TURTLE TRADERS STRATEGY - The Complete TurtleTrader by Michael Covel. (Richard Dennis)

[@tianxia4092]

After years in the market and reading all sorts of books, that quote by Richard Dennis that "anybody can make up a trading system that is 80% of what he taught the traders" really rings true to me. I am convinced that retail traders' true edge does not reside in the particular strategy, but in risk management and psychology.

[@FinancialWisdom]

Well said

[@mistersandy]

That's so true. Simply look at most any stock chart and it's easy to see entry and exit points. It's having the calm to wait for both.

[@reasonerenlightened2456]

Trade INNEVITABLY results in extreme levels of Wealth concentration. It is a mathematical inevitability for as long as trade is present. Consequences? Your saving accounts get empty, any investments are gone, all that is left to trade then is yourself but you eventually get old so your only value is that of a bio-mass to use for making fertiliser or soap or glue. The solution is, perpetual even redistribution of sufficient wealth, indefinitely, to prevent the inevitable extreme levels of wealth concentration.

[@Kissqueenx]

True dat

[@califcamper]

True to an extent. You first must have some strategy that consistently makes a profit, otherwise your doomed no matter how disciplined you are.

[@cagrikanik2403]

Dennis was their times' algorithm trader. He was totally true to stay away from emotions and only apply rules. It was a great experiment for trading history. Thanks to FW to make a nice summary to us!

[@FinancialWisdom]

🙏

[@ayampencen6363]

Its true...Stay away from emotion..👍👍👍👍 But Easy to said than done...

[@ivantirtakusuma]

I read this book 3 years ago.. Its idea still becomes my core principle in my trading style.

[@FinancialWisdom]

Great

[@jonny1one634]

And are you Rich?

[@HX3ne]

@@jonny1one634yes

[@bersteredmeyer5044]

Yeah, Trading can be taught. But Rich and Bill have also shown that not everyone can do it. Out of 1000 applicants, 40 were shortlisted. 13 were then trained as Turtles, some of whom were later kicked out of the program for not following the rules.

[@FinancialWisdom]

Very true

[@10MinuteTrading]

This is one of my all time favorite trading books, this had a profound impact on how I trade

[@FinancialWisdom]

Thanks Christopher👍 You channel is great by the way....

[@jonny1one634]

And are you rich?

[@lilacfloyd]

@@jonny1one634 No. :D

[@scottallancole3635]

It should be noted that Dennis and Eckhardt were not trading stocks, but were trading futures. Also, the Turtles were provided with a set of discretionary rules, not mechanical rules. Dennis indicated that he was not interested in creating a bunch of trading robots. He wanted each trader to add their own flair.

[@cbhagen6696]

the turtles winrate is not a reflection of the market but a reflection of their trading psych in lieu with the trading strategy. since they learnt the same strategy but had different winrates

[@bammylarsen1260]

This trend following method (Donchian channel breakouts and systematic pyramiding technique + a form of Kelly criteria to control risk) is similar to Darvas technique.

[@FinancialWisdom]

Thanks for sharing!

[@califcamper]

I started trading with 25k, ( so I could daytrade w/o pdt rule). I lost $2700, and stopped...That was the best $2700 I ever spent, it taught me discipline...

[@infiad1275]

Are you still trading?

[@califcamper]

@@infiad1275 yes, back in it, not easy still trying to find a winning strategy, but have not lost any more...

[@infiad1275]

@@califcamper I hear ya. Rowing the same boat. We'll get to the other side as long as we keep rowing.

[@BigSteppaFX]

Hey guus ,so hows the trading going?

[@ethanluo7355]

Looking at the final slide summarizing turtles performance , there are big difference among them even though they are using the same system - the ability to trade is a gift

[@JeremyTheApe]

Excellent point, I thought the same. It would be fascinating to understand the differences. Perhaps out of so many potential trades to take, the better performers had a better selection criteria, or perhaps there was a bit of luck involved? 🤔

[@Bunker_dilemma]

Richard is by far more than a legendary trader, he's the first who came up with idea of the term 'prop firm' tailored to the retailers. I know, I know from am investment banking perspective this term just doesn't fit with its description 😂

[@MrMrBiggles]

I am so glad that I discovered this book. The system is absolutely brilliant once it clicks in your head.

