The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
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- Create Date：2021-05-01 08:56:36
- Update Date：2025-09-06
- Status：finish
- Author：Michael W. Covel
- ISBN：0061241717
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Summary
This is the true story behind Wall Street legend Richard Dennis， his disciples， the Turtles， and the trading techniques that made them millionaires。
What happens when ordinary people are taught a system to make extraordinary money？ Richard Dennis made a fortune on Wall Street by investing according to a few simple rules。 Convinced that great trading was a skill that could be taught to anyone， he made a bet with his partner and ran a classified ad in the Wall Street Journal looking for novices to train。 His recruits， later known as the Turtles， had anything but traditional Wall Street backgrounds; they included a professional blackjack player， a pianist， and a fantasy game designer。 For two weeks， Dennis taught them his investment rules and philosophy， and set them loose to start trading， each with a million dollars of his money。 By the time the experiment ended， Dennis had made a hundred million dollars from his Turtles and created one killer Wall Street legend。
In The Complete Turtle Trader， Michael W。 Covel， bestselling author of Trend Following and managing editor of TurtleTrader。com， the leading website on the Turtles， tells their riveting story with the first ever on the record interviews with individual Turtles。 He describes how Dennis interviewed and selected his students， details their education and experiences while working for him， and breaks down the Turtle system and rules in full。 He reveals how they made astounding fortunes， and follows their lives from the original experiment to the present day。 Some have grown even wealthier than ever， and include some of today's top hedge fund managers。 Equally important are those who passed along their approach to a second generation of Turtles， proving that the Turtles' system truly is reproducible， and that anyone with the discipline and the desire to succeed can do as well as—or even better than—Wall Street's top hedge fund wizards。
In an era full of slapdash investing advice and promises of hot stock tips for "the next big thing，" as popularized by pundits like Jim Cramer of Mad Money， the easy-to-follow objective rules of the TurtleTrader stand out as a sound guide for truly making the most out of your money。 These rules worked—and still work today—for the Turtles， and any other investor with the desire and commitment to learn from one of the greatest investing stories of all time。
What happens when ordinary people are taught a system to make extraordinary money？ Richard Dennis made a fortune on Wall Street by investing according to a few simple rules。 Convinced that great trading was a skill that could be taught to anyone， he made a bet with his partner and ran a classified ad in the Wall Street Journal looking for novices to train。 His recruits， later known as the Turtles， had anything but traditional Wall Street backgrounds; they included a professional blackjack player， a pianist， and a fantasy game designer。 For two weeks， Dennis taught them his investment rules and philosophy， and set them loose to start trading， each with a million dollars of his money。 By the time the experiment ended， Dennis had made a hundred million dollars from his Turtles and created one killer Wall Street legend。
In The Complete Turtle Trader， Michael W。 Covel， bestselling author of Trend Following and managing editor of TurtleTrader。com， the leading website on the Turtles， tells their riveting story with the first ever on the record interviews with individual Turtles。 He describes how Dennis interviewed and selected his students， details their education and experiences while working for him， and breaks down the Turtle system and rules in full。 He reveals how they made astounding fortunes， and follows their lives from the original experiment to the present day。 Some have grown even wealthier than ever， and include some of today's top hedge fund managers。 Equally important are those who passed along their approach to a second generation of Turtles， proving that the Turtles' system truly is reproducible， and that anyone with the discipline and the desire to succeed can do as well as—or even better than—Wall Street's top hedge fund wizards。
In an era full of slapdash investing advice and promises of hot stock tips for "the next big thing，" as popularized by pundits like Jim Cramer of Mad Money， the easy-to-follow objective rules of the TurtleTrader stand out as a sound guide for truly making the most out of your money。 These rules worked—and still work today—for the Turtles， and any other investor with the desire and commitment to learn from one of the greatest investing stories of all time。
Reviews
Marcus Leong
，
Interesting book on how R。Dennis train trader with no experience into successful traders。 Does have some good pointers on what a successful trader does。 Don't expect technical strategy， but it does give a good perspective if you are looking to be successful and like to read what other traders experience on the road to successful trading。 Interesting book on how R。Dennis train trader with no experience into successful traders。 Does have some good pointers on what a successful trader does。 Don't expect technical strategy， but it does give a good perspective if you are looking to be successful and like to read what other traders experience on the road to successful trading。 。。。more
Eugene Francis
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gives a view on the turtle trading methodology。Teaches alot more than that， and I do recommend that it be read through to the end。There is more to it than mechanical methods， that it also gives you examples of many people on what traits are there that makes this successful。I do think the book gets a bit too slow in the middle， but hey。 I got alot of time and finishing this was worthwile。it was like， "no it doesnt work" on one side， and "it does， but it depends" gives a view on the turtle trading methodology。Teaches alot more than that， and I do recommend that it be read through to the end。There is more to it than mechanical methods， that it also gives you examples of many people on what traits are there that makes this successful。I do think the book gets a bit too slow in the middle， but hey。 I got alot of time and finishing this was worthwile。it was like， "no it doesnt work" on one side， and "it does， but it depends" 。。。more
