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Fighting the scams, frauds and charlatans
The Original
Turtle Trading Rules
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ORIGINALTURTLES.ORG
The Original Turtle Trading Rules
2003 OrignalTurtles.org
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Table of Contents
Volatility Adjusted Position Units
14
FOREWORD
Free Rules? Are you kidding? 1
The Origin of the Free Rules Project 1
The Ugly Truth about the System Sellers 2
Rules You Won’t Follow Don’t Matter
Examples
14
The Importance of Position Sizing
15
Units as a measure of Risk
16
Adjusting Trading Size
17
3
The Genesis of the Project
4
CHAPTER FOUR
Entries
18
INTRODUCTION
The Turtle Experiment
Breakouts
18
5
Adding Units
19
Consistency
20
CHAPTER ONE
A Complete Trading System 7
The Components of a Complete System 8
Markets – What to buy or sell 8
Position Sizing – How much to buy or sell 8
Entries – When to buy or sell 8
Stops – When to get out of a losing position9
Exits – When to get out of a winning
CHAPTER FIVE
Stops 21
Turtle Stops 21
Stop Placement 22
Alternate Stop Strategy – The Whipsaw 23
Benefits of the Turtle System Stops
24
position
9
CHAPTER SIX
Exits
Tactics – How to buy or sell
9
25
Summary
9
Turtle Exits
26
These are Difficult Exits
26
CHAPTER TWO
Markets: What the Turtles Traded
10
CHAPTER SEVEN
Tactics
27
CHAPTER THREE
Position Sizing
Entering Orders
27
12
Fast Markets
28
Volatility – The Meaning of N
12
Simultaneous Entry Signals
28
Dollar Volatility Adjustment
13
Buy Strength – Sell Weakness
29
Rolling Over Expiring Contracts
29
Finally
30
CHAPTER EIGHT
Further Study
32
Trading Psychology
32
Money Management
33
Trading Research
33
Final Warning
33
ORIGINAL TURTLES
Foreword
f
Free Rules?
Are you kidding?
Why are some of the Original Turtles giving away Rules for which
others have charged thousands of dollars? Are these the actual
Original Turtle Trading System rules?
ou probably asked yourself the same questions: “Why would anyone give
away the rules to the original Turtle Trading System? How can I be sure that
these are the original Turtle Trading System rules as taught by Richard Dennis
and William Eckhardt?” The answer to these questions lies in the origin of
this project.
The Origin of the Free Rules Project
This project had its seed in various discussions among a few of the original Turtles,
Richard Dennis, and others regarding the sale of the Turtle
Trading System rules by a former turtle, and subsequently, on a
website by a non-trader. It culminated in this document, which
discloses the Original Turtle Trading Rules in their entirety, free
of charge.
Why? Because many of us believed that we owed an obligation
to Richard Dennis not to reveal the rules, even after our contractual 10 year secrecy
pact ended in late 1993. For this reason, we did not look kindly upon the sale of those
rules by a former turtle.
Further, we saw the sale on the web site as crass and opportunistic intellectual property
theft, an act that, while technically not illegal, was certainly not honorable.
At the same time, having seen others try to follow these rules first-hand, I realized it
was unlikely that their publication would result in very many people actually learning to
1
Y
Richard Dennis and
William Eckhardt
were not consulted prior to
the marketing of the Turtle
Trading Rules and did not
benefit in any way from the
sale of the Turtle Rules they
developed.
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