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Way of the Turtle
Book

Way of the Turtle

The Secret Methods that Turned Ordinary People into Legendary Traders

Curtis M. Faith
McGraw-Hill, 2007

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Editorial Rating

8

Recommendation

This trading-room memoir harks back to a group of novices whom experts recruited in the 1980s and – to fulfill a bet – trained to be traders. The training worked, according to the most successful student, author Curtis M. Faith. His memoir promises what any capitalist would love to possess: the secret to making money in volatile markets. Alas, Faith tells us, there is no secret. Successful traders analyze markets to find an edge, then remain disciplined enough to pursue that edge, even when their hearts and their guts try to overrule their brains. In spite of constant references to Donchian channels and Sharpe ratios, Faith assures readers that trading isn’t a matter of using secret formulas but of applying time-tested wisdom. His tome is intriguing because it lets you inside the thoughts of someone who made $30 million as a trader (so no wonder he tends toward the self-congratulatory, though his anecdotes are entertaining). getAbstract recommends this to traders seeking an advantage and to those who want to watch the experts try to beat the odds.

Take-Aways

  • Members of the stock trading team, the Turtles, were recruited in the early 1980s to settle a bet between two top traders, Richard Dennis and William Eckhardt.
  • Dennis thought anyone could learn to trade profitably; Eckhardt thought trading skills were innate.
  • Dennis taught clear rules to recruits (called “Turtles”) in his training program. The rules included:

About the Author

Curtis M. Faith learned the Turtles’ lessons well: He earned more than $30 million while trading as a Turtle. An innovator in the use of trading systems and software, he heads research and development for a trading software firm.

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