there is no guarantee you will be profitable using the turtle

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There is no guarantee you will be profitable using the Turtle Trading System or will not incur losses. Futures and Forex trading involves significant risk of loss, and thus is not appropriate for everyone.

Jobman-PTTW brochure-3-2012 FINAL6.indd 1 5/2/2012 12:10:52 PM

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© Copyright 2012 – All Rights Reserved

Table of Contents

Section 1Book Highlights

Introduction ....................................................... 3The Turtle Story ................................................. 5React Not Predict ................................................ 8Rule 1 ................................................................ 11Rule 2 ................................................................ 12

Section 2 Meet Russell Sands ........................................... 143 Reasons Right Now Is The Best Time To Learn Turtle Rules .............................. 15

Section 3 The Turtles Experience ..................................... 16 Turtle Trading ............................................. 21 Frequently Asked Questions ....................... 20 Why Everyone Benefits .............................. 22 Wall Street Journal ...................................... 24 Newest Detailed Trade Performance of Turtles ..................................................... 25 How You Can Learn Turtle Rules ............... 29

P R O F I T A B L E T R A D I N G T H E T U R T L E W A Y

There is no guarantee you will be profitable using the Turtle Trading System or will not incur losses. Futures and Forex trading involves sig-nificant risk of loss, and thus is not appropriate for everyone.


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Introduction

You are about to discover trading secrets that, until now, have been known by only a few privileged individuals. It’s a unique

method of trading that may have a complex basis but that I have distilled down into a simple, step-by-step set of rules. Once you learn the basics I give you here, you’ll have all the knowledge you need to start using this unique system. And I know this works. I have personally done everything I will tell you here.

I realize that you may be a newcomer to the world of trading, or perhaps you already have some experience in the markets. In either case, you’re probably like most traders: You seek a simple, straightforward approach to trading that has good profit potential, doesn’t involve too much risk or too much work, and is easy to learn.

What you will find in this Turtle Trading Manual is a trading strategy that fulfills all those requirements. It has years of history behind it and a solid track record of actual profitable performance.

During the course of learning the Turtle system, you will be shown the weaknesses of most traditional methods used by other traders and the value of a trend-following approach that reacts but does not try to predict prices. And you will learn how to incorporate sound money management practices to attempt to make the most of your trading account and maximize your returns – if you have the discipline and patience to follow the rules of this system.

When you want to determine the value of a trading system, it is always a good idea to know the background that led to its development. The Turtle trend-following system has an interesting history – one of the most interesting tales in the annals of trading. In the following pages I will tell you the fascinating story of how the system evolved and how I turned it into one of the most successful systems ever in actual, real-world trading.


Past results are not necessarily indicative of future results.

There is no guarantee you will be profitable using the Turtle Trading Sys-tem or will not incur losses. Futures and Forex trading involves signifi-cant risk of loss, and thus is not appropriate for everyone.


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“Even A Millionaire Skeptic Is Now Convinced! This Can Be Taught”

It all started with a bet back in 1983 between the two multi-millionaire traders who had devised the system. Bill felt it could not be taught, while Rich was convinced it could. Hence the now-famous training of the 14 “Turtles.”

Bill was recently quoted in The New Market Wizards, by Jack Schwager. “I took the point of view that it simply couldn’t be taught.

I was proven wrong. The Turtle program proved to be an outstanding success. By and large, they learned to trade exceedingly well.

The answer to the question of whether trading can be taught has to be an unqualified yes.”

Anyone with average intelligence can learn to trade. This is not rocket science.”

–Bill Eckhardt quoted in, The New Market Wizards (According to the

Barclay Group, Eckhardt’s 2010 profits were estimated at over 48 million dollars)




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The Turtle StoryI’ve been trading and writing about trading for so long that it’s all

become second nature to me. I sometimes forget that not everyone knows about the “Turtles,” or the market terminology we use with the Turtle trading system. The story of the Turtles is one of the most fascinating trading stories of our time, but it all started nearly 30 years ago, and many traders may not be familiar with the tale.

