The Complete Turtle Trader. The legend, the lessons, the results. Michael W. Covel. 2007. ISBN 9780061241703. As it says on the flyleaf, “If you want to understand the real world of trading, read this book” . The book reads like a novel since Covel is a clear, concise writer with a personable style.

I learned a lot of the background needed to understand where this famous trend following system came from, as Covel is an excellent researcher. I was unaware that Richard Dennis decided to run a training school to prove that great traders (Turtles) can be taught. (Nurture vs nature). Covel provides a clear description of the Rules to the Turtles. Proof that these rules work is the included career track records of very wealthy people who followed the Rules.

I loved Charlie Munger’s ( Warren Buffets No 2 guy) quote, ” In my whole life I have known no wise people over a broad subject matter area who didn’t read all the time – none, zero.”

Lesson learned on entrepreneurs. Nancy Upton and Don Sexton , of Baylor University pinpointed nine traits of those who become fabulously wealthy entrepreneurs:

1. Nonconformists – lower need to conform indicating self-reliance
2. Emotionally aloof- not necessarily cold to others, but can be oblivious
3. Sky divers – lower concern for physical harm, but does change with age
4. Risk takers – more comfortable taking it
5. Socially adroit – more persuasive
6. Autonomous – higher need for independence
7. Change seekers – like novel approaches. This is different than 99% of all other people
8. Energetic – higher need / or ability to work longer
9. Self-sufficient – don’t need as much sympathy or reassurance, but they still need to form networks so self-sufficiency need not be taken to extremes.

If you have any interest in doing the work needed to make the big money trading, this is the book for you . Perhaps like me you are interested but would prefer to be able to find a trader that shares your philosophy who will do the work, then you need this book. Or perhaps you just like to read about people making scads of money trading and like Charlie Munger says, you read/learn all the time.