Hello my name is Donnatello
I am new to trading and learning the fundamentals of trading. That’s why I am here.
And it is not an accident that I am here; this site appears to be one of the best.
However, though I believe I am very good at finding the correct path to trading correctly. But there are a so much differently paths to take and much of my time initially will be finding out which is the best, or the best for me.I bought myself a copy of “The New Market Wizards”, which is suppose to be good.
However, I come to know if the Turtle Traders, and I am interested in their approach. I have an intention to learn as much as I can about the. I want to know if there is any misconception regarding them. Or if their system is still relevent today.
The Turtles suddenly are a hot topic on the forum!
Curtis Faith’s (former Turtle) book [I]Way of the Turtle[/I] is a good one to learn about the turtles and their system. (Book Review: Way of the Turtle). Be warned, though, that using the system properly requires a lot of capital.
No accident there. This is my first post and The Turtles to my knowledge appear to be the best. The important things for me also are going to be.
Requiring the mindset of a trader. Discipline, patients etc. Those with qualities of Buddha or followers of the Code of Bushido are of to a head start.
Understanding the principles of trading without being tied into too much technical specific way of thinking. Learn more of why 95% of traders fail
Hey!!! How come you and me don’t ‘speak’ anymore??? LOL!!!
Anyway: APPARANTELY 10 000 hours spent on ANYTHING is the difference between success at ANYTHING or not. I think I’ve got about another TWO hours to go so I’m sure hoping there’s truth to this!!! LOL!!!
I saw this on (satellite) TV once!!! It was a ‘doccy’ about some or the other (‘not too shabby looking’ female chess player). If I remember: the whole point was to establish whether or not ‘genuis’ is BORN or DEVELOPED. So far as I could tell: it can be DEVELOPED!!! BUT: at least 10 000 hours of effort and learning are required!!!
I know some real smart people… really! IQ’ in the top 2%'ile of the population! There’s an FX member here, real real smart guy… with an ‘A’ plus stapled to that! Its not about the smarts its about understanding how the game is played. Takes awhile for us average guys… but dogged perceverience pays out in the end.
Analysts are smart guys/girls! Number crunchers… so how come none to a man/women actually trade? Not the psyche profile perhaps… just guessing?
A friend of mines wife was (before the cruch) a junior anylist in a small hedge fund and earning £ six figures…
I’d imagine more senior anylists at the larger funds are earning much more than most traders will ever pull out of the market. Added to that many analysists are contactually forbidden from trading themselves.
Why dont they just quit and and become self employed traders if they are that good I hear you ask…?
Prabably the same reason the CEO of McDonalds hasn’t jacked it in to open his own chain of burger bars
16 hours a day! Would that be 2 -5 years. Would most of those years be spent fumbling around trying to find a perfect system without a logical understanding of them.
The turtle system, if I am to believe is correct, is a simple systematic system that isn’t open to miss interpretation. This would make it possible to trade like a robot, or by person of average intelligence no?
Or would most of those years be spent mastering one own demons and become discipline of mind.
Or would most of those years be spent recognising trends and knowing where to set stop-losses and money management?
A smart person would be aware of this. For example Bruce Lee was a great scholar of the science of martial arts. He studied anything so he could be the best. He leant about body building, geometrics of punch execution, the psychology of fighters. But no matter how much he leant he would always move very fast as he would not analyse in combat. His fighting style ,Jeet Kune Do, was free form, it wasn’t stilted, dogmatic or inflexible like Japanese Karate.
I believe The Turtles embodied the Jeet Kune Do methodology, unless I am mistaken.
You’re right, a smart person heeds the age old advice “know thyself”. But analyzing something to death is an inherent part of my personality so it’s something that has to be overcome.
favorite quote: Spock: "The mind can be controlled"
Anyway enough psychology. I’ve heard of this turtle thing before but know nothing about it. Everyone keeps talking about it in the past tense. Does that mean no one trades it anymore? And if it’s so good then why don’t they?
Looking through most of the threads here I would imagine newbs spend 80% of their time trying to find the ‘holy grail’ and 20% playing around on their own with various combo’s of indicator. Predominantly it seems on very short TF’s.
The more experienced traders have already done this! And having been through the learning curve usually trade with very few indicators if any, working off S/R on longer TF charts.