So, for the benefit of those of you who weren’t following the world of trading when all this began, let’s take a step back and explain the background of the Turtle system and why it has remained so successful over the years.

The whole Turtle story started with Richard Dennis, a poor guy from a working class family who rose to become the biggest and best futures trader in the world in the 1980s. His was a classic rags-to-riches story and a million-to-one shot. All of his friends and peers thought Dennis was a genius, a prodigy, a natural, but he was way more humble than that. He argued that what he did in the markets did not take any special talent but was mostly common sense and discipline. Moreover, he thought that these methods could be taught.

Launched by a BetIn the early 1980s, Dennis and his friend Bill Eckhardt developed

a unique trading system that helped them earn profits in all kinds of markets. In fact, Dennis started with only $400 and after a few years had banked more than $200 million.

Past results are not necessarily indicative of future results. In 1983 Dennis and Eckhardt made a bet. It all started when Dennis said, “We can teach others how to do this.” Eckhardt countered, “No, it can’t be taught.” And so they decided to put it to the test.




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The Turtles SucceedAfter the original 14 Turtles went out on our own, we documented

more than $1.4 billion (with a “B”) in profits, including $557 million in 2008, a rough year for many other traders in other markets.

Past performance is not necessarily indicative of future results.Many of the original Turtles are still professional traders managing

large investment funds. I may be the only one who has chosen to make this knowledge available to other traders by revealing the Turtle

To find “subjects” for their experiment to determine if successful trading could be “taught,” they ran a few classified ads in the Wall Street Journal, Barron’s, and the New York Times, offering to teach their unique system of trading the futures markets (commodities). I saw the ad and it looked like a great opportunity. I called right away.

As it turned out, more than 1,000 people lined up to learn this trading system. But Dennis and Eckhardt screened out all but a dozen or so. I was lucky. They chose me to be one of a small handful of students they would train. Dennis called the 14 students “The Turtles.”

The training lasted only two weeks. The emphasis was on technical analysis (mostly reading chart patterns), with a healthy dose of money management (based on mathematical probability theory) thrown in for our financial protection.

By the time the “class” was finished a couple of weeks later, all of the Turtles had a pretty good idea of what to look for in the markets. In fact, for the first few months or so, we all chose exactly the same trades for our portfolios.

After our training, Dennis gave each of us $1 million to trade. Of course, he kept the lion’s share of the $175 million in profits the Turtles took in. But we weren’t complaining. The 14 of us got to split some $35 million as our share.





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1Please note that there is no guarantee that any stop loss order will be executed at the stop price. Therefore, there can be no guarantee that placing a stop order will limit losses or protect profits


method in this course. The same Turtle strategies I am explaining to you have been tested in every market condition you can imagine – wars, inflation, stock market crashes, natural disasters, and times of ultimate boredom.

Back in 1983 when Dennis and Eckhardt started training the 14 Turtles, I had my doubts that this would work. But I was willing and eager to give it a chance. I paid careful attention throughout the two-week training. I put my skepticism aside, and my reward was to become part of a successful trading family.

Call it “dumb luck” that I saw the ad in 1983, but it changed my life forever. To this day, I’m still surprised and elated at the success of this system.

This methodology tells you where to trade, when to trade, how much to trade for your account size, how to control your emotions, how to place orders, where your protective stops should be,1 how long a trade should last, when you should take losses, and when you should take profits. It is complete in every facet of the trading process, seeking to lock in big trends and to keep you in there, riding the wave.

Now, if I could, I would just go ahead and tell you exactly what we did. In fact, the purpose of this course is to tell you exactly how to apply this method to trading fast-moving commodity markets that offer profit potential. But before you can understand the steps involved, you need some background in what the commodity markets are about and how they work.

And it wouldn’t hurt to start on a more personal level, with you, and to take a quick look at you and your goals.

Getting down these basics will prepare you to understand the system and incorporate it into your life.



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React, Not Predict – a Basic Tenet of the Turtle Way to Trade

I am a diehard technical analyst myself, but I personally do not believe that anybody can predict the future when it comes to markets or

anything else.

