The Complete Turtle Trader by Michael W. Covel is a book about becoming a shotgun trader in the stock market.
"Spending the day idly trading stocks and pulling in millions of dollars really is the way to go," says the anonymous writer of The Shotgun Investor blog in his review of Covel's book. "That is the main reason books like this are compelling. Unfortunately, as you read through this book, you come away with a sense that either this guy is a genius, or just really lucky. There is no way that an average shotgun investor who only places trades after hours and can look at his selections for just minutes a day could pull this off. Interesting stuff nonetheless."
The book tells the story of Richard Dennis, an affluent commodities trader, who put out an ad recruiting everyday people and taught them to make millions of dollars by trading in methodical ways. With striking similarities to the movie Trading Places, the project began as a bet on whether he could teach just anyone to make money in the stock market. The people chosen for the project were referred to as "turtles."
Although The Shotgun Investor is not impressed, he is but one man; many others were impressed with the book and its message. Here are a few comments:
"Tells the 'real stories' rather than just the glossy good bits--a thoroughly good read." -- Your Trading Edge
"This warmly written book brilliantly captures the formation and evolution of the legendary Turtle investment program. It is loaded with wonderful anecdotal insights plus lessons on trading, risk, and life we should all follow. It should be on any novice or seasoned trader's bookshelf alike. A must read!"
-- Michael Shannon, Original Turtle
"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." -- Bill Miller, Legg Mason Capital Management, Summer 2007
"Turtle Trader is a story. It's a beach-chair page-turner loaded with interesting, even offbeat, characters and, a fair dose of drama. It's part Chicago historical account and sociology text." -- SFO Magazine, September 2007