[@FinancialWisdom]

it is...

[@arathaemaxus5250]

Absolutely!

[@cbhagen6696]

was lazy and didnt finish the book but the summary you gave even though it is detailed motivates me to read the book and above all be a principled trader. thanks a mil

[@FinancialWisdom]

Glad it was helpful!👍

[@majordelays4909]

Improved returns since?

[@Countstep0099]

Is the stock market actually getting better or is this the regular end of year market manipulation to entice new investors, I'm currently sitting on an inheritance of 500k and i'm wondering do I invest in stocks or Gold?

[@icewa-fg]

It is advisable to diversify while retaining 70-80% in secure investments. Along with your budget, you should think about financial advising.

[@wealthychronicle-i1u]

Its unclear which stocks and sectors will lead the market in the next uptrend. Stay away from rebalancing if you do not have guidance from a planner and Advisor/strategist. My finances have been in order since I got a wealth planner like Monica working with/for me. This approach has helped me stay financially secure for over nine years, yielding nearly $1m ROI.

[@2024Red-j5t]

What did you invest in? Who is the advisor that guides you? more info on this if you don't mind

[@wealthychronicle-i1u]

Nicole Desiree Simon deserves credit as one of the finest portfolio managers in the industry. Her reputation precedes her, and I highly recommend looking her up to locate her online if you are internet-savvy

[@Robertgriffinne]

Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks.

[@jacktorse28]

This is a valuable resource channel for traders. I have watched some of these videos over and over. I am testing this strategy now and I watched this again.

[@FinancialWisdom]

Thanks 🙏

[@twistedbydsign99]

9:00 I learned that the hard way in the 2000s about entering stops ahead of time

[@Americanpatriot723]

Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $850k in this recession influenced market.

[@MIchaelGuzman737]

Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.

[@sommersalt88]

The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.

[@kashkat987]

@@sommersalt88 Please who is the consultant that assist you with your invest-ment and if you don't mind, how do I get in touch with this person?

[@sommersalt88]

My advisor is ‘’LISA ELLEN SHAW’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversification and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.

[@kashkat987]

@@sommersalt88 I searched her up online and checked out her credentials since I was so intrigued. Top-notch! I emailed her to inquire about accepting new clients.

[@aaronthompson4280]

Just bought this on audible while watching this. To the moon!

[@vivek-hj2um]

Hi, it would have been very helpful, if you would have explained with an example position sizing and importantly how stops price is decided to maintain 2% N

[@AndrewJones-y3b]

My strategy is the 4 hour time frame buy when it's above the 21 EMA every market I'm allowed by my broker and sell when it's below. Add a max of 4 times. That's it.

[@TenTonNuke]

Growing 400 dollars to one million in 1975 is the same as growing 2,200 dollars to 5.5 million today. He did what small account traders dream about. So it is possible.

[@arathaemaxus5250]

Great basic explanation it there is so much more to it than this. Anyone wanting to do this should buy the book.

[@dcoolsam]

Fabulous review... I have read the book a couple of times, and your review is bang on. Kudos to you....

[@FinancialWisdom]

Thanks Sameer, much appreciated👍

[@EIStudent]

Another amazing and well researched piece of work.

[@FinancialWisdom]

Glad you think so!

[@benjiebarker]

10:30 aren’t the trailing stops the exits…when do you use these 10-20 day exits?

[@alecb8509]

That's what i was thinking. 10-20 exits do not make sense.

[@AndrewJones-y3b]

21 day or 10 day you would get out of a long if price closed below either the 20 day or the 10 day and place a short. You would use it as a benchmark to follow price but not moving your stop up instead waiting for a close trade confirmation.

[@lancepayne9897]

The photo portrait featured at the 1:00 minute mark is Paul Tudor Jones, the billionaire trader, not Richard Dennis.

[@gheadwind]

Great job on summarizing the book; however, are you sure the position sizing part is properly covered? I read the book and it seems to me that the Turtles were taking 2% a trade of the account size right from the get go and then pyramiding up to 4-5 units making it 8%-10% of the account placed in one instrument! There is a whole chapter in the book showing precise calculations of adding units! Thanks

[@AndrewJones-y3b]

I would imagine they were using high leverage so they could open more than they had in their account. Obviously they used proper risk management in doing so.

