The Turbo Turtle : Trend Following for the Foreign Exchange Markets |  | Author: Andras M. Nagy
Publisher: Murine Communication
Category: eBooks
In Stock
Rating:  3 reviews
Sales Rank: 131,395
Format: Kindle Book
Media: Kindle Edition
ASIN: B0026RHFQW
Publication Date: April 17, 2009
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| Editorial Reviews:
Product Description
"There are several books on trend following and turtle trading but none of them approach this simple yet lucrative trading style with the small trader in mind. The biggest and most successful hedge funds employ the trend following method but nobody has ever tried adopting this system for the average, small trader or investor.
A while ago I have purchased the turtle trading system from Michael Covel via his web site. It cost me approximately nine hundred dollars and set me on the course of discovery for the truth behind this elusive methodology. At the time of my purchase the turtle system was still very much a secret, a se-cret in regards that all traders whom employed this have made a solemn vow of secrecy to Richard Dennis upon their induction to the course.
Naturally, I was curious if Mr. Covel was a turtle himself and chose to disregard this promise of secrecy or he had learned it second hand.
I was a little disappointed with the material I have received from Mr. Covel in regards of direct application of the system was impossible for a average trader. Did I just waste nearly a thousand dollars in some internet scam? Or was this system indeed one of a kind and possibly the answer to struggling traders everywhere?" from the Prologe of the book
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| Customer Reviews:
 A treasure trove of information, highly recommended July 8, 2010
Midwest Book Review (Oregon, WI USA)
The value of a dollar and the value of a pound and their relation aren't static. "The Turbo Turtle: Trend Following for the Foreign Exchange Market" is a guide to trend following, also known as turtle trading. Being cautious about one's trading and being informed are key to winning in this market, and Andras M. Nagy seeks to help readers gain a greater control of their trading strategy. "The Turbo Turtle " is a treasure trove of information, highly recommended.
 Learn an exclusive trading method January 12, 2010
Nicole Langan (Archbald, PA)
1 out of 1 found this review helpful
I am not a financial guru, and most of The Turbo Turtle went right over my head. But if you are looking to learn an exclusive trading method, Andras M. Nagy will teach you. His trading credentials include Wall Street and the Chicago Board of Trade. Now he is sharing the secrets of Turtle Trading with the average, small time investor.
Turtle Trading centers around the Foreign Exchange (Forex or FX) Market composed of $1.5 trillion of the world's currencies. It operates 24 hours a day, 7 days a week. To enter the game, an investor needs to go through a broker.
It's a long term strategy. A few big trades make up the bulk of the profits and many small trades make up the losses. Even successful traders only make winning trades 50% of the time. If traders deplete their capital to the point that they can no longer trade effectively, then they will never know what could have been. If traders are unable to survive in the markets on a short term basis, then they will not be around when opportunities to make money arise in the long term.
Making money is a by-product of following the Turtle Trading rules. Let the profits run. Cut losses short. Have a high percentage of winning trades. Pick the right stock. Ignore a losing trade if it followed a written trading plan. Risk no more than 1-2% of funds on any position. Increase position size when making a profit; decrease position size when losses mount.
Winning traders can only profit to the extent that other traders are willing to lose. Losing traders fund the profits of the winning traders. The key is risk control. If traders control their risks and run their profits, they can position themselves to make more money in the long term. During more volatile periods, traders trade fewer shares. During less volatile periods, they trade more shares. They protect profit as well as initial capital to trade effectively.
Short term systems will never allow traders to be in a trend long enough to achieve large profits. Traders may end up with small losses, but they'll also have small profits. Added together, numerous small losses equal a big loss. Turtle Trading is based on the fact that human beings are not psychologically equipped to interact profitably with the markets. When money is involved, psychological pulls interfere with objectivity. As a result, human beings who have money on the line tend to take their losses too late and their profits too soon.
Turtle Traders rely on mechanical trading systems that run on a longer time frame of several weeks or months. They stick with the system and do not change it on a whim. They never add money to losing positions and they mechanically add to winning positions.
Intelligent traders are not in the business to make a bundle on each and every trade. They try to maximize their winning trades, but they do this by holding onto winners throughout trends, not by making huge bets because they are confident in their own forecasting abilities.
 Not worth the price July 29, 2010
kwjameson
1 out of 2 found this review helpful
I bought the Kindle version for my Ipad, and returned it. The whole book is in blue ink (much harder to read than black), with random black titles/subtitles and paragraphs spread throughout. Like the font formatting was messed up somehow.
Most of the book (like 8/9 of it) contains mostly general statements (and some of them repeated a few times) on standard intro stuff such as markets, order types, stop loss types, and so on. Nothing at all substantial on trend following, or on Turtle theory or methods in this part of the book. Nothing much on Forex either, no explanation of pips, pair characteristics (volatility, etc), charting or technical analysis, trends, etc. No charts in the whole book either (at least in the Kindle book). Worse yet, it is not well written or specific enough to be a good teaching text, even for the general stuff for newbies. IMHO, almost any intro book would be better than this.
The last chapter contains references to the Turtle Rules, but the presentation is WAY worse than the explanations in The Complete Turtle Trader (Covel) or The Way of the Turtle (Faith, who was a turtle). Both of these books are much, much better investments for your money.
I can't imagine trying to learn the Turtle rules (or what the author claims are his own methods) from this book. Unless you've read one of the other 2 turtle books, and understand their rules exactly, you're not going to be able to understand or master the content in this book.
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