"The Way of the Turtle" by Curtis M. Faith [REVIEW]

It all started with a bet on whether anyone can become a successful trader. It turned out that in a month or even a week it can be taught to complete novices. How to make a millionaire from a 19-year-old? Curtis M. Faith, the youngest and one of the most talented participants in the most famous experiment in the history of financial markets, reveals this after the 20-year silence clause expires.

Curtis M. Faith's book was one of the most anticipated by traders around the world. It all started in 1983, when Richard Dennis and William Eckchardt bet that anyone could be taught to trade and make money successfully in the financial markets. In the industry press, they announced that they are looking for people who will teach them how to make money on the markets in two weeks, and after the training they will invest with a bill of USD 1 million.

About a thousand people responded to the advertisement, of which 13 people were selected. In two weeks, traders provided them with the knowledge necessary to earn on futures contracts. Also completely basic. Among the selected were representatives of professions related to financial markets, but also professional gamblers or card players, a student, humanists, and an academic lecturer. The group was very diverse, because that's what the creators of the experiment, which was named after the place where the idea originated, wanted it. Everything took shape in Singapore, where a historic sentence was uttered:

“We will breed traders like turtles on the farm here.”

First: consistency

And while not all trainees achieved spectacular returns, it quickly became apparent that profitable futures trading was easier than it seemed. That is why many people have been waiting for years for a secret formula that will make millions. And Curtis M. Faith betrays her in every detail.

However, it turns out that it also had its weaknesses. Seemingly, it was risky, because it caused abrupt withdrawals of capital. In the long run, however, it turned out to be very profitable. If only there were enough consequences not to withdraw from it.

The author approaches his successes with a distance, which characterizes the vast majority of millionaires who have earned on the futures market. He knows that no system is infallible, but you have to be consistent in its application, especially when the account suffers losses. By panicking and giving up part of the transaction, we can miss the opportunity. Especially since less than half of the transactions were successful in the system used here. However, it allowed him to earn millions.

Second: flexibility

I know, at first glance, consistency (especially the iron one) and flexibility are mutually exclusive concepts. But they are the key to understanding why many turtles are still doing well in the market, and some have retired early because they don't want to and don't have to work anymore.

The turtle system was quickly reviewed by brokers, because it must be remembered that in those days orders were placed primarily by phone. Brokers could therefore animate the market to make money as well. When Curtis M. Faith saw this, he began placing "bogey" orders. Especially on the stock market, we can see it even today - when "bars" hang over the course, scaring that someone with a large wallet wants to get rid of a large package, and in fact buys secretly in small packages from frightened plankton. The turtles must have done the same, but did it change the system?

“It was just a modification and then placing orders early enough. The market forced it on us, but we still stuck to the same rules." Curtis M. Faith writes.

which ones? You probably don't expect it spoilers :). I strongly encourage you to read the entire book, which is read in one breath.

Turtle road - Where to buy

The book is available in Maklerska.pl bookstore at the price of 59,90 PLN.

We have a discount of all for our club members -5% to buy this book. Soon, a review of the book and a competition will appear in our website, in which you'll be able to win two copies.