Turtles - Higher Intellect

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clearly defined exit rationale? You must know how profits will be handled before you ever enter. Besides, the market seemed to be stuck in the same price range for many weeks. Large profits, as I learned, were even more difficult to handle than large losses. I had a very good friend who was then a trading manager of a large and prestigious trading firm with special expertise in the precious metals markets. TurtleTrader comment: Trend following rule #4 violation. Expertise in fundamentals? Not useful. Why would this be useful if price is the most important concern? By happenstance, he was in Chicago and we were scheduled for lunch at the Metropolitan Club at the Sears Tower. Since he knew I was long silver, I ventured to ask him his opinion. Well, Leo, he responded, you have done very well with your silver position and I really can't predict how much higher silver will go. TurtleTrader comment: Trend following rule #5 violation. Any talk of prediction is futile. But I'll tell you this, at $15.00 it is very expensive. TurtleTrader comment: Trend following rule #6 violation. Buying higher highs is right, not wrong. How would you ever say something is expensive? Compared to what? On the basis of historical values, silver just doesn't warrant much higher prices. TurtleTrader comment: Trend following rule #7 violation. Prediction talk is just plain wrong. Market Proof ● Performance ● Correlation 1 | 2 | 3 | 4 ● Enron Debacle ● Barings Bank ● Metallgesellschaft Clients ● Clients in 67 Countries ● Individual Clients ● Institutional Clients ● Education Needed ● Starting Capital ● The Right Client ● Pricing Rationale ● Why Teach? ● Upgrades/Discounts ● Customer Service ● Guarantee | Order Trading Systems ● Trading Systems 1 ● Trading Systems 2 ● Trading Systems 3 ● Indicator BS 1 ● Indicator BS 2 ● Trading Software ● No Curve-Fitting ● Risk v. Volatility ● Blackjack Psychology ● Life Values & Risk ● Critical Thinking ● Money is Evil? ● Gen. Patton Speech ● Are You Rational? ● The Bet ● Myers-Briggs Testing ● Quotations
I never doubted that he gave me his honest and best opinion. I transmitted this information to George and we decided that if nothing happened by the end of the week, we would liquidate our positions and take our profits. TurtleTrader comment: Trend following rule #8 violation. Profit targets are a huge mistake. He had no pre-defined plan for exit. That's exactly what we did. This was in late October 1979. So why was this my worst trade when in fact it was the biggest profit I had ever made up to that time? Because, within 30 days after we got out of our position, the Hunt silver corner took hold. Silver went crazy, going up the permissible limit day after day. It did not stop going higher until it hit $50.00 an ounce in January 1980. George and I had been long silver for nearly two years, and had we stayed with our position for just another 30 days, we would have been forced to take a huge profit. We both vowed never to calculate how many millions we left on the table. TurtleTrader comment: Trend followers such as Bill Dunn, Rich Dennis and Ed Seykota did not make these mistakes. Please don't write us and say, that was 20 years ago. The lessons of proper trading are timeless. We used this example since Melamed presented such a clear story of the wrong way. Red Paragraphs from Leo Melamed's book Escape to the Futures. Article Tools: ● Print this article ● Email this article ● What's New This Week? Related Material: ● <strong>Turtles</strong> in Market Wizards ● Free Email Newsletter ● Client Locations | MP3 Audio ● Order TurtleTrader Course Holy Grails ● Warren Buffett ● Analyst Hype ● CNBC News BS ● No Day Trading ● Breakout Hype ● Tip Nonsense ● David Faber Hype ● Buy & Hold? No ● Fed & Greenspan ● Brokers Do Not Help ● Microstrategy ● Goldman Sachs ● CNBC Video BS More Holy Grails ● Hype from Gurus ● Avoid Like Plague ● Larry Williams ● Motley Fool(s) ● Ken Roberts Resources ● Free Resources ● Free MP3 Audio ● Our Reading List ● Offshore Resources ● White Paper Archive ● Paper Trading/Auditrack Email Newsletter Subscribe to our FREE newsletter.
Page 1 and 2: Home What's New Multimedia Free New
Page 3 and 4: ● Think Like Running a Business.
Page 7 and 8: 29. Ireland 30. Israel 31. Italy Sa
Page 9 and 10: Who Can Use Turtle System All inves
Page 11 and 12: ● 2002 Nasdaq v. Trend Following
Page 13 and 14: 5 Golden Mountain Trading 30.86% 6
Page 17 and 18: Holy Grails years, a group of 14 tr
Page 19 and 20: Price: One of the first concepts ta
Page 21 and 22: TurtleTrader's course teaches you t
Page 23 and 24: Market Proof ● Performance ● Co
Page 25: Home What's New Multimedia Free New
Page 31 and 32: Article Tools: ● Print this artic
Page 33 and 34: can inoculate every resident with o
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Page 41 and 42: Holy Grails ● Warren Buffett ●
Page 43 and 44: There is a constant barrage of info
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Page 51 and 52: ● 10.21.02 - Hype ● 10.15.02 -
Page 53 and 54: ● 01.03.2003 - CSFB New Rules Hel
Page 55 and 56: ● 10.31.2002 - Skeptics Update.
