PipStop

One of the books I'm currently reading is The Complete TurtleTrader by Michael Covel. It provides background into Richard Dennis and how TurtleTrading came about, along with a detailed breakdown of TurtleTrading rules.

I'll provide an overall review of this book when I'm finished with it.

Jerry Parker was one of Dennis' disciples at the time and he shared his thoughts on the struggles of taking losses balanced with winning, that I thought provided interesting insight, especially in a society where losing is never connected with sucess success.

"I used to say we take a small loss, but I think it's better to take an optimal loss. You don't want to take one that's too large and yet you don't want to have your stops so close that you're going to get bounced out. [Just] hang on to the trade. Don't get too excited. If you're not making very much money, that's fine. If you got a little loss, that's fine. If you make a decent profit that turns into a loss, that's fine. Just hold onto it and then really get aggressive when you've been rewarded by a big, huge profit." - Jerry Parker in The Complete TurtleTrader, pg. 77