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David Hunt wrote:
>
> > A quickk explanation fo the Turtle System is as follows:
> >
> > It was thought that traders were like turtles, they will all do the same
> > thing in unison. Put them on the beach and the crawl to the ocean.
> >
> > Apparently, if you buy at the highest closing price of the last X number
> of
> > days (say 48), and sell at the lowest close, and exit at the lowest close
> of
> > the last 24 days, you will absolutely make money but you must be in a
> lot of
> > markets.
> >
> > You will loose most of the time but your wins are big. It is said to be
> 35%
> > effective.
> >
> > It is not worth $2500.
>
> This is a strange conclusion. Tell that to the Turtles who are now
> multi-millionaires from managing other peoples money and making consistent
> returns in the long run. You may not know but the second largest CTA in the
> world is a Turtle. Or to the private trader who brought $500,000 account
> up to $1.7 million last year after learning the Turtles. They think it is
> worth a lot more than .
>
> Please understand that the Turtles method is not for the faint hearted or
> under capitalised and requires work. These are qualities only a few people
> have. I have heard that Russell Sands will be in Kuala Lumpur to teach the
> Turtles to a major bank there in early October. I guess to be a Turtle it
> helps if you are bigger than most in more ways than one. Look at Richard
> Dennis's Market Wizards interview- he is larger than life.
>
> Regards
> Daid Hunt
If you are referring to Chesapeake as the second largest CTA , yes Jerry
was a turtle, and he did learn from RD BUT they are mostly a CPO and
their trading is vastly different from Turtle trading. Check out their
performance data and you shall see that they are not performing turtle
like at all.
Similarly, many of the turtles have been very successful, but virtually
all of them have significantly changed their trading systems.
Especially Richard Dennis. As you know he had extreme difficulties on 3
seperate occasions and had to shut down. He started up again and is
doing well, but his current systems are virtually unrelated to turtle
methods. He says so in interviews.
Yes, the long term trend following can still work and you can make
money. But there is a reason that the systems are being sold and not
traded anymore. All good systems will eventually break down , then they
get sold.
Also, Russell Sands did not even finish the turtle program.
Incidentally, the turtle trader web site is not affiliated in any way
either, and RD wants to sue them.
They are just playing on his rep to sell the system.
Eric
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