Home What's New Multimedia Free Newsletter Contact Site Map About Us ORDER NOW No. 1 Source for Trend Following Worldwide Est. 1996 | Clients in 68 Countries Site Shortcuts: No. 1 Source for Trend Following Worldwide Original Turtle Trading System & Course Strategy. Do you have one? Want to see the world for what it truly is? Turtle trading is brutal reality. If you want the chance for big returns (+25 to +100%) in bull & bear markets, Turtle trading is where you want to be. But this ain't clipping coupons. No risk, no return. ● Profit in Good & Bad Times // Win Long & Short // No Day Trading ● Manage Risk // Protect Your Downside // Take Control // Play to Win Trend Following TurtleTrader™ teaches the original Turtle system. Learn the exact same proven system taught to the original Turtles. The Turtles were created from a bet between two traders as to whether beginners could be taught to trade. The experiment proved beginners could trade better than pros. ● Origin of the Turtles ● Frequency v. Magnitude ● He is Not a Trend Follower. ● Do the Hard Thing. ● Test Your Economic Rationality. ● Capitalist Manifesto. What's New? ● 03.05.2003 - Click here. ● 03.05.2003 - Click here. ● 03.03.2003 - Click here. ● 03.01.2003 - Click here. ● 03.01.2003 - Click here. ● All recent updates Associations, Testimonials & Endorsements ● Forbes.com Endorsement. ● Ed Seykota Influence. ● Mulvaney Capital Endorsement. ● 2nd Generation Interview. ● John Goodman Interview. ● Tom Arnold Interview. ● All Endorsements Quick Site Tour New Visitors Tour TurtleTrader.com ™ Endorsements All-Time Success Stories Guru Hype & Spin Free MP3 Audio TurtleTrader Topics Trend Following ● The Turtles ● FAQs ● Markets Changed? ● Why It Works & Skeptics ● Money Management ● How Many Turtles? ● Zero-Sum Trading ● Holy Grails ● True/False Questions ● Losers Average Losers ● No Memory Trading ● Stocks v. Commodities ● Babe Ruth & Accuracy ● What is & What is Not Market Wizards ● Hall of Fame ● Richard Dennis ● John W. Henry ● Ed Seykota ● Bill Dunn ● Richard Donchian ● Ludwig von Mises ● Soros & Zero-Sum ● Jack Schwager Who Benefits? Top Traders Great Lessons Markets to Trade Money Management or Bet Size ● Position Sizing Interview. ● A Tale of Two Traders. ● Bell Labs & Money Management. ● Ph.D.s and Money Management. ● Call It What You Like. ● Risk Parables. ● The Nature of Risk. Market Proof ● Dunn & Eckhardt: Top Returns. ● Trend Following 2002 Gains. ● Recent Turtle Wins. ● Turtle Wins (Charts 1). ● Turtle Wins (Charts 2). ● 10 Year Return Examples. ● Managed Money and Clients. ● All Examples Psychology ● Blame Grubman? Blame Yourself. ● Janitor's Dream from CSFB. ● The Mental Edge. ● Life Value and Paradoxes of Risk. ● Where are the Customer's Yachts? ● Know Yourself. ● Egocentric Tendencies. More Trend Following ● Day in the Life: Dunn Capital. ● Upstairs v. Downstairs Debate. ● All Interviews No guesses, no scams. The site is backed by proven performance & recommendations from traders at some top Wall Street firms. Forbes Magazine Trading Systems ● Trend Following Philosophy. ● Time Horizon Based on Quarters? ● No Prediction. Period. ● Trend Followers Adapt and Adjust. ● Profit Taking? Let Profits Run. ● Recovering from a Drawdown. ● Risk Taking & Systems Trading. Holy Grails ● Niederhoffer on Trend Following. ● Wall Street Buffoon. ● Buffett Offers Tips. ● Buffett Sells Derivatives. ● Buffett & 10 Year Rule. ● Gartman on the Buffett Bubble. ● How to Fool Wall Street. ● Motley Fool Article Critique. ● Why Does CNBC Exist? ● Feedback, Spin and Fury. ● We Repeat: No Fundamentals. ● Glassman Wrong Again. Clients ● Web Traffic from 132 Countries. ● Web Traffic from Colleges. ● What Banks & Hedge Funds Visit? Market Proof ● Performance ● Correlation 1 | 2 | 3 | 4 ● Enron Debacle ● Barings Bank ● Metallgesellschaft Clients ● Clients in 67 Countries ● Support ● Individual Clients ● Institutional Clients ● Education Needed ● Starting Capital ● The Right Client ● Pricing Rationale ● Why Teach? ● Upgrades/Discounts ● Guarantee | Order Trading Systems ● Trading Systems 1 ● Trading Systems 2 ● Trading Systems 3 ● Indicator BS 1 ● Indicator BS 2 ● Trading Software ● No Curve-Fitting ● Risk v. Volatility ● Blackjack Psychology ● Life Values & Risk ● Critical Thinking ● Money is Evil? ● Gen. Patton Speech ● Are You Rational? ● The Bet ● Myers-Briggs Testing ● Quotations ● Think Like Running a Business. ● Trading for a Living. ● Keep Records or Lose. ● Targets of Opportunity. ● Losses: How Do You Handle Them? ● Innovator's Dilemma. ● Placing Orders. A Reminder. ● Monroe Trout and Ayn Rand. The 'Turtle' nickname was derived from one of the investments that Mr. Dennis considered as an alternative to the trader program in 1985, that is, the purchase of a turtle breeding business in Singapore. In the end, he decided to go with the trader program, but the turtle idea stuck as a nickname. Original Turtle on the "Name" it was possible to boil down trading abilities to a set of rules that you can teach to others the selected group of 14 original Turtles included a third with at least some trading experience, a third with minimal knowledge and the last third had no market ideas at all the experiment was unshakable proof of several truths trading success does not depend on "inborn" abilities, on Feedback ● Recent Feedback 1. ● Recent Feedback 2. ● JPMorgan Chase VP Feedback. ● Enron Employee Feedback. ● Feedback from UBS Warburg. ● Client Feedback on Psychology. ● Think! Not Bright Reader. ● Losing is a Great Teacher. Congratulations on an excellent site. Caspar Marney Global Head of Technical Analysis UBS Warburg [TurtleTrader] offers no comfort to those who are looking for a quick buck or the Holy Grail, and the proprietors don't seem to suffer fools gladly. The message is open, honest, straightforward and makes no hyped- up promises. It sticks to the facts; it is one of the best system trading sites for traders I have seen. Gibbons Burke Dow Jones Markets Futures Magazine Review In the Press ● Barron's is Wrong and Right. ● Australian Dollar Dive. Part I. ● Australian Dollar Dive. Part II. ● Naive Reporter Loses It. ● All Media Reviews Holy Grails ● Warren Buffett ● Analyst Hype ● CNBC News BS ● Internet Hype & Cons ● Breakout Hype ● Tip Nonsense ● David Faber Hype ● Buy & Hold? No ● Fed & Greenspan ● Brokers Do Not Help ● Microstrategy ● Goldman Sachs ● CNBC Video BS More Holy Grails ● Hype from Gurus ● Avoid Like Plague ● Larry Williams ● Motley Fool(s) ● Ken Roberts Resources ● Free Resources ● Free MP3 Audio ● Our Reading List ● Offshore Resources ● White Paper Archive ● Paper Trading/Auditrack ● Broker System Assist Email Newsletter Subscribe to our FREE newsletter. the contrary, any man with at least decent intellect can learn trading and the key to success lies in consistent adherence to the trading strategy. Modern Trading Magazine The Turtles were originally profiled in the Market Wizards by Jack Schwager. Deutsch | Español | Français | Italiano | Nederlands | Português | Russian | | | Back to Top ^ © 1996-2003 TurtleTrader.com ™ | Risk Notice and Disclaimers | Partners | Home Home What's New Multimedia Free Newsletter Contact Site Map About Us ORDER NOW No. 1 Source for Trend Following Worldwide Est. 1996 | Clients in 68 Countries Site Shortcuts: Resources: TurtleTrader is Global Clients in 68 Countries TurtleTrader has earned a worldwide reputation for excellence in teaching. We help clients achieve their financial aspirations. Flash Movie: TurtleTrader Client Locations Multilingual in 11 Languages Where Are Our Clients? The majority of TurtleTrader clients are individuals or independent traders. They are in 68 countries and territories. Below are the countries and some cities in which TurtleTrader clients reside. The cities listed are not all cities, it is a sample of cities where clients live. 1. United States We have clients in all 50 states. 