In 1983, a legendary Chicago trader placed a small classified ad, selected 23 complete beginners, trained them in his trend following system over two weeks, and watched them generate over $100 million in profits. For two decades the full story remained buried in legend, rumour, and competing accounts. The Complete TurtleTrader by Michael Covel is the book that told it in full for the first time, with the first-ever on-the-record interviews from the participants themselves.
This is the only book that documents the complete arc of the TurtleTrader experiment — from the nature-versus-nurture debate between Richard Dennis and his partner William Eckhardt, through the selection process that chose 23 people from over 1,000 applicants, to the trend following rules they were taught, and the dramatically different outcomes each TurtleTrader achieved after the experiment ended.
This is the true story of novices trained to be millionaires. It is Michael Covel’s second bestseller. It is the only narrative account of trader Richard Dennis and his student traders nicknamed the Turtles. It is the definitive book on the subject and has been translated into German, Japanese, Chinese (Traditional and Simplified), Korean, and Russian.
Why Read The Complete TurtleTrader?
Richard Dennis made a fortune on Wall Street by investing according to a few simple rules. Convinced that great trading was a skill that could be taught to anyone, he made a bet with his partner and ran a classified ad in the Wall Street Journal looking for novices to train. His recruits, later known as the Turtles, had anything but traditional Wall Street backgrounds: they included a professional blackjack player, a pianist, and a fantasy game designer. By the time the experiment ended, Dennis had made a hundred million dollars from his Turtles and created one killer Wall Street legend.
In The Complete TurtleTrader, Covel tells their story with the first-ever on-the-record interviews with individual Turtles. He shows how Dennis’s rules worked and can work today for any investor with the desire and commitment to learn from one of the greatest trend following stories of all time.
What Makes This Book Different
Most accounts of the TurtleTrader story are secondhand. They are based on rumour, forum posts, and partial disclosures from participants who wanted to control the narrative. The Complete TurtleTrader is built on direct access. Covel spent more than a decade tracking down the original participants, obtaining government documents through Freedom of Information requests, and conducting on-the-record interviews that had never been given before.
The result is the only account that covers not just the experiment itself but the full human story: why some TurtleTraders became billionaires, why others failed, the behind-the-scenes battles over secrecy and confidentiality, and what the experiment ultimately proved about the nature of trend following skill. The myths, contradictions, and characters in the story are documented in full.
What Readers and Professionals Are Saying
“Most beat-the-market books aren’t worth my shelf space. This one is.”
James Pressley, Bloomberg
“If you want to beat the market, you have to do something different from what everyone else is doing, and you have to be right. In this fascinating and instructive book, Michael Covel tells how a group of novice traders used a system that generated trades that were both different and right, and which made them a lot of money. If you want to understand the real world of trading, read this book.”
“Few legends in trading have been as enduring as that of the Turtles. The Turtles were traders in the 1980s trained in a trend-following methodology by Richard Dennis and William Eckhardt. The traders came from a variety of backgrounds; most had no background whatsoever in financial markets. Dennis championed the cause of nurture: he believed that great traders could be made. Eckhardt took the other side of the bet, and the Turtle experiment was on. The Complete TurtleTrader, Michael Covel’s engaging and well-written account of the Turtles, covers not only the experiment, but a second generation of Turtles who were inspired by the Dennis/Eckhardt vision. One of the most interesting segments of the book covers Salem Abraham, who by chance met one of the original Turtles, took a 180 degree life turn, and began his own highly successful fund. It’s a powerful illustration that, though markets have changed since the 1980s, the dynamics of success have not. Covel’s book reads more like a piece of financial journalism than I expected, and I mean that as a compliment. It is this well-rounded perspective that makes ‘The Complete Turtle Trader’ complete and a definitive contribution to the trading literature. He has clearly researched his topic and sources his quotes. He also casts a critical eye on his subjects, investigating why some Turtles found long-term success and why others didn’t. A very enlightening portion of the book concerns Richard Dennis himself, the ending of the Turtle experiment, and the master’s departure from his own trading rules and principles. For those wanting access to the Turtle philosophy and rules, they’re laid out clearly and unflinchingly. This is not a methodology for the faint-hearted, which is