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Do not accept the offer from Russell Sands.
The Turtle System is a two part trading system, one part for trading
signals, the second part for money management.
The first part is a simple trading signal method that was first
described by Richard Donchian. The Turtle System trading signal is
1. Enter a long/short when a tradable exceeds its 20 day
highest/lowest close.
2. Exit a long/short when a tradable reverses to inside its 10 day
highest/lowest close.
The second part on money management describes when to increase or
decrease the number of contracts traded.
Russell Sands went broke and lost virtually all of his investors money
using this system. To his credit, he stuck with it and has come back
from ruin. A perfect example of the fact that some systems work part
of the time, and fail miserably at other times. There is no perfect
system that works all of the time.
Richard Dennis has also experienced incredible draw downs in his
accounts, albeit without going bust. Other "Turtle" traders have been
successful, but they have substantially modified the system.
The really bad part about Russell Sands' offer is that he is teasing
people with a short video describing the Donchian Channel method, then
trying to get people to buy more things from him to learn the money
management methods. One, neither he or Richard Dennis originated the
breakout method. Two, while money management is probably the most
critical item of any trading system; it is must be "tuned" to the
individuals ability to accept draw downs and risk. The Turtle method
typically gives wrong trading signals 60% of the time, and frequently
those incorrect trading signal occur as consecutive losses (when
something is in a trading range). Each trader must ask themselves if
they have the fortitude to stick with such a system.
Ross Kovacs
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I anyone familiar with the methods used by students of Futures Legend
Richard Dennis (Turtles)? I just received an ad from a man named
Russell
Sands.
Ostensibly, the Turtle System is based on "position trading" and not
day
trading. I know nothing more than this. Has anyone out there seen the
video or
read the book Turtle Secrets? thank you
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