Wishing Wealth: GMI: 0; GMI-R: 0; 16th day of the down-trend; A great new book on the Turtles

Wishing Wealth: GMI: 0; GMI-R: 0; 16th day of the down-trend; A great new book on the Turtles

Michael Covel's new book, "The Complete Turtle Trader," is a masterpiece in describing the trading philosophy and rules used to train the famous Turtles, who learned how to make millions trading, in a two week course taught to them by Richard Dennis and William Eckhardt in the 80's. The most important thing I learned from this book was the mentors' primary emphasis on exits from a trade rather than entry. Dennis is quoted as basically saying one might profit by selecting positions by trial and error as long as one had a good exit strategy. Go into every trade as if you will lose money and you will be prepared in advance for that possibility and limit your losses. Don't take my word for this, read the book. The turtles used an extremely systematic and innovative set of rules to trade futures, which I think can be adapted for trading equities. This is a good time to be out of the market, to analyze one's prior trading performance and to, perhaps, read a great book..