one reason so many Turtles and would-be Turtles have not stuck with it. Large drawdowns inevitably accompany the quest for large gains, and it’s those large gains that ultimately provide trend following with its edge. Investors who place their money in funds simply don’t want to see 20% of their money evaporate in a quarter. This inevitably leads money managers to refine (and ultimately eviscerate) the Turtle methodology. Many of Covel’s themes will ring true to readers of this blog, including the role of deliberative practice in the acquisition of trading expertise and the importance of emotional resilience and entrepreneurial spirit in sustaining a trading career. My impression, reading the book, is that Covel is under no illusions: the methodology, which provides the statistical edge in trading, is necessary but not sufficient for success. After all, the Turtles started with the same methods; some made it, others didn’t. Covel’s segment discussing what separated a successful Turtle, Jerry Parker, from his less successful peers is perhaps the most insightful portion of the book. Because Covel so clearly lays out these ingredients of success, his book is relevant not just to trend traders, but to anyone who aspires to greatness in the markets. The message is clear: to win, the odds must be in your favor, and you must have the fortitude to keep playing, remain consistent, and compound your edge. That’s a formula for success in any field of endeavor, which may be why the Turtle story finds universal appeal. And, by the way, for readers who want to dig a little more into Turtle trading before purchasing Michael’s book, I recommend his website. There are quite a few resources there, including articles on money management and trend following.”
What the Original TurtleTraders Said
The most powerful endorsements of The Complete TurtleTrader came from the participants themselves — people who were there and had every reason to be critical if the account was inaccurate.
“I did enjoy the book… I hope it’s doing well for you.”
Tom Shanks, Original TurtleTrader
“The book was wonderful…”
Michael Shannon, Original TurtleTrader
“Book is very good… thank you for going for the truth and objectivity.”
Lucy Wyatt, Original TurtleTrader
“All in all, not bad. I wish it had never been done and I wish I were not in it, but I know that you were definitely going to do it, so I figured I would try to get the truth out as much as possible. By and large, it worked that way.”
Jim DiMaria, Original TurtleTrader
“I can say that after hearing the turtle story many times from many of the people that are part of the story and after reading many articles about such story, this is by far the most entertaining, inspiring, extensive, and honest story of the turtles I have ever read.”
Francisco Vaca, Second Generation TurtleTrader, associate with original Turtle Paul Rabar
What the Book Covers
The book is structured as a narrative, not a how-to manual. It follows the story of the TurtleTrader experiment from its origins in the late 1970s debate between Dennis and Eckhardt, through the recruitment and training of the original 23 students, to the results they achieved and what became of them in the decades that followed. The trend following rules themselves are laid out in detail. So is the psychological and philosophical framework Dennis used to develop them. And so is the deeply human story of why some TurtleTraders succeeded where others, given identical rules and identical starting conditions, did not.
For anyone who wants to understand trend following at its source — not as an abstraction but as a proven, documented, real-world system — this is the essential text.
Frequently Asked Questions About The Complete TurtleTrader
What is The Complete TurtleTrader about?
It is the true story of how legendary trader Richard Dennis trained 23 complete beginners in his trend following rules and watched them generate over $100 million in profits. The book documents the experiment in full, including the selection process, the training, the rules, and the dramatically different outcomes that followed.
Is it the only book on the TurtleTrader story?
It is the only narrative account with on-the-record interviews from the original TurtleTrader participants. Other accounts of the story exist but are built on secondhand material. The Complete TurtleTrader is built on direct research, Freedom of Information documents, and interviews that had never previously been given.
Does the book include the actual trading rules?
Yes. The trend following rules Dennis taught his students are documented in the book. For a direct reference, the core rules and philosophical framework are also covered on the Rules page of this site.
Who is the book written for?
Anyone with a serious interest in trend following, trading psychology, or the history of systematic trading. The book reads as financial journalism rather than a technical manual, making it accessible to readers with no prior trading knowledge while remaining substantive enough for experienced practitioners.
What languages is the book available in?
The Complete TurtleTrader has been translated into German, Japanese, Chinese (Traditional and Simplified), Korean, and Russian.
Read the book now: Get The Complete TurtleTrader on Amazon
