Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders Inbunden – 30 Mars 2007
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After nearly 25 years, the turtles come out of their shells.
Way of the Turtle takes a never-before-seen look at the legendary Turtle Traders and the famous experiment that made them millions. Curtis Faith, the most successful member of this elite group, breaks the silence to reveal the rules, timing, risks, rewards, and secrets to his biggest trades and 100 percent annual returns. Sharing behind-the-scenes insights and step-by-step techniques, Faith shows how you can use the Turtle Way to achieve enormous profits-whatever your skill level.
"The most successful turtle was apparently Curtis Faith. Trading records show that Mr. Faith, who was only 19 when he started the program, made about $31.5 million in profits for Mr. Dennis."-Stanley W. Angrist, The Wall Street Journal
Curtis M. Faith was the most successful of the Turtles, earning more than $30 million for Richard Dennis while trading as a Turtle. He is one of the industry's leading pioneers of mechanical trading systems and software. Faith is currently head of research and development for Trading Blox, LLC, a company that specializes in software for trading system analysis and development. He also runs an Internet forum for mechanical system traders at tradingblox.com/forum.
- Utgivare : McGraw-Hill Professional; 1:a utgåvan (30 Mars 2007)
- Språk : Engelska
- Inbunden : 320 sidor
- ISBN-10 : 007148664X
- ISBN-13 : 978-0071486644
- Rangordning för bästsäljare: #6,693 i Böcker (Visa Topp 100 i Böcker)
Populäraste recensionerna från andra länder
But be careful. Clenow in Stocks on the Move: Beating the Market with Hedge Fund Momentum Strategies says "Classic trend following is done on futures. The normal way to execute this strategy is to follow trends on a large set of futures markets ... if you apply a trend following model to a single market, you're just gambling... the core premise of trend following is therefore based on diversification".
So, use the techniques Faith describes, but be careful to execute them within a large portfolio of futures trades. I recommend that you read this book first: Following the Trend: Diversified Managed Futures Trading (Wiley Trading) .
Fortunately the book has value to investors as well as traders. This is not a book about forecasting but about identifying repeatable and exploitable opportunities in markets. Faith makes valuable comments on the importance of considering the state of the market and how the productivity of a process may depend on this state. Helpfully Faith provides guidance on how to test processes. Many of these steps are intuitive, simple and logical but put together they provide a suite to truly examine the robustness of any system. Any trader must have total confidence in his process if he is to survive a long drawdown.
Surprisingly Faith does not consider the impact of computer driven trading. Presumably strategies employed by CTAs and statistical arbitrage programmes will be similar to those espoused by Faith. With billions of dollars following these strategies, free from heuristic flaws, it would seem reasonable to expect increasing levels of process degeneration. The question is not considered.