The Legend of the Turtle Traders | Jerry Parker interview
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- Опубликовано: 18 июн 2016
- EP 067: The Turtle Traders story, following major trends, and managing investors money w/ Jerry Parker
For those who don’t know, Jerry is one of the original widely-recognized, Turtle Traders. The Turtles were a small (somewhat secretive) group of traders who were mentored and trained by Richard Dennis, a big time commodities trader, in the 80’s.
Today, Jerry remains the founder of Chesapeake Capital, which is a commodity trading advisor, and he has well ‘n truly stuck to his roots as a die-hard trend follower.
We discuss all the above at length, plus I also had a few questions for Jerry around the subject of trading other people’s money-which is something you may not have considered before. And on the other side, some of the questions you should ask a CTA (or money manager) before investing.
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How did you become a Turtle trader? 2:48
How black and white were the rules of the Turtle strategy? 16:13
Were you profitable right away? 18:14
Can you share about the time you lost 60% of your capital? 19:56
Were you ever encouraged to do research or find strategies of your own? 22:46
Why did the Turtles split up? 24:24
How was the Turtles different than Prop trading firms of today? 25:46
Did you start Chesapeake Capital immediately following your time as a Turtle? 26:55
How has trend-following changed since the 80's and how is it likely to change in the future? 28:41
Would you say the profitability of trend-following has decreased? 31:02
What is your average holding time for a position? 32:51
Can you talk about your win rate? 33:14
How do you decide when the parameters of your system may need adjusting? 35:01
How simple are your systems? 37:35
What is your take on single-market systems? 39:42
How do you feel about short positions? 44:02
Managing other people's money 49:05
Managing investor's expectations 50:15
Has taking on more capital introduced challenges to the way you trade? 51:50
Do you trade like a robot? 55:55
Did you ever think you would achieve the success you have today? 58:08
Thank you good sir
My hero. Thank you
Thank you so much !.
so strange pepole dont see this guy right here is a legend.MR Journey to success is by far the most inspirational for me.great turtle
"Good trading is following your stradegy no matter it is a losing trade or winning trade
The definition of being wrong is not following your system
If you lose but you follow your system it' ok. If you win but you don't follow your system, your are in big big trouble."
This guy was amazing. I love his story
This is more of a Q and A than an interview. Almost every answer is cut and then next question on the list is asked. This happens when the person asking the questions can't think on their feet and doesn't know how to engage with the answer and extend it.
I know someone that worked for Jerry at Chesapeake in Richmond. Apparently Jerry was incredibly abusive to his employees - frequently screaming at them fro no reason. Make no mistake, this guy is a huge jerk. He crashed big time several years ago and clients pulled their money - big clients.
Legend....Learned a lot about history!
this dude sound like he always out of breath lmao good interview
Darian Besoi he sounds like a turtle
🤣🤣🤣
😀
Wow great interview wasn’t expecting that good stuff.
Great
Technical
1. Systems Thinking / Strategy / Plan -- Rule based
2. Van Tharp Principles
Awesome interview, great insight
My heart skipped with joy when he said that good tading systems usually have low win rates. My trading system currently has a 43% win-rate with a 2.28/1 RRR. Every now and then I get tempted to adopt another system with a higher win-rate to smooth my equity curve but I usually end up falling back to my good ol' trend following system with a low win rate
'fixing' something thats working usualy end up with something not working.... logic when you think about it. personally it took me 4 years to make a winning system. after all this pain i've learn my lesson, i stick to my winner!
Excellent interview
What a great interview by Aaron. And thanks to Jerry for sharing,
I think I’m gonna experiment with compartmentalizing accounts running different systems so I can keep consistency
This is a gem
+Indrius, thank you for listening.
Linda Raschke is another genuine trader interviewed (probably Tom Basso too, haven't listened to him yet). I've listened to a few others, but after a quick search on them I could find they're just promoting themselves to sell their products. A few examples: Jack Litle - sells newsletters for $1495 a year. Futurestrader71 is selling his webinars for $159.99. Zach Hurwitz will tell you the "secrets" about the VWAP for 5 easy payments of $199. I mean, can you imagine Jerry Parker, Ed Seykota, Paul Tudor Jones or George Soros selling "coaching" for "$599.95, click here and get 20% discount"? Are you aware that this makes no sense? I've seen this kind of thing for many years.
Indrius.why
Because successful traders trade and make big money, some take OPM to make even bigger money if they have proven track record. They don't waste time "teaching the secrets" for "3 easy payments of $59.98". That's peanuts and waste of time for someone who can really make it work.
On top of that, I don't think trading is "teachable". It's a torturous mental game in a very competitive environment. It's not "just buy when x crosses y and you're set for success".
Indrius yeah. If i was success at something..i would like to teach though. So are you a day trader or long term trader??
Awesome.
the major reason turtles made money because of commodity market was shooting straight up during that time
Jerry is the most successful of the turtle traders i believe
amazing
Let's not forget who the real MVP is: Thanks Aaron
nice.
I wonder how Jerry is doing at the moment as I think he is trend trader essentially
Good
Let’s interview another turtle please.
legend
Buy highs sell lows? Ha?
yeah going with the trend instead of trying to time the market (which is impossible to do correct long term)
tmnt ninja turtles
Did this dude just say 'buy high sell low' LMAO
Yeah they follow trend
Yea buy low and sell high is good very basic but correct information. The problem is you have to sift out all of the bullshit that people have come up with, market makers, brokerages etc.. to get people in. Btw @thrills thanks for the music. great intra day stuff :p
He actually said, Buy the highs and Sell the lows, which is different to Buy high and Sell Low.
Going long when it breaks to new highs, shorting when it breaks to new lows.
Was confused too but think he means to buy as the market goes up for profit, and sell at the lows. Jesse Livermore said the same thing. Both are trend traders.
Wtf is that inteo
Intro*
Right?
This dude dropped no alpha. Shit