O TYM ODCINKU
When should you enter a trade? When should you get out? And which matters more?
In this episode of Trend and Turtle, Ben Lichtenstein sits down with original Turtle Trader Jerry Parker for a deep discussion on one of the most misunderstood topics in systematic trading: entries and exits.
Jerry explains why modern trend following has evolved from the original Turtle rules, why today's systems tend to use longer-term breakouts, and why trying to "improve" a system by filtering trades often does more harm than good.
The conversation explores why every trade must be treated equally, why missing just one outlier can dramatically change long-term results, and why successful trend following isn't about predicting markets—it's about following a tested process with unwavering consistency.
Along the way, Jerry shares lessons from Richard Dennis, reflects on the famous February 1984 heating oil trade that many Turtle Traders missed, explains the evolution from multiple entries to today's one-entry, one-exit approach, and discusses why multiple systems can provide diversification without sacrificing the big winners.
Topics include:
- Learning to love your trading system
- Why losses are an essential part of the process
- The importance of taking every signal
- Why filters often become expensive mistakes
- Buying breakouts vs. buying pullbacks
- Why trend following is systematic—not predictive
- Modern entries and exits versus the original Turtle approach
- Multiple systems and exit diversification
- Why execution matters more than opinion
- Letting the market do the work
As Jerry reminds us:
"If you've followed your rules, taken every trade, managed your risk, and stayed disciplined... give yourself an A+, regardless of how much money you made."
No predictions. No opinions. Just the discipline to follow the rules.
Trend and Turtle follows Ben's journey from discretionary trading to a systematic, rules-based approach under the guidance of original Turtle Trader Jerry Parker.
Educational purposes only. Nothing discussed should be considered investment or trading advice.
