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For your safety, we follow C. Email: info blackmarlin-cp. All rights reserved. Your Name required. Your Email required. If the price dropped one tick below the low of the last 55 days, the Turtles would sell one Unit to initiate a short position.
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All breakouts for System 2 would be taken whether the previous breakout had been a winner or not. This would continue right up to the maximum permitted number of units. If the market moved quickly enough it was possible to add the maximum four Units in a single day. Second Unit The Turtles were told to be very consistent in taking entry signals, because most of the profits in a given year might come from only two or three large winning trades.
If a signal was skipped or missed, this could greatly affect the returns for the year. The Turtles always used stops. For most people, it is far easier to cling to the hope that a losing trade will turn around than it is to simply get out of a losing position and admit that the trade did not work out.
Let us make one thing very clear. Getting out of a losing position is absolutely critical. Almost all of the examples of trading that got out of control and jeopardized the health of the financial institution itself, such as Barings, Long-term Capital Management, and others, involved trades that were allowed to develop into large losses because they were not cut short when they were small losses. The most important thing about cutting your losses is to have predefined the point where you will get out, before you enter a position.
If the market moves to your price, you must get out, no exceptions, every single time. Wavering from this method will eventually result in disaster. Since the Turtles carried such large positions, we did not want to reveal our positions or our trading strategies by placing stop orders with brokers. Instead, we were encouraged to have a particular price, which when hit, would cause us to exit our positions using either limit orders, or market orders. These stops were non-negotiable exits.
If a particular commodity traded at the stop price, then the position was exited; each time, every time, without fail. Turtle stops were set at 2 N below the entry for long positions, and 2 N above the entry for short positions. This generally meant that all the stops for the entire position would be placed at 2 N from the most recently added unit. However, in cases where later units were placed at larger spacing either because of fast markets causing skid, or because of opening gaps, there would be differences in the stops.
Case where fourth unit was added at a higher price because the market opened gapping up to First Unit This strategy was called the Whipsaw. If a given Unit was stopped out, the Unit would be re-entered if the market reached the original entry price. A few Turtles traded this method with good success.
Getting out of winning positions too early, i. Prices never go straight up; therefore it is necessary to let the prices go against you if you are going to ride a trend. The Turtles knew that where you took a profit could make the difference between winning and losing. The Turtle System enters on breakouts. Most breakouts do not result in trends. This means that most of the trades that the Turtles made resulted in losses.
If the winning trades did not earn enough on average to offset these losses, the Turtles would have lost money. Every profitable trading system has a different optimal exit point.
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Consider the Turtle System; if you exit winning positions at a 1 N profit while you exited losing positions at a 2 N loss you would need twice as many winners to offset the losses from the losing trades. There is a complex relationship between the components of a trading system. The proper exit for winning positions is one of the most important aspects of trading, and the least appreciated.
Yet it can make the difference between winning and losing. The System 1 exit was a 10 day low for long positions and a 10 day high for short positions. All the Units in the position would be exited if the price went against the position for a 10 day breakout. The System 2 exit was a 20 day low for long positions and a 20 day high for short positions.
All the Units in the position would be exited if the price went against the position for a 20 day breakout. As with entries, the Turtles did not typically place exit stop orders, but instead watched the price during the day, and started to phone in exit orders as soon as the price traded through the exit breakout price. Miscellaneous guidelines to cover the rest of trading the Turtle System Rules.
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There are some important details which remain that can make a significant difference in the profitability of your trading when using the Turtle Trading Rules. As has been mentioned before, Richard Dennis and William Eckhardt advised the Turtles not to use stops when placing orders. We were advised to watch the market and enter orders when the price hit our stop price. We were also told that, in general, it was better to place limit orders instead of market orders. This is because limit orders offer a chance for better fills and less slippage than do market orders. Any market has at all times a bid and an ask.
The bid is the price that buyers are willing to buy at, and the ask is the price that sellers are willing to sell at. If at any time the bid price becomes higher than the ask price, trading takes place. A market order will always fill at the bid or ask when there is sufficient volume, and sometimes at a worse price for larger orders.
Typically, there is a certain amount of relatively random price movement that occurs, which is sometimes known as the bounce. The idea behind using limit orders is to place your order at the lower end of the bounce, instead of simply placing a market order. A limit order will not move the market if it is a small order, and it will almost always move it less if it is a larger order.
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It takes some skill to be able to determine the best price for a limit order, but with practice, you should be able to get better fills using limit orders placed near the market than with market orders. During fast market conditions, a market can move thousands of dollars per contract in just a few minutes. During these times, the Turtles were advised not to panic, and to wait for the market to trade and stabilize before placing their orders. Most beginning traders find this hard to do. They panic and place market orders. Invariably they do this at the worst possible time, and frequently end up trading on the high or low of the day, at the worst possible price.
In a fast market, liquidity temporarily dries up. In the case of a rising fast market, sellers stop selling and hold out for a higher price, and they will not re-commence selling until after the price stops moving up.
In this scenario, the asks rise considerably, and the spread between bid and ask widens. Buyers are now forced to pay much higher prices as sellers continue raising their asks, and the price eventually moves so far and so fast that new sellers come into the market, causing the price to stabilize, and often to quickly reverse and collapse partway back. Market orders placed into a fast market usually end up getting filled at the highest price of the run-up, right at the point where the market begins to stabilize as new sellers come in.
As Turtles, we waited until some indication of at least a temporary price reversal before placing our orders, and this often resulted in much better fills than would have been achieved with a market order. If the market stabilized at a point which was past our stop price, then we would get out of the market, but we would do so without panicking. Then there were days when it seemed like everything was happening at once, and we would go from no positions, to loaded, in a day or two.
Often, this frantic pace was intensified by multiple signals in correlated markets.
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This was especially true when the markets gapped open through the entry signals. With futures contracts, it was also extremely common for many different months of the same market to signal at the same time.