Way Of The Turtle- An Essential Read

Discussion in 'Educational Resources' started by Pa(b)st Prime, Jun 15, 2007.

  1. Curtis Faith has written a book so profound, so valuable that he'll never make in sales an amount commiserate for this gift to the trading community.

    This book stands with Reminiscences, The Money Game, Taleb and Schwager (who's interviews are invaluable).

    I began as a runner at the CBOT in 1978, just one year after Rich Dennis had left the Soybean pit to trade in his office at C&D Commodities. Even in absence, RD's presence on the floor loomed large. His orders were large enough that he'd move Beans a few cents anytime he got serious about digging in.

    As a clerk me and my mates would often eat across the street at the old Broker's Inn. The now obsolete $160,000,000 Bond floor presently sits in it's spot. My friends and me would be ecstatic if Dennis was eating at the same time. RD sat in a reserved booth adjacent to the bar where a ticker tape ran non stop during the session. Ozzie, the elderly black steward would place an old rotary phone on Dennis's table. We all knew that one utterance from Dennis into that plain looking phone could move markets.

    Obviously Dennis was a legend on the floor of rock star stature. Given his extremely low key nature it must have been a weird feeling for him to know that an entire institution thought he was God.

    Curtis has taken the simple methods taught/traded by Bill Eckhardt and Rich Dennis and explains precisely how they backtest, how they should be implemented, the dangers in not taking signals and great insights on trading/gaming psychology.

    Curtis, thank you!
  2. amtrak


    Thanks Pabst!!

    Bought the book last night;

    the first 2 chapters were excellent.

    There's more valuable insight per page

    than any other trading book I've got.

    Your recommendation and Van Tharp's in the book are spot on...
  3. WinDiff


    Can I please have a CFTC audit on Curtis Faiths trading history? IMO, he is so frustrated with loosing money trading that he had to resort to selling software and books instead, much like all system vendors in existence today. What a trading wonder kid, ha?

    The difference between reading a book about trading and trading is very much like reading a book about sex and having sex.

    Beware about the promoters like him as no one knows for sure what capitalist pigs he works for and what his/their real agendas are!

    I see big shifts in profitability on most trading systems soon after he went public back in 2003 till now; and it seems worst is yet to come, so be warned!!!

  4. It really is a great book. I've been reading and re-reading it for several weeks now. An enjoyable read.

    He covers all aspects of trading and will definitely give traders of all experience levels various or new ways to look at things. Great examples, with graphs and spread sheets, of what to REALLY expect when you are trading professionally. (loss, loss, loss, loss, loss, loss, loss, loss, loss, loss, win, loss, loss)(what a bad drawdown really looks like)

    A great book!!
  5. losslosslosslosswin.

    heres what a properly designed system does, you don't know which derivative will come through and when.

    2002 75% gain
    2003 23% gain
    2004 -17% loss
    2005 60% gain
    2006 893% gain
    2007 -1.3% loss so far.
  6. Spectre2007.......a picture's worth a thousand words!!
  7. great story, pabst. keep em coming!

  8. Just curious. What was the home run last spring?

    BTW: I'm getting my ass handed to me on that Corn/Wheat spread. Look's like fading wheat against anything is a suckers play. :(
  9. Copper

    Wheat is behaving as it has in the past, I havent looked at Corn.

    Edit: Wheat 570 is likely.
    #10     Jun 21, 2007