The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires is a fascinating book authored by Michael W. Covel. It brings to light the intriguing real-life story of a group of traders, famously known as the Turtles.
In the early 1980s, a prominent commodity trader, Richard Dennis, and his business associate, William Eckhardt, decided to settle an ongoing debate. They disagreed on whether trading skills were inherent or could be acquired. To test their theory, they set up an unconventional experiment. They placed a classified ad in the Wall Street Journal, inviting individuals with little or no experience in trading. Their intention was to train these individuals to see if they could become successful traders. From a wide pool of applicants, they selected a diverse group of 23 people. These individuals came from different walks of life, including a professional blackjack player, a pianist, and a game designer. This group eventually earned the nickname “Turtles.”
After an intensive training period of two weeks, the Turtles were given funds to manage. Dennis and Eckhardt had educated them in a trend-following trading system, equipping them with techniques to identify and capitalize on market trends. The Turtles exceeded all expectations, earning over $100 million and effectively demonstrating that trading skills could indeed be taught.
Michael W. Covel’s “The Complete TurtleTrader” meticulously narrates this captivating journey. Beyond just the story, it delves into the principles underpinning Dennis and Eckhardt’s trading system. This includes valuable insights into effective risk management strategies, trend-following methods, and the psychological facets of trading. The book serves as a remarkable resource for anyone interested in the world of trading, offering critical lessons on turning theories into lucrative practice.