[@gheadwind]

@@AndrewJones-y3b according to the book, there were not allowed to have more than 10% of their equity in the same instrument! As far as my understanding goes...

[@kingpinstatus916]

I just discovered your video's this morning & I own a few of the book's you've covered. You do a SENSATIONAL job of breaking the books down! The One thing you got wrong on this video is that picture between 0:53 - 1:12 is Paul Tudor Jones another Legendary Wall $treet Trader not Richard Dennis. Keep up the GREAT work. I'm going to keep watching the video's of the books I don't own.

[@FinancialWisdom]

Hi Kingpin, LOL thanks for pointing that out! Rookie error... thought he looked different with age! Thanks for the feedback👍

[@majordelays4909]

How are your returns since consuming the books?

[@obijuan3004]

Thank you for that coverage of the Turtles book. That was very easy to follow.

[@FinancialWisdom]

Glad it was helpful!

[@sirsweet3022]

9:06 I can already see that being a total mind melt for most people.

[@FinancialWisdom]

no doubt..

[@ahmadabdallah2896]

do you suggest following (to a certain degree) the teaching of this book in the crypto market? if not could you advise or give other books suggestions?

[@prshaiva]

Thanks mate. Really nice of you to share such a concise review of a great strategy book to help all and sundry. God bless you.

[@FinancialWisdom]

Glad you enjoyed it!🙏

[@joegadget670]

Didn’t Dennis himself in 1987 lose over 50% of the investment fund he managed? He was sued by his investors for allegedly not following his own system. I think most of the loss happened on Black Monday. Wonder how his turtles did during this event.

[@Weltbummler23]

If position size increases with N and stops widen with N, then risk is higher, not lower. What you said doesnt really make sense, but thats ok ill read the book to figure it out.

[@HectorYague]

While the turtle system emphasizes trading size and risk control (as it should), the reality is that, like all trend-following and breakout-based systems, it needs of a mostly one-directional market to perform well. This experiment started in 1983 and went on through the mid 80s. Well, check the market around the mid-80s: massive uptrend all around. This system would have fared VERY differently in the 70s (a very choppy market).

[@FinancialWisdom]

My Brokerage Account (Interactive Brokers) - bit.ly/3UGvn1U My Breakout Scanner - bit.ly/3ea6sl8 My Forum - www.financialwisdomTV.com/forum My Strategy Blueprint - www.financialwisdomtv.com/plans-pricing Edgewonk Trade Analysis Software - bit.ly/3xS6S7s Stock Screener & Backtesting - bit.ly/3oO1exN (20% Off Code = FWSDM) Stockopedia - bit.ly/2YIcAIn (25% Discount)

[@MartinSage]

What happened during the Black Monday October 1987 Crash? Mr. Dennis ,like many, lost his shirt. His Strategy stopped working but with some tweaking ie changing 20 ma to 200ma breakouts can produce 30% returns.

[@FinancialWisdom]

Sensible stop losses and sensible stop losses within market structure is the key. Not sure he did that

[@GivenMokoteliTV]

Another great video, trend following is one of the most consistent strategies as you make money when the market is bullish and when its bearish!

[@FinancialWisdom]

Very 👍

[@thincers]

I have been following turtle trading, for about 3-4 months in forex. The results are satisfactory, i'm sure that I'll learn more in coming months. But, just One questions. How do you incorporate, DOLLAR PER PIP in your position sizing calculation. Right now I'm just buying/selling 1000 units

[@FinancialWisdom]

I use stocks personally

[@dumbcat]

something tells me the students received a lot more than 2 weeks of training. no one in the 1980's would give someone a million dollars then walk away and say, "ok see you in four years"

[@FinancialWisdom]

They were well monitored with trading limits..

[@ProGunz21]

please review Trend Following_ How to Make a Fortune in Bull, Bear and Black Swan Markets

[@FinancialWisdom]

Thanks Joe. Noted

[@bluejazzman]

@7:47 - did he say their strategy is to buy high and sell low? Can someone help explain that to me?

[@AndrewJones-y3b]

When price look too high people think to sell. When price is too low people think to buy like a bargain at a grocery store. As tom Hougarrd says the markets are not like the grocery store. You don't get a bargain.

