Just Another Turtle Trading Journal

Introduction

Over the last year I have tried many systems, hoping to find one that fits me. Well, for 2015 I think I have found it. I keep returning to Richard Dennis and William Eckhardt’s “Turtle Trading System.”

Dennis and Eckhardt proved to many nay sayers that any individual with ambition and a specific set of rules can be a successful trader. I have read these rules* several dozen times and I am ready to enter the Forex market, and apply them with tremendous discipline.

*I have attached the rules below

The Pairs

I have divided the 28 pairs I will be trading into 7 groups.

Aussie Group

AUD/CAD, AUD/CHF, AUD/JPY, AUD/NZD, AUD/USD

Canadian Group

CAD/CHF, CAD/JPY

Swiss Group

CHF/JPY

Euro Group

EUR/AUD, EUR/CAD, EUR/CHF, EUR/GBP, EUR/JPY, EUR/NZD, EUR/USD

British Group

GBP/AUD, GBP/CAD, GBP/CHF, GBP/JPY, GBP/NZD, GBP/USD

Kiwi Group

NZD/CAD, NZD/CHF, NZD/JPY, NZD,USD

America Group

USD/CAD, USD/CHF, USD/JPY

Note: Some of these crosses do not trend well, as I trade this system I may stop trading a pair. I will do my best to keep you updated.

Position Size

I will be using a 1% rule for each trade. I will round down to the closet whole lot.

Example.

If 1% of a EUR/USD position is equal to 1.34 or 1.87 lots, I will round down to 1 whole lot.

Since the lots are risk adjusted, I can use them to manage risk of the over all account.

No more than 4 lots per pair, and no more than 10 lots total.

Note: In the rules there is a lot more information, be sure to download.

Entries

System 1: Long 20-day breakout if lsat signal was a lost. Short 20-day breakout if last signal was a loss

System 2: Long 55-day breakout if not in the market, Short 55-day breakout if not in that market

Positions will be added to with every 1/2 ATR movement.

Stops

Stops will be placed at 2 times ATR, and moved with every additional unit added.

Exits

System 1 exits are a 10-day low for long positions and a 10-day high for short positions.
System 2 exits are a 20-day low for long positions and a 10-day high for short positions.

Conclusion

With enough discipline and ambition, I believe this can be a profitable and timeless system.
I have attached the indicators that will be helping me with entry and exit of the market.
Please download and read the Turtle Rules before asking questions.
I look forward to your feedback and hope you follow along with this system .

Voro

Here is my mt4 set up.

Good for you Voro and best of luck, but if you obey the rules and particularly appreciate the prerequisite trading behaviour required by reading Curtis Faith's excellent account of his experiences and later adaptions to the technique as market conditions changed, you know that over time the odds are likely to be significantly in your favour. Just bear in mind that there are many possible diversified long term trending approaches that conform with the Turtles technique, so be prepared to adapt techniques to keep tune with the thythm of the market, but only when results clearly confirm that over the longer term the approach is deteriorating. This is going to be the hard part as telling when the system needs adaption versus simply experiencing a temporary drawdown is a skill of its own. A lot of my time has been spent on this technique so I will be closely keeping an eye on this thread. :-)

All the best.

C

Copernicus,

Thanks for the positive words, I appreciate them.
I will be researching Mr. Faiths ideas and giving them a read.
Thanks again.

No probs Zoro. You probably have it in your bookshelf already but if not.......

http://www.amazon.com/Way-Turtle-Met...turtle+trading

:-)

Two signals today. First one is on the GBP/EUR pair. It hit a new 55-day low.
The second signal is on the GBP/CHF, it hit a new 55-day high. I am a little hesitant about entering these trades. Its the end of the year and investors are selling off to secure their gains before the new year.
Ill keep my eye on these two signals until the candle closes and reevaluate.

FYi, I have also added Gold and Silver to my tradable markets. I put them in a group called Metal.

hi,Voro:
THX for the thread and the pdf! Just one request: can you put up some screenshots about the strategy in the pdf? Right now I am not very clear about the entry and exit? THX for your time and help!
Shuo

zhangshuo the link below will help you a lot with understanding the indicators. If you still have questions feel free to ask.
http://www.pointzero-trading.com/Pro...ZTurtleTrading

hi, Voro:
THX for your timely reply! Now I'm a little more clear.
Just a couple of questions though:
1. how am I supposed to use the indicator you posted in post #1?
2. what timeframes does this 'turtle strategy' work on? What if someone wants to trade anything other than daily (e.g.H4, W1...)? Can it be done? How should he adjust the indicator settings?
THX for your time!

Shuo

Shou,

I attach the 'turtle' indicators to each chart twice. Once at the 20-day setting and again at the 55-day setting. After all the charts are open for a particular 'base' pair I save them as a 'Profile' in mt4. I hope this is what you are looking for.
I use one more indicator that I did't attach in post #1, I have added to this post. The indicator is called TradeInfo it displays you account info on the chart instead of having to open the 'terminal'.

I trade the daily chart only, I haven't tried trading a different timeframe. I am sure it would work, but you would have a lot more false breakouts I think.

I love that Tradinfo indicator. It solves one of my bug bears with MT4. Thanks a lot for that Voro :-)

That tradeinfo indi is great, thanks for that. Its a shame you can't customise the text colours though. I use a white background which makes it difficult to see.

Best of luck with the system Voro.

Copernicus,
It's a great indicator, I love it. A lot better than having the terminal open all the time.

Ozzie Taz,
If you are any good at coding you could open the indicator in 'MetaEditor' and change the colors. If not, visit this site and maybe the crafty people who can created it can do it for you. http://www.icefx.eu

Best of luck to you both in the New Year!!

@ Voro, great thread, I shall be following along also as a trend trader through and through

Yes, that is a great indicator but as stated, shame about the black background; I use Light Gray and can read most of it.

There is no chance to edit it or I would try; it is locked.

And a word of caution about posting links to commercial site, be careful ! #1 rule is No Selling and they don't need much to invoke it.

The trade agent on that site looks very user friendly and useful, I may have to look into that, not that you need it for long term trading.

Where are you from? I see that Voro is a language on Wikipedia

All the best for 2015, John

EDIT: forgot to say, I like how they show the number of lots all the way to 100% - like, yeah, I might do that

Hi, Voro:
Thank you for your reply! Just one problem: I see 2 'turtle' indicators in post #1. Which one shall I use?

Don't you just hate that? I mean, when people post a system they really should give step by step, spoon feed instructions.

It would take all the fun out of it I'm sure; or maybe you don't like to experiment and see what the individual indicators do?

So just quickly, the Classic Turtle gives the trade signals while the Turtle Channel draws the lines so you know visually what price is doing.

Here are 2 charts to help you along; I can post a template if you need, just ask

OK, hope Voro doesn't mind, no problem, can delete these posts if he likes

Here is a Template whipped up for you, you will need the Trade Info indicator mentioned earlier and this attached if you like the big price to show.

Hope that helps

My Favorite Kind of Trading Systems, subscribed.

Guys, i have question about signal marked on the screen "?".
Why Classic Turtle Indi give a BUY signal in this place?
First signal was right according to the rules, but second one... i don't know

Have to change timeframe a few time to refresh the chart?

Can't see what pair that is so I can't test it; can you please give more details when posting questions?

Thanks

Here is chart of GBP-USD, wish we were Turtling starting on August 1st