Page 57 and 58: ● 08.25.2002 - Ed Seykota Student
Page 59 and 60: ● 06.20.2002 - Janitor's Dream fr
Page 61 and 62: ● 04.15.2002 - Babe Ruth and Home
Page 63 and 64: ● 02.09.2002 - No CNBC Update.
Page 75 and 76: Q. From a psychological standpoint,
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Home What's New Multimedia Free New
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John: This was a logical evolution
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eginners and pros alike? Is it the
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Mulvaney Endorsement Endorsement of
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following system[s]. Congratulation
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German firm gave true insight. [Our
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comfort that people not just here,
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forth a GREAT product. Michael If y
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mistakes. I need some kind of syste
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Holy Grails ● Warren Buffett ●
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Market Proof Street experiments eve
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Competitive Upgrades from Hype Prod
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trading as a trend follower. ● Th
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Article Tools: ● Print this artic
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● Ken Roberts questions: click he
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probabilty price cluster zones, lik
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positions close out within days or
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A: Trading is risky. You can lose a
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performance. Hardware and Software
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was what propelled me to write the
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Turtle system gives you a perspecti
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have the guts to play the game. The
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just another example of good busine
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The wisest man TurtleTrader knows h
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● If you are on a losing streak d
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to $2500 on a particular stock or c
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6. People would branch out from wha
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proper bet size and risk management
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29. Vacations are important for tra
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Market Proof an active money manage
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of money they have. Suppose A has 1
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With all the market's recent ups an
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No ● Turtle trading allows anyone
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John W. Henry President, John Henry
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A. After graduating high school, I
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Doubt us? Use Dunn Capital as a pro
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● Barings #1 ● Barings #2 ● 1
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Ed Seykota Trading as a trend follo
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Disclaimer Article Tools: ● Print
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can't be ordered to give you a stea
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But, if the students of Richard Den
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4. He who disdains the fall in infa
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presented to man by nature. The pro
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34. Human civilization is not somet
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untenability of their own doctrines
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58. Government and state can never
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don't offer more than an introducti
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that could not be encapsulated in a
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Eventually, your winning streak end
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complex for practical application t
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industry magazine or go to a trade
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Well, offered the balloonist, every
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instead. This person is worse off t
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Market Proof Note: if fees were not
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etirement coincides with a bear mar
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July Contract ● Deutschmark move
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© 1996-2003 TurtleTrader.com | Ri
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Backtest This section is a detailed
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some aspects of how they traded. Th
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2. Trade it the right way as intend
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over companies and money managers a
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neutral. On Jan. 28, Global Crossin
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positive spin on it they can, says
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characteristic. Confidence. In othe
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To take a risk is indeed to plunge
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An Excerpt from Fred Schwed's Class
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adhere. egocentric oversimplificati
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notice a curious situation at Dunn.