[@yuthpatirathi2719]

Superb video ! This channel is a goldmine

[@FinancialWisdom]

Thank you so much 😀

[@D3vinePurp0se]

Actually reading this book right now. Amazing

[@FinancialWisdom]

Thanks Bob👍

[@maxwelch4872]

Hello mate, might i ask your thoughts on the book. I'm considering purchasing a copy but would love some insight. How did you find it?

[@D3vinePurp0se]

@@maxwelch4872 It was a great book. Very informative. Teaches you alot about trading. More specifically it mostly explains the Turtle Trading Strategy

[@JBulsa]

Open a duel Option for the same results?. Less monitoring and trading fees?

[@j.karvindbusinessconsultan4327]

Long time wait for this video sir plse make video like this thank you so much

[@FinancialWisdom]

Thanks Kanhaiya, your welcome

[@arnoldlombardi]

Having a trading plan is essential for every trader. Investing in Sir Leonard Bracher's services and understanding its unique premise could help you immensely grow in profit making. There's no better deal than earning while you learn.

[@prestontrudeau2439]

What exactly does Mr Bracher do for you, it not quite clear to me, does he sell you signals?

[@arnoldlombardi]

@@prestontrudeau2439 He basically trades for me and charges a 15% commission on all profits from trading. All i have to do is provide capital, and he and his team handle the rest so that i earn passively from the market. This affords me the greatest luxury of all in my retirement, TIME, time with my family, and time with my garden. I came to know about his services through my son-in-law who happens to have met him in Greece during a blockchain conference.

[@jimmyyen_.]

having Mr Bracher trade for me has helped me Recover my losses from previous years and put me ahead of my peers financially(zero debt), i can't thank him enough. Definitely working with him again soon.

[@prestontrudeau2439]

@@arnoldlombardi Interesting, i just looked up his name on google and found his webpage. He's got quite the resume. How long does it typically take to receive a payout?

[@rayneraltunok]

@@arnoldlombardi Does he accept clients from Australia? Also is he available on Telegram?

[@otisshaw1]

I listened to the ebook but they don’t say where they bought calls ? Was it at the money 30 days 60 days 90 days 180 360?

[@abdupallikandam3489]

Following trading rules is as tough as quitting smoking 🚭

[@FinancialWisdom]

Equally as bad if you don't

[@Mike-kg3hd]

so is this book helpful for commodities trading or stock trading also?? anyone knows ?

[@FinancialWisdom]

Some of the principles should hold strong in both, but I would advise backtesting first

[@GreenfieldPortfolioResearch]

wooow. 5 stars to you for this video!

[@mohsinali738]

Good book review sir Love from pakistan Lahore.

[@FinancialWisdom]

🙏

[@td000]

I wonder how relevant these trading styles are with all the algo ai traders out there

[@DarkBullCapital]

do you have more related and details of turtle trader?

[@RafaelChessa-ve6ml]

how to recognize a 10 day low and hihg for taking profits?

[@casanova1012]

im pretty sure thats PTJ @ 1:09

[@kevino4846]

Very interesting. Way back when, I read a book called Making Money, by Howard Ruff. I wondered if you have read it at any point in time and/or would you consider reviewing it. As a beginning trader then, I found a lot of useful information in there. Thanks.

[@FinancialWisdom]

I'll check it out!

[@rorymc2000]

A brilliant insightful summary...thanks

[@FinancialWisdom]

Thanks Rory!

[@opentrunk]

But what doesn't make sense to me is this: This system is now well known by lots of people. If the results were as good as advertised then everybody would be using the system. But that's not happening. Why not? I know there are millions of trend followers out there, but they aren't averaging 80%/yr.

[@FinancialWisdom]

Hi opentrunks, many struggle on the discipline and psychology of following such a strategy, there are many earning those kind of returns but perhaps not mainstream because the money involved can skew the returns, and of course the risk/drawdown aspect.

