The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
Michael W. Covelamazon.com
The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
Disassociating the dollars from the trading was a huge part of what was instilled in the Turtles.
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.
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
The Turtles were trained to be trend-following traders. In a nutshell, that meant that they needed a “trend” to make money. Trend followers always wait for a market to move; then they follow it. Capturing the majority of a trend, up or down, for profit is the goal.
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
The successful trader is the one who codifies, the one who turns things into rules. Every idea that’s market-worthy must then be tested.”
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
Dennis went from zero to sixty on the MidAm in record time, and no one knew how he learned to do what he was doing. He knew that traders had a tendency to self-destruct. The battle with self was where he focused his energies: “I think it’s far more important to know what Freud thinks about death wishes than what Milton Friedman thinks about deficit
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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
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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
One of Dennis’s students said that their teacher believed his physical attributes to be behind his pit-trading success: “You ever heard why he considered himself really successful? He is six feet something and the size of a freight train. He could see over people and more importantly, people could see him. People always knew that he was there. He h
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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.