By Daniel Fox August 2011 | Trend Trades Systems co-editor

Does the Turtle Trading System Work Along Side Forex? An Honest Review:

A common obstacle that keeps new and even veteran traders alike from achieving consistent gains is simply following a specific plan that prevails in any market environment.
Richard Dennis' original Turtle Trading System sets out to offer traders a 'start from scratch' trend following software courses. Unlike the 'buy and hold' strategy that relies upon long term fundamentals that may or may not profit in the short term, Turtle Traders as they're called follow a set of turtle rules in a disciplined manner. The key to this system is discipline and confidence in following it. As the founding father of the Turtle system states:

"I've always said that you could publish my [Turtle Trader system] rules in a newspaper and no one would follow them. The key is consistency and discipline. Anybody can make up a set of rules 80% as good as what we taught our students. But what they couldn't do is provide them the confidence to stick to the rules.. even when things are going bad."

--Richard Dennis, Father of Turtle Trading.

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Several 'free' pdf versions of the original turtle trader rules are listed atop the search engines that can provide basic insight to the turtles strategy. However, the original and even later 'free' adaptations of the turtle system are not applicable in today's economic climate. Due to wide spread use the newer courses have adapted and evolved to counteract the markets awareness of previous turtle trends.

Without going into too much detail-- we're limited to what we can and can't say since clients are prohibited from disclosing details (a long laundry list of 'proprietary information') owned by Turtle Trader.

Turtle Trading System Fact Sheet

PROMO / DISCOUNT: Turtle Trading System (At the time of this writing there's no discount)

CREATOR: Based on Richard Dennis Trading Turtle system

SYSTEM FORMAT: Turtle trading rules and strategies teach risk control and money management principles apply to any market environment

DATE CREATED: 1996

TRADING PLATFORM: Compatible with the Metatrader 4 Trading Platform (Free & widely supported) Turtle rules of trading are fully disclosed.

MINIMUM INVESTMENT: No minimum. But for accounts less than $10k it's best your brokerage account can support 100 unit lot size ($0.01 per pip). This enables you (like the Turtle Traders) to keep risk under 2% per trade.

USABILITY: Compatable with new traders on up through professional brokers.

INSTRUMENT SPECIFIC: No. Trend followers trade all types of instruments: ETF's, FX, Stocks, Options, Futures, etc. This system works with all 7 major Forex currency pairs simultaneously.

SUPPORT: Support and ongoing software support. No upgrade fees.

GUARANTEE: Original Turtle Trader Forex system software states a historical rate of return since Jan 1, 2008 at a surprising +191% @ 1% risk control. Obviously no trading system can guarantee future performance.. See Turtle Trading performance data.

COMPLAINTS / PROBLEMS: Complaints & problems are resolved via. support and 'priority' email support.

COACHING: Lifetime customer support and free software upgrades.

COST: Turtle Trader Forex Robot currently at $299 with no recurring membership fees. (No minimum investment Required)

Suffice it to say Turtle Traders home study course is grounded in rules that rely upon daily data that in turn signals traders when to buy or sell. But this isn't a 'buy low, sell high' trading system.
The system consists of straight forward rules designed to catch breakouts and long term trends. Since the course doesn't teach high frequency or day trading turtle traders spend around 10-30 minutes daily managing trades.

Covel's book "The Complete Turtle Trader" has been objectively reviewed as one of if not the most educational and entertaining reads on the history and basics of Turtle Trade System. However, the book is more of a historical or experimental report that attempts to reveal whether great traders are simply 'born traders' or if they can learn to trade and achieve greatness. Covel's home study course aims to focus on the practical nuts-n-bolts of trading and building from the original foundation yet delving deeper into Turtle and trend following. Included with the course is mentorship from Covel and staff. See Course Comparisons

"While TurtleTrader.com is obviously devoted to Trend Following, what enables the method to work isn't the genius of the website developers, nor the genius of Richard Dennis or other traders identified with Turtle trading system.

In some ways, the secrecy to which many of the original Turtles were sworn has confused the concept of Turtle trading, making the methodology seem more clandestine and complex than it actually is, all the while providing an unfortunate platform for less scrupulous promotors to offer the Turtle trading secret to aspiring, yet unsuspecting, traders. As one of the administrators of TurtleTrader.com suggested via. e-mail, all Turtle trading amounts to, in the end, is trend-following.

Indeed, there were successful trend-followers long before Richard Dennis and William Eckhardt's Turtle trading experiment,.. and given that so many other trend followers were kicking butt at the same time of the Turtles' creation...Turtle trend-following is not a secret. It simply takes proper teaching. That's good news for all of us."

-David Penn, Staff Writer Stocks & Commodities

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"I'm really impressed with all the help you've given me, it really has made a big difference. You should know that yours is the only program I've purchased. I'm exceedingly skeptical - 99.9% of the crap peddled as systems or in books is at best incompetent and at worst criminal. So it took about a week (and reading every single page of your web site) to purchase your materials, but they showed consistency and logic and common sense. I am glad I did - I have really learned a lot."

-Client

A big plus for those serious in following the Turtles is the performance reports that go back into the ninetys. Take a peek into the past decade of Turtle Trading System performance data reports spanning about every possible market environment.
Other trend or turtle trader courses are reluctant to disclose documentation to the profitability of their systems performance. One of the original turtle traders, Russell Sands offers his own turtle system software emphasizing currency or forex trading. A $10,000 minium investment is required to participate.

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