Unlike the “bad” forms of technical analysis which try to predict price action, what I call the “good” forms of technical analysis are more reactive – that is, we notice something is happening, and we then react appropriately. As a trend follower, I will never buy (or sell) something because I think the price is going to go up (or down). In fact, I shouldn’t even be thinking that way to begin with because I really have no idea about direction, and I shouldn’t even kid myself that I do.

What I do is this: I wait for the price to move by a certain amount first, revealing its direction. Only then do I take a position because I assume the move is going to continue. The truth is I really have no idea if the move is going to continue or not, but I rely on Newton’s Law of Physics, which says that something in motion tends to stay in motion (until it stops).

Turtles know that fundamentals underlie market activity, but we don’t need to know what they are. However, we do have our own set of technical terms that we use to describe and/or quantify the underlying economic fundamentals. For example, I have explained that when supply and demand are in equilibrium, prices will tend to stay in some sort of trading range. However, if or when something happens to change that existing balance of supply and demand, the price will shift to a new level to reflect that change in market conditions.

Prices of some things are fairly stable and constant their entire lives, but when it comes to prices and values in the commodity




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or financial markets, nothing remains the same forever. Whatever range a market may be in presently, that whole price curve can move somewhere else in the future. In fact, we’re banking on it. We just need a system to tell us when is the right time to enter or exit the market. In the Turtle system, that involves reacting to price activity that the market is already revealing.

Going With the BreakoutsIn the language of technical analysis, conditions of equilibrium are

known as consolidations, and periods when prices are shifting are known as trends. It is pretty much a fact of life that both types of conditions can and do exist at various points during the life of any commodity or stock issue (although obviously not both at the same time).

During the consolidations (periods of equilibrium), prices will remain within in a trading range. Often, a price starts moving up or down, and it looks like there might be some kind of a breakout from the current range. However, as long as prices remain in consolidation, if the price goes too high (or too low), the breakout fails and the price retreats back inside the trading range. Needless to say, during these times, trend followers are unable to make money.

Of course, at other times breakouts succeed and new trends do develop successfully. The supply/demand equilibrium and, thus, the fair market value or price, has indeed shifted to a different level, maybe due to some fundamental structural change in market conditions or maybe just due to the psychological perception of change. It is important to emphasize once again that, as traders and trend followers, we do not really care why the move is happening. All that matters is that we react appropriately to attempt to take advantage of the move and make some money for ourselves.

As I said, it is my opinion that nobody can predict when markets are really going to move and which new breakouts are going to develop into successful trends versus which ones will fail. People who spend




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time trying to develop systems that attempt to predict some market’s future price movements are focusing on the wrong thing.

The whole idea of trend following is not to try to predict the future but to just notice the trends that are in the process of developing and then react to them. And that is really all that the Turtle system does, although we do have a few proprietary indicators and filters that may help us do a little better job of recognizing which current moves will potentially be the bigger ones so that we can adjust our trades appropriately.

Forget FundamentalsRichard Dennis explained to the Turtles the two basic ways

to approach analyzing the markets – from a “fundamental” or from a “technical” viewpoint or, as he described it to us, from a “predictive” or a “reactive” viewpoint. The fundamental traders read a lot of research reports, extrapolate a lot of calculations, and try to determine if something is overvalued or undervalued. Then they try to predict future prices. This whole undertaking requires a lot of work, manpower, time, and effort. Some firms hire analysts to do nothing all day except digest crop reports or try to read between the lines of the Federal Reserve chairman’s latest speech.

But, as they taught the Turtles, Dennis and Eckhardt thought this was all just a huge waste of time. They believed that almost nobody had enough time and resources to do this kind of work correctly. Rather, they believed, as do all pure technicians, that all of the relevant information – known and unknown, past, present, and future – would already be reflected in the price movements of a daily bar chart. So we were all taught to simply focus on reading the charts.

It’s funny to think about it now, but not only did we read charts, we also actually kept and updated them ourselves with a pencil and a ruler in a big paper book. We didn’t even know what a computer was back then. But even with our “primitive” methods, the system worked.




