Online Stockmarket Trading Update

Inside the Mind of the Turtles

Author: Curtis M. Faith

Book Review

This is the second installment on the famous Way of the Turtle Trader by Curtis M. Faith, but this time rather than talking about how the Turtle Traders went about making their money he is actually giving his own opinion on how your mind affects the decisions that you make when you are trading.

This book is for the true traders amongst you that have a trading plan and wish to further refine it by looking for flaws that could be caused by your mind rather than what you do and don t actually know.

I think the best way to gain an understanding of this book is by way of retelling one of the stories Curtis uses to describe how people handle pressure differently. Basically the Turtles had a table tennis table where they used to play during the quiet times in the market. One of the Turtles used to be a red hot table tennis player, who the rest of Turtles had trouble beating.

One day the Turtles Traders decided to have a tournament where they would all put in $50 and the winner and the second place getter would receive a prize. This in effect changed the game from one of fun to one which had a prize at the end.

To cut the story short the gun table tennis player came up short and lost, which in the opinion of Curtis was due to the pressure of having to play for a reward. This story was then compared to trading by explaining how this is consistent with what happens when traders move from paper trading to trading with real cash.

The book also explains the importance of establishing trading rules and how some things that seem really difficult at first become easier after they have been implemented a number of times.

Rating of 7.5 /10

This book was slightly better than the original and actually made reference to the events in the financial markets over the last 18 months.

Reviewed By Damian Isbister

To buy this book now at the Educated Investor Book Shop, click here.