The Secret Methods that Turned Ordinary People into Legendary Traders
Everything you wanted to know about the Turtles is right here! The process of their recruitment, the lessons they learned, the things they went through.
A highly recommendable, enjoyable text!
Who Should Read “Way of the Turtle”? And Why?
Anyone who knows about the Turtles.
Anyone who hasn’t got the slightest idea about who the Turtles are.
Anyone (not) interested in trading.
This one, it’s a superb one. Believe us!
About Curtis M. Faith
Curtis M. Faith is an author, innovator, and a former Turtle himself.
Way of the Turtle Summary
Do you believe anyone could become master in trading with just a little bit of help from a pro in the area?
Is your answer no? Read this!
At first, William Eckhardt thought that it wasn’t possible too. However, his friend Richard Dennis, who was a trading expert just like Eckhardt, proved him wrong.
He chose thirteen people, good with numbers, and in a two-week period, he taught them everything he knew about trading.
The result of it? Thirteen new, highly trained, traders on the market.
But let us first explain you the difference between traders and investors. In fact, the difference lies in their goals. While traders are eager to take risks and aim for the intangible, like stocks, for example, investors want to play it safe. Which is no wonder why they prefer buying businesses.
According to him, being emotional in this business is not allowed as it will ultimately devastate you. Unless you learn how to profit out of the decisions other people make based on their feelings.
One of the techniques traders usually use for making their investment plans is trade following. It is a strategy that helps them take as much as possible out of every move they make in different markets. Although this may be highly profitable as a strategy, it is quite risky as well, so one needs to be careful.
Additionally, he taught his trainees the four basic rules that could help them when making deals.
The first one is the usage of the trading edge. This is an approach technique based on the trader’s gained skills. Its purpose is to guide the trader through the whole process and help them find the most profitable opportunity.
The second thing the Turtles learned during their training was how to control the risk by controlling their flaws. They were also taught that to be a successful trader demanded to stick strictly to the rules of the system they used.
The fourth and last lesson to learn was that simplicity makes the process easier.
But wait, that’s not all!
Remember that when entering into a business such as trading, there is no room for your ego? Nevertheless, during this training, the trainees were trained to be prepared for the worst possible scenario every time they traded and to put their feelings outside the business.
The future cannot be predicted by anyone, and one positive outcome doesn’t mean that you are a pro in the business.
For everyone involved in this work, it’s crucial to have a precise plan for every deal to be made. There isn’t any possibility to take actions based on your gut simply because feelings may deceive you and you will lose money.
So, if you want to win bigger things, then the best for you is to use an edge that will guide you through the whole trading process. This means that it will help you see when it is the right time to enter or leave and where the risk is smaller. Sounds promising, right?
Given that this profession is quite risky and unpredictable, finding possible negative results is helpful. Knowing this, Dennis made his Turtles find the best working strategy for them by trying different measures.
Key Lessons from “Way of the Turtle”
1. The future is unpredictable
2. There is no room for your ego in this business
3. If you want to be the best you need to experience the worst
The future is unpredictable
No matter how good you are in the trading business, and what method you are using to predict the possible outcome, there is always a possibility to lose money. This happens because you are not a fortune teller and you can’t predict the future. No one can.
For some, the risk and the anticipation are the things that make this profession so interesting. So, if you aren’t willing to take chances, this could be the wrong profession for you.
There is no room for your ego in this business
The competition in this business is harsh and merciless. And for someone who wants to be among the best, it is not acceptable to mix their feelings with their work.
However, on the other hand, if some inexperienced traders do this you can take advantage of it.
If you want to be the best you need to experience the worst
Let’s be honest. There is no gain without pain. Everyone has failed many times before getting to the top. You shouldn’t be afraid of the failure. In fact, you become better if you learn from the mistakes you make.
If you want to be a trading master always be prepared for the worst possible scenario. That’s the only way to get to the top.
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“Way of the Turtle” QuotesWe're going to raise traders just like they raise turtles in Singapore. Click To Tweet Good traders don’t try to predict what the market will do; instead, they look at the indications of what the market is doing. Click To Tweet 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. Click To Tweet Human emotion is both the source of opportunity in trading and the greatest challenge. Master it and you will succeed. Ignore it at your peril. Click To Tweet Traders do not buy physical things such as companies; they do not buy grains, gold or silver. They buy stocks, futures contracts, and options. Click To Tweet
Our Critical Review
While “Way of the Turtle” is undoubtedly entertaining and instructive, it should not be the only book you own in your home on this topic. It lacks more comprehensive details about trading. Somewhat inconsistent at times, too.