The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
Michael W. Covelamazon.com
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
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
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To those who saw them up close, Dennis had the capacity to make an observation in an instant that would take someone else weeks of painstaking math to figure out. Even Eckhardt marveled as Dennis’s knack to intuitively see “it”: “Look what this means. Look at the deep axiom in here. It works.” That said, Eckhardt was the mathematical genius. He was
... See moreMichael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
Self-discipline meant doing nothing until the time came to do something.
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
“We were looking for smarts and for people who had odd ideas. There was some experimental part to it.”7 Dennis, however, was clear about what he was looking for. He wanted people who had high math aptitude and high ACT (American College Testing) scores. He wanted people with some interest in computers or market methods. Those who worked to systemat
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Dennis and Eckhardt were adamant that their students consider themselves scientists first and traders second—a testament to their belief in doing the “right thing.”
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
“I assumed that a trader added something that couldn’t be encapsulated in a mechanical program. I was proven wrong.
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
tried to be like the house in the casino. It wasn’t that novel.