders adjust their trading to the money they have at any one time.
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
program (and they did end up cutting people). In essence Eckhardt was saying, “You are not special. You are not smarter than the market. So follow the rules. Whoever you are and however much brains you have, it doesn’t make a hill of beans’ difference. Because if you’re facing the same issues and if you’ve got the same constraints, you must follow
... See moreMichael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
C&D’s trading inspired a great deal of mystification, but in reality they were a mass merchandiser who sold 90 percent of their products as loss leaders so they could make a gigantic profit on the remaining 10 percent. Sometimes they had to wait a long time for good things to happen. Most people can’t psychologically handle the wait.