2. Andorra 3. Australia Sample cities: Brisbane, Cairns, Doncaster, Eungella, Frankston, Hobart, Manly, Melbourne, Mosman Bay, Mossman, Newtown, Queensland, Richmond, Ryde, Sydney, Victoria, Wollongong Quick Site Tour New Visitors Tour TurtleTrader.com ™ Endorsements All-Time Success Stories Guru Hype & Spin Free MP3 Audio TurtleTrader Topics Trend Following ● The Turtles ● FAQs ● Markets Changed? ● Why It Works & Skeptics ● Money Management ● How Many Turtles? ● Zero-Sum Trading ● Holy Grails ● True/False Questions ● Losers Average Losers ● No Memory Trading ● Stocks v. Commodities ● Babe Ruth & Accuracy ● What is & What is Not Market Wizards ● Hall of Fame ● Richard Dennis ● John W. Henry ● Ed Seykota ● Bill Dunn ● Richard Donchian ● Ludwig von Mises ● Soros & Zero-Sum ● Jack Schwager Who Benefits? Top Traders Great Lessons Markets to Trade 4. Austria 5. Belarus 6. Belgium 7. Bermuda 8. Botswana 9. Brazil 10. Brunei 11. Canada 12. China 13. Colombia 14. Croatia 15. Cyprus 16. Czech Republic 17. Egypt 18. El Salvador 19. Estonia 20. Finland 21. France 22. Germany Sample cities: Bad Soden, Berlin, Bonn, Cologne, Dusseldorf, Euskirchen, Frankfurt, Grainau, Jena, Leipzig, Niddatal, Stuttgart, Wiesbaden, Wolfersheim 23. Gibraltar 24. Greece 25. Hong Kong 26. Hungary 27. India 28. Indonesia Market Proof ● Performance ● Correlation 1 | 2 | 3 | 4 ● Enron Debacle ● Barings Bank ● Metallgesellschaft Clients ● Clients in 67 Countries ● Support ● Individual Clients ● Institutional Clients ● Education Needed ● Starting Capital ● The Right Client ● Pricing Rationale ● Why Teach? ● Upgrades/Discounts ● Guarantee | Order Trading Systems ● Trading Systems 1 ● Trading Systems 2 ● Trading Systems 3 ● Indicator BS 1 ● Indicator BS 2 ● Trading Software ● No Curve-Fitting ● Risk v. Volatility ● Blackjack Psychology ● Life Values & Risk ● Critical Thinking ● Money is Evil? ● Gen. Patton Speech ● Are You Rational? ● The Bet ● Myers-Briggs Testing ● Quotations 29. Ireland 30. Israel 31. Italy Sample cities: Bologna, Chiampo, Volterra 32. Japan Sample cities: Atsugi, Nagoya, Tokyo 33. Kazakhstan 34. Kuwait 35. Lebanon 36. Liechtenstein (New February 2003) 37. Luxembourg 38. Malaysia 39. Malta 40. Mauritius 41. Mexico 42. Monaco 43. Netherlands 44. Nederlands Antilles 45. New Zealand 46. Nigeria 47. Norway 48. Oman 49. Panama 50. Peru 51. Philippines 52. Poland (New December 2002) 53. Portugal 54. Russian Federation Holy Grails ● Warren Buffett ● Analyst Hype ● CNBC News BS ● Internet Hype & Cons ● Breakout Hype ● Tip Nonsense ● David Faber Hype ● Buy & Hold? No ● Fed & Greenspan ● Brokers Do Not Help ● Microstrategy ● Goldman Sachs ● CNBC Video BS More Holy Grails ● Hype from Gurus ● Avoid Like Plague ● Larry Williams ● Motley Fool(s) ● Ken Roberts Resources ● Free Resources ● Free MP3 Audio ● Our Reading List ● Offshore Resources ● White Paper Archive ● Paper Trading/Auditrack ● Broker System Assist Email Newsletter Subscribe to our FREE newsletter. 