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Inside the Mind of the Turtles: How the World's Best Traders Master Risk |  | Author: Curtis Faith
Publisher: McGraw-Hill
Category: Book
List Price: $27.95
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Seller: sbd-
Rating:  15 reviews
Sales Rank: 596667
Media: Hardcover
Edition: 1
Pages: 240
Number Of Items: 1
Shipping Weight (lbs): 1.2
Dimensions (in): 9.1 x 6 x 1.1
ISBN: 0071602437
Dewey Decimal Number: 332.6452
EAN: 9780071602433
ASIN: 0071602437
Publication Date: March 25, 2009
Availability: Usually ships in 1-2 business days
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Product Description
“I like risk. I embrace risk.” -Turtle trader Curtis Faith Risk is scary, to be sure, but it's a fundamental aspect of the investing world. Without it, profit would not exist. The trick is to accept, anticipate, manage, and mitigate risk. In other words, master it. In Way of the Turtle, Curtis Faith revealed the extraordinarily successful trading system of the now-famous group of investors known as the Turtles. Now, in this highly anticipated follow up to that bestseller, Faith delves deeply into the risk-mastery strategies that made the Turtles the envy of the investing world. Inside the Mind of the Turtles provides expert insight into how great traders combat the natural but counterproductive response to risk. Faith begins by examining the nature of risk and the human being's natural response to it. Then he outlines proven techniques for seizing control of it. You will learn how to: - Set your main focus on acquiring gains--not avoiding losses
- Place equal importance on assets already spent and those still on hand
- Judge the quality of decisions based on their inception rather than their outcome
- Avoid drawing conclusions using too little information
You'll find valuable advice not only from Faith, but from some of the greatest financial minds on the scene today, including fellow Turtle Jerry Parker, venture capitalist Simon Olson, and Howard Lindzon, founder of the popular Web site, "WallStrip." Use their collective advice, and you'll find yourself approaching risk in ways you never dreamed possible. In today's economy, controlling your aversion to risk is not just prudent--it's an absolute necessity. Economic turbulence more often than not leads to poor investment decisions. Inside the Mind of the Turtles will help you conquer the fears that can cripple even the most experienced investors out there.
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Showing reviews 1-5 of 15
 What ever your skill level is, your mindset is the most important thing December 11, 2009
Denzuko1
1 out of 2 found this review helpful
I was browse though the book store when I came upon this book. I have learned about the name of the Turtle for quite a while, although not really a fan, I am interested to know what this whole turtle thing is about.
First of all the book is easy to read and comes with explanations with the help of short stories. I believe the writer is using metaphors to bring through his ideas.
If you are looking through this book for techniques to be applied for trading, you will definitely be disappointed, because the book mentioned none of this. Instead it concentrate on the way one should be thinking while in the market. It is all about countering your psychological barriers. Indeed, one may have all the techniques for trade but he still can lose big time because he is having the wrong mindset. There are many books in the market on techniques but this is a rare book about how we should be tackling our internal fear and greed.
I believe that this is a good book to help beginners to prepare themselves for what is coming to them.
 Great book but probably not the right title December 15, 2009
Chris Bouzek (Seattle, WA)
1 out of 1 found this review helpful
This is an great book on the psychology of risk and how it applies to one's personal life, financial life, and business actions. It has a good down to earth explanation of several behavioral biases that people and companies encounter, and presents a compelling argument for taking managed risks.
That said, it isn't a book about trading, but it purports to be. If it were called something like "Risk Management, Innovation, and Life Choices from the Perspective of a Turtle Trader" it might be more accurate (although too long for a title.
If you want to learn about risk, how to mentally handle it, and how decisions about risk made by you and others affect your life, you will find this a worthwhile read.
Balance Risk June 28, 2009
Jim Estill
"Behold the turtle. He makes progress only when he sticks his neck out." - James Bryant Conant
I usually do not read books about the stock market/trading etc. but I figure a change never hurts. I am not an active trader.
Inside the Minds of the Turtles is a book about risk, markets and trading. The Turtles are a group of traders who studied under Rich Dennis in the mid eighties. They were rampantly successful.
The book emphasizes the need for risk taking (and as an entrepreneur, I always do take calculated risks). It also emphasized the need to moderate those risks. I have always said "fail often, fail fast, fail cheap". Turtles focuses mostly on the fail often and fail cheap. And not to let fear paralyse.
Faith says "Fear is a mind killer", "Fear can paralyse" and "adapt or die - survival of the fittest is not survival of the strongest but survival of the most adaptable". So true.
In reading, I was worried the "systems" practised got results only through luck. Or perhaps I missed the logic underlying the decision. Perhaps I do not believe in trading systems and believe more in fundamentals.
Not sure I will take any action as a result of reading but it was an interesting and fun read. Almost like a good fiction book. He shared stories of skydiving, sailing accidents and adventures. Good book for a diversion.
Well worth the read July 10, 2009
Anonymous (New York, NY)
Inside the Mind of the Turtles is a great companion book to the author's first, more technical discussion of Turtle trading. In this new book readers will have the benefit of the author and other experts' experiences on understanding and controlling their reactions (behavioral and heuristics) to risk. It offers perspectives outside of traditional trading books and gives readers a broader understanding of risk itself. A reader of trading books, this was a fresh take on the practice. It's well worth the read.
A book for the general public- not just traders November 26, 2009
Reg Nordman (Vancouver, BC Canada)
The follow up book to the Way of the Turtle, which takes a more rounded view of the role of risk and the impact of risk avoidance on modern life. He believes one should take control of risk before it takes control of you. This is an important book.
Faith followed-up his success as a trader to continue as a software entrepreneur and then a venture capitalist. He found that many decisions in life worked out well if he used the same thought processes he developed as a trader. If you are looking to talk to a venture capitalist his analysis of their approach to risk is mind changing.
Later in the book he points out the reasons why this process would work in education and rebuilding US infrastructure, but that the status quo greatly prevents this. He even makes a very good case as to why companies buy the "wrong" products, despite many people knowing better. He has seven guiding principles:
Overcome fear
Remain flexible
Take reasoned risk
Prepare to be wrong
Actively seek reality ( my personal favorite)
Respond quickly to change
Focus on decisions, not outcomes (also a favorite)
Well written, just the right length, this book will hold your attention. Politicians and young people would especially benefit from the insights. Thank you McGraw Hill again.
Showing reviews 1-5 of 15
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