James Cozzone
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Inspiring Book for Young Traders！Fun read。 I found some parts a bit difficult to read， not in a technical sense， but in a writing sense。 I had to re read a few parts， otherwise I would give it 5 stars。Very high level book for traders。 It's not a holy grail， but it might give you the inspiration to find your strategy or get started。 Inspiring Book for Young Traders！Fun read。 I found some parts a bit difficult to read， not in a technical sense， but in a writing sense。 I had to re read a few parts， otherwise I would give it 5 stars。Very high level book for traders。 It's not a holy grail， but it might give you the inspiration to find your strategy or get started。 。。。more
Kiril
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Besides the very interesting story of Richard Dennis and the Turtles， the book has many key points: - once you win some， it's your money， not "the house money" - without proper risk management， it's a matter of time to get toast - too much risk is a double edged sword -> on the upside and on the downside - you have to be contrarian to make money - if you trade emotions， you're toast - the market doesn't care about your entry price， nor your exit target - never revenge trade - you should adjust y Besides the very interesting story of Richard Dennis and the Turtles， the book has many key points: - once you win some， it's your money， not "the house money" - without proper risk management， it's a matter of time to get toast - too much risk is a double edged sword -> on the upside and on the downside - you have to be contrarian to make money - if you trade emotions， you're toast - the market doesn't care about your entry price， nor your exit target - never revenge trade - you should adjust your position sizing， based on the volatility and account size - if you lose 10% of your capital， you should adjust your risk profile as if you've lost 20% - trend is your friend。 Catch it on time and you make a lot of money - you cannot should not be outside of the market， since only a few weeks in the year make the most gainsThere are more gems in the book， but I suggest you find them yourself。 。。。more
Praveen Srinivasan
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Only chapters 4 and 5 are useful from educational purpose。 They talk about money management and rules。Rest of the book is more like a biography。This is mentioned in the book also。
Weston Moore
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I recall liking The Way of the Turtle much better。
Rana Awais
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kind of biography。 It seems that writer has very less objective information to share。But this Book has helped me to understand the Psychology of Indicators which are used in Trading
Elizabeth
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You're better off just examining the method Dennis taught his students freely available on the web。 You're better off just examining the method Dennis taught his students freely available on the web。 。。。more
Sangam Agarwal
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Every beginner trader must read it because。 This book give you the proof that technical analysis works and by learning it anyone can make money。
Renan Diego Sacramento
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Pretty good stories
Ryan_hg
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This book reaffirmed my view that it is all about trading the numbers and probability in the game of trading
Milan
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The legend of the Turtles is still there though its fading from the memory of the traders。 Michael Covel tries to put the pieces together and he is partly successful。 Things have changed so much in the markets since the time the 'Turtle-training' program was started by Richard Dennis in the 1980s。 The whole turtle-trading thing was a bet on nature vs。 nurture between Richard Dennis and his friend William Eckhardt。 Dennis was adamant that trading can be taught with proper rules and systems。 Durin The legend of the Turtles is still there though its fading from the memory of the traders。 Michael Covel tries to put the pieces together and he is partly successful。 Things have changed so much in the markets since the time the 'Turtle-training' program was started by Richard Dennis in the 1980s。 The whole turtle-trading thing was a bet on nature vs。 nurture between Richard Dennis and his friend William Eckhardt。 Dennis was adamant that trading can be taught with proper rules and systems。 During the entire duration when the turtle-traders were employed by Dennis， they have an impressive overall track-record in trading。 A few became better than their mentors once they got out on their own。 Turtles have never been very forthcoming about what and how they were trained。 Some turtles refuse to speak and some like Curtis Faith who have written their own books about turtle-trading are in dispute with this author。 I did not learn anything new from this， still it makes for an engrossing read。 。。。more
Brandon Kioseff
