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Tag: turtles

Close Enough to the North Pole

Posted on by Michael Covel

An excerpt from my Turtle book that I like:

No matter what ‘price’ is the variable that the great traders have lived and died by for decades. Making trading decisions more complicated than the simple heuristic of ‘price’ has always been problematic. Eckhardt knew it was hard to do much better: “Pure price systems are close enough to the North Pole that any departure tends to bring you farther south.”

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The Turtle Cut Back Memo

Posted on by Michael Covel

People fond of the TurtleTrader story will like this memo (image) from back in the day. It became a core piece of my book “The Complete TurtleTrader.” In fact, that memo was first revealed in my book.

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William Eckhardt: Limit Portfolio Risk!

Posted on by Michael Covel

willaim eckhardt

Bill Eckhardt, the systems trading pro and former partner of Rich Dennis, once offered:

“…many prospective clients have asked me what’s the most I’ll lose on one trade. I can look up these statistics, but this is not something I would ordinarily pay any attention to. It doesn’t matter how little you lose on an individual trade, but how much you might lose on your whole portfolio. You’re not going to keep a ship afloat just by making sure the leaks are small. The important thing is to limit portfolio risk, the trades will take care of themselves.”

Eckhardt may have lost the bet with Dennis over the Turtles, but it was his hands on instruction that was critical to the Turtles’ development. How do I know? Almost all of the Turtles I talked to were quick to credit Eckhardt. It should also be noted that Eckhardt, not Dennis, has the 15+ year continuous perfomance record going back to the early nineties!

Much more on Eckhardt is in my book. Find out more about Eckhardt in the turtle trading system pdf.

How can you move forward immediately to Trend Following profits? My books and my Flagship Course and Systems are trusted options by clients in 70+ countries.

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Trend Following is for beginners, students and pros in all countries. This is not day trading 5-minute bars, prediction or analyzing fundamentals–it’s Trend Following.

The Turtles Were “Taught”

Posted on by Michael Covel

John B. Watson, psychologist, and founder of “Behaviorism” once offered:

“Men are built, not born. Give me the baby, and I’ll make it climb and use its hands in constructing buildings of stone or wood. I’ll make it a thief, a gunman or a dope fiend. The possibilities of shaping in any direction are almost endless.”

I thought of this quotation today due a phone call. The caller wanted to know why the Turtles today have differences in performance. Two issues for consideration:

1. Some Turtles like Jerry Parker have chosen a path of less risk and less return. Some like Tom Shanks have stayed true to their higher risk/reward roots. Even though they have made different choices they are BOTH still trend following Turtle traders!
2. Beyond risk/reward choices, chapters 11, 12, 13 and the afterword of my book lay out a clear picture why some Turtles made it and some did not.

How can you move forward immediately to Trend Following profits? My books and my Flagship Course and Systems are trusted options by clients in 70+ countries.

Also jump in:

• Trend Following Podcast Guests
• Frequently Asked Questions
• Performance
• Research
• Markets to Trade
• Crisis Times
• Trading Technology
• About Us

Trend Following is for beginners, students and pros in all countries. This is not day trading 5-minute bars, prediction or analyzing fundamentals–it’s Trend Following.