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He had turned an initial stake of less than $5, into more than $ million. He and his Figure 1 shows a typical turtle trading strategy.
Table of contents
- Hackernoon Newsletter curates great stories by real tech professionals
- Richard Dennis’ Rules For the Turtle Traders
- Can the Turtle Trading System work with Day Trading?
- The Original Turtle Trading Rules - Sands, Russell
- See a Problem?
Show me a trader that has been in business for more than 5 years that doesn't use stops; good luck with that one, they don't exist. The exit is the most important component of a trading system. Early in my trading career I would never take money out of the market.
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To this day I remember my wife sitting with me as we looked at my trading account. She turned to me and said "Sweetie this is awesome, when are you going to sell. My goal is to make a million dollars in 6 months.
Hackernoon Newsletter curates great stories by real tech professionals
Don't you wish you could go back in time and slap yourself? Needless to say I no longer trade options and I consistently take money out of the market after every winning trade. Over the long haul the turtles are basically swinging for the fences in order to make up for all of the trades that resulted in minor to midsize losses. Remember with the Turtles their system was less about being right all the time and more about winning big when the commodity heavily went in their favor.
Let me be crystal clear, my day trading system does not allow me to let my trading profits run. I am day trading people, things move pretty fast. I have a set profit target of 1.
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- Can the Turtle Trading System work with Day Trading?.
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If the trade goes against me before I hit my profit target I look to get out of the trade with a profit sometime between 11 am and 12 pm. I literally say to myself, I have entered the dead zone 11 am - 2 pm , so if I am up on the position I still consider the trade a win. For exits, we can safely say the Turtles and I are in complete disagreement.
Due to high frequency trading linear moves are very rare to come by intraday.
Richard Dennis’ Rules For the Turtle Traders
Needless to say there are more than just a few differences between the Turtle trading system and my day trading system. I was only able to find clear overlaps in two places: defining the markets to trade and stops. As a trader it's always good to see how your trading methodology measures up against other top traders in the industry. It is comforting to know that while our systems differ these disparities are largely based on the fact we are trading different time frames.
Can the Turtle Trading System work with Day Trading?
I hope you found me going on and on comparing myself to the Turtles not too presumptuous. If you would like to discover how you can define your own trading system, check out our trading simulator where you can practice in a risk-free environment. Want to practice the information from this article? May 26, at pm.
The Original Turtle Trading Rules - Sands, Russell
May 27, at am. Great question. On the surface this would seem misguided since I am risking more than my profit target. The simple answer is my system has a high win rate. July 20, at am. Your email address will not be published.
See a Problem?
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Awesome Day Trading Strategies. And rumour has it many of the regulators themselves had been caught out holding short silver positions. Dennis believed he could teach people to become great traders. And Dennis certainly proved his point.
And that equated to millions of dollars net, straight on the bottom line. But something Dennis said in an interview has always stuck with me.
This group was invited to Chicago and trained for two weeks at the end of December, They began trading small accounts at the beginning of January. Dennis, who says he had just returned from Asia when he started the program, explains that he described it to someone by saying, 'We are going to grow traders just like they grow turtles in Singapore.