Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders

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Manage Risk: Control risk so that you can continue to trade or you may not be around to see the benefits of a positive expectation system.

Way of the Turtle: The Secret Methods that Turned Ordinary

I have just finished reading Curtis Faith’s The Way of The Turtle (for the second time) and below you find some very short comments about the book. This is a very good book! If you’re a beginner or not very experienced this would be one of the 5 trading books I would recommend. I will keep this review and summary short and instead include some quotes from the book. Nevertheless it is quite a nice read, and it contains a number of interesting observations about financial markets and trading.Have some flexibility in setting the parameters for your buy and sell signals. Test different parameters for different markets to find out what works best from your personal perspective. Hexes: Bad Omens • Delusion ( Deluded ) • Envy ( Envious ) • Famine • Fear • Greed • Haunting • Locusts • Misery ( Miserable / Twice Miserable ) • Plague • Poverty • War Outcome bias: The tendency to judge a decision by its outcome rather than by the quality of the decision at the time it was made The book The Way of The Turtle is mainly about trend-following. However, you don’t need to be a dedicated trend follower to learn from this book. The principles are mainly the same (however, one might argue mean reversion is different, but that’s another topic). If you are new to trading, I strongly recommend this as your first book to read. If you’re a successful “veteran” (I dislike this word) it might not be so valuable. I was expecting more about the specific training the turtles received. I was somewhat disappointed at the material included on that subject, but the book was still a worthwhile read.

Way of the Turtle: The Secret Methods that Turned Ordinary Way of the Turtle: The Secret Methods that Turned Ordinary

Look at prices rather than relying on information from television or newspaper commentators to make your trading decisions. If you use Way of the Turtle on a Reserve card that can be called at the start of your turn (like Transmogrify ), you can play it at the start of your turn, put it on your Tavern mat, and then immediately call it (because it's still the start of your turn). I like to collect quotes from books I read, and here you have some good quotes from the book The Way Of The Turtle:Courtyard • Lurker • Pawn Masquerade • Shanty Town • Steward • Swindler • Wishing Well Baron • Bridge • Conspirator • Diplomat • Ironworks • Mill • Mining Village • Secret Passage Courtier • Duke • Minion • Patrol • Replace • Torturer • Trading Post • Upgrade Farm • Nobles

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Trading edges exist because of divergences in market perceptions and realities that result from cognitive biases. They exist because economists are wrong in their belief that market players are rational. Market players are not rational. Chapter 2 discussed how cognitive biases provide trading opportunities in a theoretical sense. This chapter will discuss that notion in further detail by using actual price data. Ways: Butterfly • Camel • Chameleon • Frog • Goat • Horse • Mole • Monkey • Mouse • Mule • Otter • Owl • Ox • Pig • Rat • Seal • Sheep • Squirrel • Turtle • Worm Curtis Faith was (and is?) a trend follower. Just to give you a better grasp of what trend following is all about we recommend these links:No plan: Many traders base their trades on hunches, rumor, guesses, and the belief that they know something about the future direction of prices. Good job explaining how focused learning approaches, analytical thinking and avoiding biases can lead to trading success.

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Here's the biggest rub - at least for someone expecting to come away with an immediately useful trading system. Even though the book does tell you exactly how the Turtle system worked, don't expect it to be something you can use yourself. It was specifically designed for use across an array of markets by traders with a large capital base. By that I mean hundreds of thousands of dollars, minimum. As such, the vast majority of readers will not be in a position to make use of it. Forgotten the title or the author of a book? Our BookSleuth is specially designed for you. Visit BookSleuth

When you play the card at the start of your next turn, you can again use Way of the Turtle, delaying it another turn. You can keep doing this. Removed cards: Loan • Trade Route Talisman Contraband • Counting House • Mountebank • Royal Seal • Venture Goons My favourite maximum damage build so far. Your enemies will fall down in seconds. You can beat up the game in little more than 100 days. Loss aversion: The tendency for people to have a strong preference for avoiding losses over acquiring gains