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The Way of the Turtle

The Way of the Turtle is a concept that traces itself back to Richard Dennis. In it, Dennis
debated with a friend on whether or not exceptional traders are born with talent or could be
nurtured through training. Dennis sided with the former, stating that any trader could hatch into
a great one through deliberate training. He proved his point through an experiment known as
the Turtle Experiment. One of the participants is Curtis Faith who has earned over 31 million
dollars in trading income for Richard Dennis despite only being 19 years old. The book heavily
revolves around futures trading which is a highly volatile market. However, Curtis Faith
proposed a more mechanical trading system wherein one has to be disciplined and refrain from
being emotional, especially in a highly bearish or bullish market. On the other hand, the book
also mentioned diversification to combat risk. Lastly, the book teaches you when to enter the
market. A method called the Donchian channels is given to traders as a breakout method to use
during trading. Lastly, a good trader needs to know when to stop, which harks back to being a
mechanical trader.
Curtis Faith is THE legendary student who participated in the Turtle Experiment and
earned 31 million dollars at the mere age of 19. However, not much else is known about him as
the only source of information, which seems rather reliable, is from another article inspired by
the book. In it, Curtis Faith is eventually incarcerated in prison for burglary and theft (Michael
Covel, 2023). He was last seen in a homeless shelter and was subsequently arrested again for
disturbing a Harvard General Store.

Three Useful Things

The three things that I find rather useful are the psychological aspect of the book,
trading in the present, and also thinking in terms of probabilities rather than trying to predict
the future. I found the psychological aspect of the book rather interesting as most people claim
to be rational despite being the furthest of that claim. It showed me that there are times when
we make irrational decisions unconsciously. The next, trading in the present, is something that I
haven’t given a thought about as most people trade for the future. But, indeed, the book
claimed that no one could ever know what the future holds. This also applies in life generally.

He, Adel
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Most people would end up so anxious and disturbed by what the future holds that they tend to
forget what is happening in the now. Lastly, thinking in probabilities is probably the best way to
trade. Because risk is what determines whether one wins or loses in life. One just has to accept
that luck plays a big role in life, however, luck favors those who are prepared.

Two Useless Things

One of the blandest things about this book is that, like any other book, it's mostly
anecdotes and some practical advice sprinkled from time to time. However, one glaring issue
that I’ve discovered is that this book is more suited for long-term traders rather than short-term
ones. While that in itself could not be merely discounted due to the time frame, traders might
confuse the method and apply it to short-term trading which could ultimately fail. I prefer
short-term trading due to the excitement that it brings. I do recognize the validity of long-term
trading. But it is useful for me who aims for a thrilling trading experience. Another thing that I
do not find much practically about is the point on nature vs nurture. It is an antediluvian
argument that I believe should have no argument to begin with because I believe in nurture. I
find that no natural talent could ever defeat the nurture argument. Hard work and training have
always been the story of humanity and it should remain as such.
The way the author wrote the book is quite similar to other countless other authors. He
gave only the most generally practical advice without ever going to the details, which is not
surprising as this is a consumer-friendly book. This book reads more like a memoir rather than a
manual for trading. Hence, if it were up to me, I’d write another chapter on how I would
personally approach trading step by step and apply it to the Philippine context.

He, Adel