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Rule 1: Be ObjectiveIn my opinion, or more accurately, in the opinion of my very smart

and successful teachers, most market indicators can be categorized as being either subjective or objective. “Subjective” indicators are ones that different people will look at differently; they are usually more visual in nature. A good example would be trend lines. Everybody thinks they know what a trend line is, but give a chart and a pencil and ruler to ten different people, and you will likely get a variety of

Reacting, Not PredictingChart reading technicians can have different approaches to the

markets. Some draw lines and angles and waves and then they try to extend them out into the future to predict where prices are going.

But that’s not what Turtles do. The bottom line is that our Turtle training taught us not to try to

“predict” anything. What we do is simply “react.” The price moves, and we react.

We are trend followers. If the price starts moving up, we react by looking for an opportunity to buy the market. If the price starts moving down, we react by looking for an opportunity to sell the market. We never buy or sell because we “think” the market is going to go up or down. Instead, we wait for it to start moving first; then we react by taking a position in the appropriate direction.

And when it comes time to get out of a position, the Turtle method is basically the same thing. We look at our charts every day and when we see that the market is no longer moving in our direction and, in fact, may have started going in the other direction, we know it’s time to get out. Of course, when we first get into a trade, we have no idea where or when this exit signal is going to take place.

So your next question probably is: How exactly does this system work? All the basics will be revealed in the next chapter.




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Rule 2: Go With the BreakoutNow, let’s get down to specifics. As that subset of traders known

as trend followers, we obviously are on the lookout for “trends.” Of course, how to define or measure a trend is itself subject to some interpretation, but we will get to how we solve that problem later. For right now, let’s start with the types of indicators that Dennis and Eckhardt taught the Turtles to use. Generally, they can be classified in the category of “channel breakouts.” This is our weapon of choice because of its ease of use.

We start by defining a “channel” as some kind of horizontal or sideways price movement of a set number of daily price bars. The price bars stay within a narrow range, with the highs never going above the top of the range and the lows never going below the bottom of the range. The range is the setup for the trade. What we’re looking for now is price action that penetrates out of that channel in one direction or the other.


different lines. I think the same thing would happen if you asked them to draw support and resistance areas.

“Objective” indicators, on the other hand, tend to be more mathematical in nature, and everybody following the same formula will figure them out the same way and come to the same conclusion. For example, let’s take moving averages. You can take a daily bar chart, write down the closing prices of the previous ten bars, add them all up, divide that number by ten, and you then have the average. Give a chart and this exercise to a roomful of people with pens and paper or calculators or laptop computers, and they all should come up with exactly the same answer.

From a scientific point of view, the latter type of indicator is greatly preferable to the former. There is just no room for human judgment (or human error). Even more important, from a systematic point of view, the more objective indicators can be defined and programmed and tested on a computer to see if they really do work over a large number of charts.



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Rule 3: Filter the EntryRule 4: Find “N” or “Normalization”Rule 5: Money ManagementRule 6: Diversify

Full details on all rules are revealed in “Profitable Trading the Turtle Way”.

Get your copy of the Original “Turtle” Rules at this Exclusive Half Price Offer that includes 3 books and a DVD seminar.

The Turtle System has been traded for years. There is no pie in the sky, no ridiculous claims that you can do the impossible. In fact, Russell Sands explains it in the most easy to understand terms ever. It is amazing as he reveals a devastating technique that tells you:

● Exactly what position size you need to attempt to minimize risk and maximize reward

● Precise, specific entry points to attempt to target optimal profit zones

● Killer exits that may prevent you from leaving money behindPlease note that trading in futures and Forex involves substantial

risk of loss, and thus is not appropriate for everyone.It is that clear and easy to understand.


As it is written for the computer program, we are just simply looking for “today’s price to be the highest high or the lowest low of the past X number of bars.” For example, in the specific model we use in our Forex trading, “X” is set to 21 bars. (You can read about the Forex markets in Appendix 5: Trading Instruments.) In other words, we are going to go long every time the price goes higher than it has been for the past 21 bars and go short every time the price goes lower than it has been for the past 21 bars. This is our basic initiation or entry signal. It’s very simple and straightforward.