[@TH-du8nc]

There are probably lots of guys making decent money of this but they are just not big enough or well known enough that you would hear about them. Probably few make the 9 figure sums but there probably a decent amount of 7 figure turtle traders out thers

[@manaseeker2414]

if more trend traders follow the system, then price would go up simultaneously with all trend traders noticing the trend until the trend started reversing and then everybody would hop out at similar times. the trick is to get in and out at the right time and i guess we know that that's super hard to nail in practice

[@sommi888]

❤💛💚💙 the period the turtles traded was a huge "up only" trendy commodity period . markets have changed . everyone has tried to do turtle trading algorithms and got rekt to copy their rules

[@robertb3145]

I wonder if they placed a limit or market order once it broke out

[@richardcrown9764]

REACH HER ON HER TELEGRAM

[@richardcrown9764]

Silviamorgan is her username for help

[@Martin-ql2bd]

How do you explain Stanley Drunkenmillers statement that he Never had a stop when trading? I'm sure trading huge amounts that are watched by other traders is far from being a small time retail trader that nobody is watching.

[@JBulsa]

Was this a volatile period?

[@mizzop]

Fxgoat brought me here😅🔥🇧🇼

[@FinancialWisdom]

Great🙏

[@rgahrens]

Why is there a picture Paul Tudor Jones in the beginning? That is not Richard Dennis!

[@FinancialWisdom]

I know, it has been pointed out a few times☺ rookie error...

[@JoeM370]

I'm astounded by the profundity of this content. A book with similar substance expanded my thinking. "Mastering Money Mindfulness" by Benjamin Hawk

[@mahenmahen5504]

If rechard Dennis has written anything about his experiment?

[@vivek-hj2um]

Stop loss has not been clearly explained can u pls elaborate in detail

[@jameswalker366]

Could these rules not be simply created as part of a trading bot/quant strategy, and left to run?

[@FinancialWisdom]

Doubtful James... But i'm sure many of the principles are included in the many bots about

[@howardadams9638]

Hi Gareth, another great addition to your library, many thanks. Does the book publish the details of the rules or did you use another source? Regards Howard

[@FinancialWisdom]

Hi Howard, thanks. Yes there are 30 pages of the 263 which discuss the rules, I do however in general look for other genuine detail when reviewing books/styles etc I also used "The Original Trading Rules" produced by one of the turtles themselves, I'll get a copy and let you know where to find it.

[@howardadams9638]

@@FinancialWisdom Hi Gareth, that's useful many thanks. Regards Howard

[@divyanshujindal4584]

Can you give the name of that book

[@mahenmahen5504]

Is this book or this video is depicting original turtle trading

[@routinetrader]

Are you aware of any resources explaining how/why Stig Ossgard outperformed?

[@elainemulder9942]

Great video. Thanks!

[@FinancialWisdom]

You're welcome!

[@gemini_537]

Hi, I bought your ebook online, but I didn't receive it. What happened? Could you check?

[@FinancialWisdom]

Let me check

[@devinsmusicroom4441]

I have the book coming in the mail. Great info, you gave me a great head start. Thank you.

[@FinancialWisdom]

Wonderful! Thanks Devins👍

[@maxwelch4872]

How was the read? I'm considering doing the same.

[@devinsmusicroom4441]

@@maxwelch4872 I enjoyed it. A fun read.

[@maldighaithir]

How do the turtle traders choose a stock to trade?

[@FinancialWisdom]

hi, Price action predominantly

[@thomasdr08]

Is this where “Trading Places” came from?

[@FinancialWisdom]

Possibly yes....

[@Zk8et]

Very good information. 👍👍

[@FinancialWisdom]

Glad it was helpful!🙏

[@Galaxyfe]

Great vid.. btw how do you know when to use 1N or 2N?

[@FinancialWisdom]

Cant recall, does it not say in video?

[@Galaxyfe]

nope... Watched it twice

[@diggiedog548]

Nice one Gareth!

[@FinancialWisdom]

Thanks Anthony👍

[@tomc3130]

Does these methods apply to the stock market? Or only relevant for commodities?

[@FinancialWisdom]

Hi Tom, i believe i commented to a similar question yesterday, the principles remain the same, controlled risk whilst allowing the trend to provide a good risk/reward profile. Obviously the liquidity aspect would play a part depending on the amount you were looking to trade. I use similar practices on equities myself with good results. Hope this helps.

[@liujon8333]

Simply answer: No. Your performance of trading stock market is more depend on your portfolio construction method.

[@mrdanforth3744]

Trend following systems work with stocks that trend. Not all stocks are suitable. I have had good success trend following in TQQQ an ETF made up of tech stocks like Apple, Netflix, Alphabet, etc. You need to find a stock that makes large consistent up moves.