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adapt your style. Peter Borish: Tom
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Tom Baldwin: That is the key thing,
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market. Sometimes a discretionary t
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900 and 5 ticks against me, turns o
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ig position or not a big position,
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everything else. One thing I can sa
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industry is much more business like
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have done it without all the other
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Quarters are not real: They are art
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you do not consider volatility dail
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Why the Trend is Not Your Friend By
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accept any of what Niederhoffer say
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TurtleTrader comment: If this the t
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TSS: Tell us Victor, what are some
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that foreigners are just beginning
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the opposite side of your trades an
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probably know that I don't make sto
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Post Co. There is nothing simple ab
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The perfect sell started with the p
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The stock continued to blaze throug
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ich valuation. TurtleTrader comment
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need a constant supply of losers in
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Market Proof way or another (and no
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skewed view of reality results in m
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Cramer's Troubles Could Get Worse H
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Deutsch | Español | Français | It
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could look at stocks that have move
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Here's the problem with the Beautif
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looked at Enron, it comes down to t
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40. .fj (Fiji) 41. .fi (Finland) 42
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96. .pg (Papua New Guinea) 97. .pe
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murdoch.edu.au ● Monash Universit
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● Dresdner Kleiwort Benson dresdn
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Campbell 1.8 1.6 11.7 10.8 (4.3) Ch
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now it becomes very difficult for C
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time in the same markets. What does
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other trend followers please send e
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metaphor for many of the sins of mo
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Lawsuits may uncover wrongdoing, bu
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successfully. Correlation 101 Why m
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timing is not significant, trend fo
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(13.8) 19.4 35.8 Diversified $132 $
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understanding of who won and how? I
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Examine the crude oil chart and the
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Turtles were there as usual collect
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Who trades as a trend follower? Who
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● Breakout Study What banks and h
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Dale Dellutri Executive at Dennis'
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maximize their profit potential, po
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another firm or site that will tell
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plus additional trend following les
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If you are not satisfied at the end
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● Seeking to trade as a trend fol
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Myers-Briggs® Personality Testing
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optimized, but they do incorporate
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a priori - why something works in a
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losing. ● Remember that break-eve
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9. Equalize risk: Allocate the fixe
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apparent, and then in one telephone
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Turtle trading is not based on supp
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trend progresses is what we mean by
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market. Unfortunately, support and
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Avid readers of the TurtleTrader si
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● BASIC programming language (use
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not the downside. Turtles cut their
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Procedures for Applying Criteria: O
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Deadening Questions Create Dead Min
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Kurland, Daniel J. I Know What It S
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Schumm, J. S. and Post, S. A. Execu
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Market Proof you by force. Money is
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money corrupted him. Did it? Or did
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doomed. Money is so noble a medium
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voices between them. There were peo
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If asked how much money they would
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Market Proof ● Performance ● Co
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Albert Szent-Gyorgyi Future shock [
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think -- rather to improve our mind
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It's kind of fun to do the impossib
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anything simply because it is found
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Vince Lombardi Winning is not a som
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Agnes de Mille Life shrinks or expa
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Act like an Accountant: Keep track
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avoids...emotionally unnerving inde
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Market Proof Geometric Progression.
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Holy Grails losses and whipsaws wit
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ad day's work? Obviously, GAP had a
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Ideally, you wake up knowing exactl
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I am a new client - and a very impr
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More Enron Articles Article Tools:
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is a numbers game: knowing the risk
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my new friend Mr. M. Call. How coul
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This is precisely why Turtle trend
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This reporter did end up spinning a
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The effect has been that record low
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She berated us for not giving day t
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Microstrategy (MSTR) example. We've
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or Merrill Lynch's Henry Blodget ca
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contrary. Even if the data isn’t
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What are some core concerns of the
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general public still hungers for th
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hypothetical value of $1000 investe
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The true believer - is often an old
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hook to draw in commission dollars?
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Why do large, respected brokerages
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● Moon Phases ● Neural Networks
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trading, I opened an online account
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shares ● Scalping on market noise
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● Richmonds (UK traders) question
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can Motley Fool make a difference i
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price fluctuations is the most effe
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priceless. Most of my big losses oc
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A fantastic read on human psycholog
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paid on the income, interest earned
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independence. Committee of trust pr
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without bounds. Foreign. May be uti
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International financial and banking
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Mutual Legal Assistance Treaty (MLA
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SIPC. The Securities Industry Prote
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protector's. Trustee. A person tota
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Informational Content in Historical
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Unsubscribe Instructions 1. Compose
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Beim Trend Following werden weder M
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Trading in einige Regeln gefasst un
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nur darum kümmern, wie sich der Ma
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maximale Gewinne erzielen. Bei der
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"Conozco algunos millonarios que co
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argumentaban que sus técnicas eran
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servirle para invertir? ● ¿Cuál
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● Endosos Mediante el sistema de
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Le suivi de tendances ne prédit pa
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Richard Dennis a gagné le pari qu
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fondamental est la gestion financi
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disponibles qu’en anglais. Articl
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finanziari grazie alle ricchezze er
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soprattutto, alla disciplina con cu
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Uno dei primi concetti che vengono
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Le istruzioni Turtle Trader consent
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geld. In alle gevallen verloren ze
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zijn eigen antwoord veel eenvoudige
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eslissing denkt. ● Wat zijn een a
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verhandelen als aandelen in de Aust
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O acompanhamento de tendências nã
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instintos inatos, que não poderiam
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um mercado extremamente alto, nem v
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Solicite o curso da TurtleTrader: C
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ìèðîâîãî ñîîáùåñòâ
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Turtles "Ìîæíî ëè íàó÷è
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Ðè÷àðä Äåííèñ îäåð
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áóäåò ïðîèñõîäèòü,
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ñîñòàâëÿþò èíäåêñ F
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ÁöÇ¥¸¦ ±¸¼ºÇÏ´ÂÁö,
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© 1996-2002 TurtleTrader All Right
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past performance. However, the long
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accuracy, or otherwise reviewed by
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