Title: The Complete Turtle Trader: The Legend, the Lessons, the Results
Author: Michael Covel
In The Complete Turtle Trader: The Legend, the Lessons, the Results, author Michael Covel delves into the history and mythology of the legendary group known as the “turtle traders”—a group of people, mostly novices in the financial trading world, who Richard Dennis and William Eckhardt taught a specific trading system in the early 1980s. Covel explores the history of this extraordinary experiment, the lessons learned, and the results these traders produced.
Messaging and Thesis
Covel’s overarching thesis is that teaching regular people a systematic and disciplined approach to trading is possible, potentially leading to outstanding results. The author examines the intriguing story of Richard Dennis, a successful Chicago trader who believed anyone could be trained to become a successful trader. Dennis set up a bold experiment to prove his point wherein he and his partner, William Eckhardt, recruited and taught 23 random individuals with little trading experience.
Covel breaks down the trading system taught to the “turtles,” emphasizing the importance of solid rules, risk management, and the psychology behind trading. The book dismantles the mystery surrounding the “turtle traders” and seeks to provide readers with actionable and repeatable lessons that they can apply to their trading endeavors.
Writing Style and Effectiveness
In terms of writing style, Covel does an excellent job blending storytelling, history, and trading information. The book is well-structured, engaging, and informative, allowing readers of varying financial backgrounds and interests to be captivated by the narrative.
Covel effectively conveys his ideas by carefully presenting data, interviews, and real-life examples of the original turtle traders. By detailing their successes and failures, the author makes a compelling case for Dennis’s belief that trading success can be achieved through proper education and strict adherence to a systematic approach.
Strengths and Weaknesses
One major strength of The Complete Turtle Trader is its broad appeal. Covel skillfully addresses those familiar with the turtle traders’ story and those entirely new to the topic. In addition, the anecdotes about the traders and the insights into the group’s history make for an engaging read.
The author’s thorough examination and explanation of the trading methods employed by the turtle traders is another strength. This in-depth analysis allows readers to understand the results, thought process and discipline required to adopt such a trading methodology.
However, one potential weakness of the book is that it may need to go into more detail about specific trading strategies for readers looking for technical trading advice. While Covel does divulge some information about the specifics of the turtle trading system, more is needed for those seeking a step-by-step guide on implementing these strategies.
Conclusion and Recommendation
Overall, The Complete Turtle Trader: The Legend, the Lessons, the Results by Michael Covel is a fascinating and insightful read. It offers readers a unique look into the turtle traders’ history, methodology, and legacy. The storytelling and financial information blend makes this book highly engaging and informative.
I highly recommend this book to those looking to master the craft of trading and gain valuable lessons from its storytelling and financial information. The Complete Turtle Trader is a comprehensive guide that can help readers understand the importance of adhering to a disciplined approach and benefit from the transformative power of education.