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Read this book with intent of comprehending and then applying turtle trading techniques。 Covel （author） dedicates a mere 1-2 chapters on the fundamentals， which is unfortunate。 Direct application of the method with concomitant illustration would have been preferred。 While the rest of the material was principally composed of story-telling the history of the Richard Dennis （brilliant man） and the rest of the turtle traders。 NOTE: There may have been pictures throughout the material， but they did p Read this book with intent of comprehending and then applying turtle trading techniques。 Covel （author） dedicates a mere 1-2 chapters on the fundamentals， which is unfortunate。 Direct application of the method with concomitant illustration would have been preferred。 While the rest of the material was principally composed of story-telling the history of the Richard Dennis （brilliant man） and the rest of the turtle traders。 NOTE: There may have been pictures throughout the material， but they did provide enough significance for me （reader） to remember。。 。。。more
Kelvin
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A beautifully written account of the history of the the Turtle Traders， from the beginning to where they are now。I really loved his in depth interviews and perspective on what happened during that time - learned a lot。The key thing I got out of it was how it captured the way traders think， the mentality for doing systemic trend following tradingI appreciated how the book goes through each story from different perspectives; he must have conducted many interviews to get such a picture of what happ A beautifully written account of the history of the the Turtle Traders， from the beginning to where they are now。I really loved his in depth interviews and perspective on what happened during that time - learned a lot。The key thing I got out of it was how it captured the way traders think， the mentality for doing systemic trend following tradingI appreciated how the book goes through each story from different perspectives; he must have conducted many interviews to get such a picture of what happened。 。。。more
Fabrizio Scanavini
，
Nice story; if you don't mind about the book but you are just interested to the strategy read only chapter 5。At the end you'll understand also why there is another book （a kind of sequel） from Curtis about turtle tradingFor sure I'll test this strategy and maybe I'll build a bot on it Nice story; if you don't mind about the book but you are just interested to the strategy read only chapter 5。At the end you'll understand also why there is another book （a kind of sequel） from Curtis about turtle tradingFor sure I'll test this strategy and maybe I'll build a bot on it 。。。more
Dylan
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Not a great read。 This book does not get very detailed in specifics about the stock market。 The author is obsessed with the main guy’s political affiliation。 This book is suppose to be about a group of individuals who are taught a system on how to be successful in the stock market and a good chunk of the book is spent talking about richard dennis political views。
Alexander Tjiptodihardjo
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Anyone who is an aspiring trader or an established trader should give this book a read。The content， story-telling， and inherent twists and turns within the true story of the Turtles are just breathtaking。I do believe that even non-traders will enjoy reading this book， but if you are a trader， then this will be a 5 star any day。
Gary Douglas
，
I enjoyed this story a lot。 I listened to the audiobook version which included a rather lengthy interview with Jerry Parker in the appendix。 For those of you who were expecting to learn how to become a turtle trader from reading this book， well you obviously weren't paying attention。 Michael Covel charges a great deal of money to teach you the rules of price momentum trading so he's certainly not going to give it away in a book you can pick up for less than $20。 This is just the story of the tur I enjoyed this story a lot。 I listened to the audiobook version which included a rather lengthy interview with Jerry Parker in the appendix。 For those of you who were expecting to learn how to become a turtle trader from reading this book， well you obviously weren't paying attention。 Michael Covel charges a great deal of money to teach you the rules of price momentum trading so he's certainly not going to give it away in a book you can pick up for less than $20。 This is just the story of the turtles。 Richard Dennis' experiment in teaching a particular trading discipline to a select group of amateurs。 I thought it was a fun and entertaining listen and a fascinating story。 But you'll have to look elsewhere if you think you have what it takes to become a turtle。 Good job， Michael！ 。。。more
Alex Adkins
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Read this based on a recommendation from a friend。 This book is one chapter investing tips and the rest is the story of the legendary Turtle Traders。 As a UVa alumnus， it was fun to read about how a fellow former Hoo was at the conception of Turtle Trading and is one of the most successful traders in the world today right out of Richmond， Virginia。
D
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Unlike his other books on the subject， this one actually has one chapter with some details about a real life system: chapter 5。 However， it's not very well organized and doesn't layout the system in a coherent manner。 The freely available PDF online from one of the real turtles is much more coherent。 Unlike his other books on the subject， this one actually has one chapter with some details about a real life system: chapter 5。 However， it's not very well organized and doesn't layout the system in a coherent manner。 The freely available PDF online from one of the real turtles is much more coherent。 。。。more
Richard
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This was quite a slog to finally finish。 I was excited at the start and the first third of the book was quite captivating。 However， the rest of the book just got tedious。 I felt the author had nothing else to say。 And in the end I don’t think he gave any real trading tips except to pay attention to trends and don’t hold onto commodities too long。 Then toward the end the author was a real turn-off， mostly whining and insulting a few turtles who didn’t want to cooperate for this book。
Stacey
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About commodity trading