55. Singapore 56. Slovak Republic 57. South Africa 58. South Korea Sample cities: Inch' on, Koyang, Seoul, Taejon 59. Spain 60. Sweden 61. Switzerland Sample cities: Grimisuat, Kusnacht, Lugano, Pully, Zurich 62. Taiwan 63. Thailand 64. Turkey 65. Ukraine 66. United Arab Emirates 67. United Kingdom Sample cities: Bristol, Cambridge, Essex, Guildford, Hereford, Kent, Liverpool, London, Loughton, Middlesex, North York, Oakham, Oxford, Seaford, Southampton, Stevenage, Winchester, Wooburn Green, Woodstock 68. Zimbabwe Standard Time Zone Map | Political Map of World | Physical Map of World Who Visits TurtleTrader ● Web traffic from 132 countries and territories. ● Web traffic from colleges and universities. ● Web traffic from banks and hedge funds. Who Can Use Turtle System All investors or traders across the Americas, Europe, Asia, Africa and the Middle East can use the Turtle trend following system to profit. The majority of TurtleTrader clients are individuals or independent traders. In fact 95% of all clients are trading the Turtle system for their personal account. The Turtle trading system is perfect for the individual trader since so little overhead is needed to use the approach. The Turtle system does not require you to be on Wall Street or have access to millions of dollars of equipment. TurtleTrader featured on global exchanges: ● France (MATIF) ● Spain (MEFF) ● Australia (SFE) Article Tools: ● Print this article ● Email this article ● What's New This Week? Related Material: ● Turtles in Market Wizards ● Free Email Newsletter ● Client Locations | MP3 Audio ● Order TurtleTrader Course Deutsch | Español | Français | Italiano | Nederlands | Português | Russian | | | Back to Top ^ © 1996-2003 TurtleTrader.com ™ | Risk Notice and Disclaimers | Partners | Home Home What's New Multimedia Free Newsletter Contact Site Map About Us ORDER NOW No. 1 Source for Trend Following Worldwide Est. 1996 | Clients in 68 Countries Site Shortcuts: Performance and Chart Examples Returns 1 | Returns 2 | Returns 3 | Charts 1 | Charts 2 The Turtle system, along with other trend following approaches, has produced huge returns over the last 30 years. This page outlines 30 years of return examples and charts (real and hypothetical) demonstrating rock solid trend following success. Can there be ups and downs? Sure, but compare what like-minded trend following traders have achieved against buy and hold approaches. Risk Notice/Disclaimers. Final 2002 Examples 2002 was one fantastic year for trend followers. 2002: Nasdaq v. Trend Following 1997 1998 1999 2000 2001 1/02-7/02 NASDAQ 21.64 36.18 83.66 (39.29) (21.05) (31.89) Dunn Capital 44.42 13.67 13.39 13.22 1.12 37.55 John W. Henry 15.16 7.28 (18.69) 12.91 7.15 24.23 Saxon 6.56 26.31 24.53 40.18 14.39 18.37 Hawksbill 73.51 43.72 (24.55) 24.76 22.76 30.25 Quick Site Tour New Visitors Tour TurtleTrader.com ™ Endorsements All-Time Success Stories Guru Hype & Spin Free MP3 Audio TurtleTrader Topics Trend Following ● The Turtles ● FAQs ● Markets Changed? ● Why It Works & Skeptics ● Money Management ● How Many Turtles? ● Zero-Sum Trading ● Holy Grails ● True/False Questions ● Losers Average Losers ● No Memory Trading ● Stocks v. Commodities ● Babe Ruth & Accuracy ● What is & What is Not Market Wizards ● Hall of Fame ● Richard Dennis ● John W. Henry ● Ed Seykota ● Bill Dunn ● Richard Donchian ● Ludwig von Mises ● Soros & Zero-Sum ● Jack Schwager Who Benefits? Top Traders Great Lessons Markets to Trade [...]... Ruth Effect: Frequency versus Magnitude Download the Adobe pdf report Michael Mauboussin of Credit Suisse First Boston offers clarity on Markets to Trade Quick Site Tour New Visitors Tour TurtleTrader. com ™ Endorsements All-Time Success Stories Guru Hype & Spin Free MP3 Audio frequency versus magnitude Must reading for all traders Download TurtleTrader Topics Trend Following the white paper above The... Quick Site Tour New Visitors Tour TurtleTrader. com ™ Endorsements All-Time Success Stories Guru Hype & Spin Free MP3 Audio The Hunt silver debacle also provided the setting for my worst trade My TurtleTrader Topics company partner George