Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders

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An observer effect is a concept from physics in which the act of measuring a phenomenon sometimes affects that phenomenon; the observer disturbs the experiment by the act of observing. A similar thing happens in trading: The act of trading itself can change the underlying market conditions on which the success of a trade is predicated. I call this a trader effect. Anything that repeats with enough consistency is likely to be noticed by several market participants. Similarly, a strategy that has worked especially well in the recent past is likely to be noticed by many traders. However, if too many traders start to try to take advantage of a particular strategy, that strategy will cease working as well as it did previously. The book The Way of The Turtle is mainly about trend-following. However, you don’t need to be a dedicated trend follower to learn from this book. The principles are mainly the same (however, one might argue mean reversion is different, but that’s another topic). If you are new to trading, I strongly recommend this as your first book to read. If you’re a successful “veteran” (I dislike this word) it might not be so valuable.

Way of The Turtle – (Review And Summary) Curtis Faith – The Way of The Turtle – (Review And Summary)

If you use Way of the Turtle on a Reserve card that can be called at the start of your turn (like Transmogrify ), you can play it at the start of your turn, put it on your Tavern mat, and then immediately call it (because it's still the start of your turn). How the Turtles made money-the principles that guided their trading and the step-by-step methods they followed I thought the chapter on risk and money management was particularly good, as well as the chapter that detailed the perils of over-fitting your strategies to the bactesting data. Pseudo-experts, however, don't understand, and so they tend to look at what the experts are doing and copy it. They know what to do but not why it should be done. Therefore, they listen to the true experts and create rigid rules where none were intended. Manage Risk: Control risk so that you can continue to trade or you may not be around to see the benefits of a positive expectation system.

No plan: Many traders base their trades on hunches, rumor, guesses, and the belief that they know something about the future direction of prices. Another common characteristic of pseudo-experts is that they know how to apply complex processes and techniques and have been well trained but do not understand the limits of those techniques.

Way of the Turtle: The Secret Methods that Turned Ordinary Way of the Turtle: The Secret Methods that Turned Ordinary

Ways: Butterfly • Camel • Chameleon • Frog • Goat • Horse • Mole • Monkey • Mouse • Mule • Otter • Owl • Ox • Pig • Rat • Seal • Sheep • Squirrel • Turtle • Worm The concept of support and resistance is fundamental to almost all types of trading. Support and resistance is simply the tendency for prices not to exceed previous price levels. One can understand this concept most easily by examining its presence on a price chart. To understand why this is important, let's dig further into the components that make up the edge for a system. System edges come from three components: Anvil • Watchtower Bishop • Clerk • Investment • Tiara • Monument • Quarry • Worker's Village Charlatan • City • Collection • Crystal Ball • Magnate • Mint • Rabble • Vault • War Chest Hoard Grand Market Bank • Expand • Forge • King's Court Peddler Platinum ColonyEvents: Triumph Annex • Donate Advance Delve • Tax Banquet Ritual • Salt the Earth Wedding Windfall Conquest Dominate