[@edenottignon3493]

Thanks again!

[@FinancialWisdom]

Any time!👍

[@BuddhistZenDave]

This is one of those things you start doing after repeatedly breaking even despite great gains. Like just use the system dummy and make some profit.

[@FinancialWisdom]

So true

[@drjems]

Excellent...Very enthusiastic... Are you a trader or Investor

[@FinancialWisdom]

Thanks Jemin! Yes, i would say 80% trader 20% investor - I use weekly timeframe technicals with some fundamentals.

[@drjems]

@@FinancialWisdom All the best

[@xijinping4210]

Hey there is video in your ads

[@FinancialWisdom]

haha, sorry...

[@TheSvs1]

are there any recommended course for it?

[@FinancialWisdom]

Not for that strategy - But mine is available of course😊

[@Rainy_Day12234]

22 day high or low, or 55 day high or low

[@nyayadhwani589]

valuable information

[@FinancialWisdom]

Glad it was helpful!

[@majidalmajid6904]

If I want to take courses online on this issue and I am willing to pay for it. Can you pls help me on that

[@FinancialWisdom]

Join our group :-) www.financialwisdomtv.com

[@dinakaranvellaisamy1240]

Super bro

[@FinancialWisdom]

Thanks🙏

[@lakhangangurde190]

Very very nice video sir 👌 Please make video on trading book summary

[@rockstar.mindset]

thank you again! ♥️🔥

[@FinancialWisdom]

Thank you Hikohidrio 👍

[@schubertpeter79]

Bravo, as always!

[@FinancialWisdom]

Thanks again!👍

[@umutalper9822]

thanks a lot

[@FinancialWisdom]

Your welcome Umut

[@PoeNumba1]

nice

[@FinancialWisdom]

Thanks

[@DTradesFX2]

They were smart. They didn't reveal their stop loss positions. Today we call it "Market Makers", "Stop Hunts", Etc.....

[@luiz8232]

5 STARS, INDEED.

[@FinancialWisdom]

Thanks🙏

[@jamesharris4432]

2% is too close a stop loss ! Market makers can see your stops and can hold sell orders to take them they make money on you, I set them for 10 to 20% I don’t care if I lose 20 bucks on a hundred but I’ll pay that or more if my stops are too tight

[@FinancialWisdom]

It's 2% of equity not position

[@williamkz]

Thanks Gareth. Another excellent review of risk management. It would be interesting to know why some turtles did better than others. Were some not keeping to the rules? Or was it luck?

[@FinancialWisdom]

Hi William, good question, at the initial stages of the experiment some Turtle candidates were removed due to not sticking to the rules. For reasons not completely explained in the book many traders were given significantly different amount to trade too. However, from a % return perspective I guess an element of luck contributed, but overall the outperformance of all the traders against the benchmark was no coincidence, a clear correlation from the training method was evident.

[@williamkz]

@@FinancialWisdom Thanks Gareth. Yes. the overall results must be highly significant.

[@annsinden6198]

Most likely because of choice of stocks too.

[@mrdanforth3744]

The system they used had many significant losses and a few giant winners. The idea was to get in on a trend on the ground floor, but many trends fail to develop. After getting shot down in flames 3 or 4 times and losing 50% of their account you can see why a trader would be gun shy. If he then decided not to take a trade, and that trade turned out to be one of the 2 or 3 big winners of the year that one decision could cut his returns in half. This is one reason for poor performance, another was not sticking to the system and getting ideas of their own. The most successful ones stuck to the rules, or else got lucky when they broke them.

[@califcamper]

@@mrdanforth3744 yes for sure, I.would say that there are variables to all this, one plus for those getting to read this book is it's a start where without it is? So there we go, knowledge is priceless, there are other strategies out there too...Trade management is key, and trade psychology transforms to trade management, but first one must have a theoretical winning strategy...Slow but steady wins the race

[@verosbeb8962]

they have a very small position size if they only make a 2 percent of equity each trade

[@FinancialWisdom]

Yes but I imagine the volume would compensate for it.

[@izzyrov5814]

So well presented!!! *Subscribes*

[@FinancialWisdom]

Thank you so much!

[@izzyrov5814]

@@FinancialWisdom Looking forward to your other videos ❤