Fawcett and I had become bullish on silver beginning in Trend Following June 1978, when it was trading around $5.00 an ounce level q q q TurtleTrader comment: Trend following... very well with q q q q q TurtleTrader comment: Trend following rule #5 violation Any talk of prediction is futile q q q q q q TurtleTrader comment: Trend following rule #6 violation Buying q higher highs is right, not wrong How would you ever say something q is expensive? Compared to what? q On the basis of historical values, silver just doesn't warrant much higher prices TurtleTrader comment: Trend... article q Turtles in Market Wizards q Email this article q Free Email Newsletter q What's New This Week? q Client Locations | MP3 Audio q Order TurtleTrader Course Deutsch | Español | Français | Italiano | Nederlands | Português | Russian | | |Back to Top ^ © 1996-2003 TurtleTrader. com ™ | Risk Notice and Disclaimers | Partners | Home Home What's New Multimedia Free Newsletter Contact Site Map About Us ORDER... article q Turtles in Market Wizards q Email this article q Free Email Newsletter q What's New This Week? q Client Locations | MP3 Audio q Order TurtleTrader Course Deutsch | Español | Français | Italiano | Nederlands | Português | Russian | | |Back to Top ^ © 1996-2003 TurtleTrader. com ™ | Risk Notice and Disclaimers | Partners | Home Home What's New Multimedia Free Newsletter Contact Site Map About Us ORDER... first years of trading, they felt they could afford to lose You're Markets to Trade Quick Site Tour New Visitors Tour TurtleTrader. com ™ Endorsements All-Time Success Stories Guru Hype & Spin Free MP3 Audio much better off going into the market on a shoestring, feeling that you can't TurtleTrader Topics afford to lose I'd rather bet on somebody starting out with a few thousand dollars Trend Following... was truly a killing We both started to get very nervous How much higher would silver go? q q q Market Wizards q q q q q TurtleTrader comment: Trend following rule #2 violation Never q q attempt to know how high something will go It is impossible q q Wasn't it time to take the profit? TurtleTrader comment: Trend following rule #3 violation No The Turtles FAQs Markets Changed? Why It Works & Skeptics Money... this mean that there are traders with neither strategy nor smarts actively losing, effectively shifting their funds to the winners, armed with strategy and smarts? Yes, absolutely The TurtleTrader Educational Course TurtleTrader' s course teaches you to participate in unforeseen major trends in either rising or declining markets in order to maximize profits to their fullest Long-term Turtle trend following... Turtles in Market Wizards q Email this article q Free Email Newsletter q What's New This Week? q Client Locations | MP3 Audio q Order TurtleTrader Course newsletter Deutsch | Español | Français | Italiano | Nederlands | Português | Russian | | |Back to Top ^ © 1996-2003 TurtleTrader. com ™ | Risk Notice and Disclaimers | Partners | Home Home What's New Multimedia Free Newsletter Contact Site Map About... are sitting on a hot beach Your companion offers to go get a couple of bottles of cold beer He asks you: Markets to Trade Quick Site Tour New Visitors Tour TurtleTrader. com ™ Endorsements All-Time Success Stories Guru Hype & Spin Free MP3 Audio TurtleTrader Topics Trend Following q q q q q A What’s the most you’ll pay if the beer can be bought at a local dive? q q B How much if he has to get it at . Site Tour New Visitors Tour TurtleTrader. com ™ Endorsements All-Time Success Stories Guru Hype & Spin Free MP3 Audio TurtleTrader Topics Trend. Clients in 68 Countries Site Shortcuts: Resources: TurtleTrader is Global Clients in 68 Countries TurtleTrader has earned a worldwide reputation for excellence