Realities of Turtle Trading
In the Realities of Turtle Trading, you will learn the rules of the turtle traders. The turtle program was based on a bet between legendary traders Richard Dennis and William Eckhardt. Richard Dennis had turned an initial stake of less than $5,000 into more than $100 million. And he believed anyone could be taught to trade the futures markets. Eckhardt took the opposite view. With the Realities of Turtle Trading, you will be given tools to increase your trading psychology.
The Turtles had to be able to answer these questions at all times:
What is the volatility of the market?
What is the equity being traded?
What is the system or the trading orientation?
What is the risk aversion of the trader or client?
The Turtles’ core axioms were the same ones practiced by the great speculators from one hundred years earlier:
“Do not let emotions fluctuate with the up and down of your capital.”
“Be consistent and even-tempered.”
“Judge yourself not by the outcome, but by your process.”
“Know what you are going to do when the market does what it is going to do.”
“Every now and then the impossible can and will happen.”
“Know each day what your plan and your contingencies are for the next day.”
“What can I win and what can I lose? What are probabilities of either happening?”