Calico
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There are two qualities that I look for when I read a book like this one。 I don't need to have both qualities present; one will do。First， I want to enjoy an entertaining read; and， on the side， learn something。 The Big Short: Inside the Doomsday Machine taught me stuff about financial instruments that I never knew before。 And Lewis packaged it nicely in a tale rife with human interest。 I didn't place any trades based on what I'd learned， but it was still an entertaining and informative read。Seco There are two qualities that I look for when I read a book like this one。 I don't need to have both qualities present; one will do。First， I want to enjoy an entertaining read; and， on the side， learn something。 The Big Short: Inside the Doomsday Machine taught me stuff about financial instruments that I never knew before。 And Lewis packaged it nicely in a tale rife with human interest。 I didn't place any trades based on what I'd learned， but it was still an entertaining and informative read。Secondly， there are books I enjoy not because they are entertainingly written， but because they are filled with information that can profit me materially。 The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets is a good example of this。 Faber might not be your favorite flavor of investment advice， but surely you have learned valuable strategies from some books that you've read。 In the case of Faber's book， there were no character sketches， no scenes filled with drama， just solid， actionable facts。Virtually alone among the many reviewers of this book， I found The Complete TurtleTader to be both devoid of artful writing， and skimpy on trading advice。 Let's examine each point in turn。The story of the turtles could have been， in the hands of a more talented scribe， a spellbinding narrative filled with a cast of colorful characters。 Instead， as I read the book， I could picture Covel laying out a pile of index cards， each with a quotation from one of his interviewees scrawled on it。 I could picture him then putting the cards together， trying to get them into some kind of coherent order。 When I go to see a movie， I want to be caught up in the movie。 If I find myself thinking about the cinematic decisions the director made， it probably wasn't a good movie。 While reading this book， I kept wondering why the editor， presumably a person trained in good writing， didn't do a better job providing some coherence by winnowing out the chaff and fluff。Much of the book is filled with "he said， she said" petty complaints that were unearthed as Covel interviewed former turtles。 Again， in the hands of a more gifted writer， perhaps these could have been crafted into a compelling tale。 Apparently， neither Covel nor his editor possess such gifts。Now， this book does have some information that might profit me。 It does lay out a trading system。 But this system takes up only a very few pages。 A more detailed explanation of the system is available， legally， on the web for free。So， I did not have the pleasure of enjoying a well-written book。 I did learn about a trading system that might prove to be profitable。 But it wasn't worth wading through the entire book to get about two minutes of information about this trading system。Please note， I love reading books that do not provide me with direct financial gain。 But the reason I like those books is because there is some riveting story or creative presentation of ideas。 This book was not well-written and has a couple of pages of trading advice。P。S。 I purchased the Kindle edition of this book。 Unlike many other financial books that should not have been published in Kindle form， this book is quite suitable for electronic distribution。 There are a few tables demonstrating the profit performance of various individuals。 These tables are easy to view and， anyway， are not essential for following the text。 。。。more
Jonathan Desimone
，
This is a pretty interesting story of Rich Dennis and his disciplines in the technical trading realm。 Mike Covel tells a good story and it is a must read if you are interested in this trading strategy。
Cheryl Schibley
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Stock market trading， which I’ve decided is better left to my broker。
Michael Doody
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I have both the hardcopy & audiobook。 Listened to the book again and enjoyed it very much。 Provides great insight into trend trading， and the story of the Turtles。It provides great ideas on trading strategies， and if you are like me， believes that trends are there， both in up and down markets。
Mike Madden
，
Nice。 But doesn't seem like much of a story。 Author kind of drags it out， and still ends up with a pretty short book。 Just a neat little experiment that was both thoroughly and poorly executed that turned regular people into millionaires。 The technical chapter was good。 Should come with a warning for people who want to try it at home！ Nice。 But doesn't seem like much of a story。 Author kind of drags it out， and still ends up with a pretty short book。 Just a neat little experiment that was both thoroughly and poorly executed that turned regular people into millionaires。 The technical chapter was good。 Should come with a warning for people who want to try it at home！ 。。。more
David Shepherd
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*Pre-Reading Notes* I’m reading this book because I want to amplify my skills as an investor/money manager and would like to learn any shortcuts I can to integrate into my own systems/models。*Post-Read Summary*Summed up in three sentences or less， the wisdom of this book is this: My biggest takeaways is that anything is possible in the markets and they are ripe with opportunities。 Always， always have a system。 As one of the interviewees said， you need to trust God and your system。
Gabriel
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This book was great！Didn’t really need the writers comments in the audiobook。
Scott Jaconetty
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