Obviously there’s more to it. Our other rules are:



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“It seemed clear to me that if I were going to pursue the quest for the ingredients in trading success, I should be talking to the Turtles.”

Jack D. Schwager, AuthorThe New Market Wizards

Meet Russell SandsOriginal Turtle Trader

Russell Sands is an interesting guy. He went to college on schol-arships and now holds a MBA from NYU.

He has a black belt in Karate. He won the World Championship Plimpton Cup for backgammon. And he’s been banned from near-ly every major casino on earth for busting the bank with his black-jack strategy.

Even more impressive to traders: Russell Sands is an original Turtle and he has made money trading futures the Turtle way.

Sands is the only original Turtle to set up training programs to help aspiring CTAs, as well as private individuals, acquire the trading and money management skills necessary to prosper as a trader.

For commodities, Sands remains loyal to the original Turtle trad-ing rules, which many believe work as well today as they did when Richard Dennis used them to take $400 to $200,000,000.

Past performance is not necessarily indicative of future results.

But, for the Forex market, adjustments were necessary. And Sands made them!

The Turtle traders’ with whom he’s shared his adjustments have made money and attest to Russell’s methods in the brave new world of Forex. And once again, he’s willing to share the wealth, if you’ll just say “Yes”. Call now 1-888-233-1431.



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3 reasons right now is the best time to learn

The Original Turtle Trading RulesPeople have paid thousands for a glimpse at these rules and now

you can have them to implement for a fraction of the cost. Saving huge amounts of money is spectacular, but it gets even better. Here are three reasons why you need to reserve your copy of this course and get your hands on this mechanical system:

1. Everyone is trying to guess the bottom. STOP. This system shows you how to stop guessing and simply be better positioned for potential gains when the trend changes. The confirmations are clear and concrete and allow you to avoid fighting this wild market and harness the huge potential it provides.

2. When this system was first created it was applied to commodities and still is successful in these markets. Now, with the advent of ETF’s, the Turtle system may be used in more markets.

3. Since this approach is based on the trend, it may work well in today’s markets because it allows you to diversify and reduce your risk while increasing your profit potential.

Please note that trading futures and Forex involves substantial risk of loss, and thus is not appropriate for everyone.




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The Turtle ExperienceDear Future Turtle Trader,

I love helping people make money. And there is nothing better than showing you how to trade in the commodities/futures market as a Turtle. You can do this so long as … you have the patience and temperament required for this trading system. I believe trading as a “Turtle” Trader is nothing less than magical.

After 25 years we’ve got a stack of glowing testimonials. Here are some real, recent letters to me about the satisfaction people have enjoyed from the Turtle Trading System. Read each one. Then, let me hear from YOU.

“I’m glad to say… Your Turtle program is living up to my hopes. I would never trade the markets without a market wizard like you leading the way. If I had continued to trade on my own I would have lost everything. Since joining the Turtle program I can see the day when I regain my losses and start down the road to profit. I only wish I would have never traded on my own. But every day in your program is another step to recovery. I want everyone who is thinking of trading the markets to know, that Mr. Russell Sands is a man of his word, one of those rare few who can help you reach your financial goals. Thank you Russell for helping me get my life back on track, because without you or your Turtle program the future would not be so bright.” –J.R. San Diego, CA.

Testimonials are not indicative of future performance or success.

“Thank you for teaching me a great system. I am a new Turtle student who start-ed in April 2007. My account is one of the smaller portfolios…and I started on a draw down cycle. I saw my account go from $1100 to $4,000 in 3.5 months. (KEEP READING) I continued to follow Mr. Sands instructions, which is emo-tionally hard to do, and began to see my account make amazing profits in the next 3.5 months. Currently…my account is now standing at an impressive $20,000. Mr. Sands you are the best ever.” –Honu. Bakersfield, CA

“I have been with Russell for 18 months now. Good honest money has been made through his guidance…I am very pleased with the returns and how they have been made! Steve and the technical support are superb and make working the systems profitable and even fun.” –Lawrence K, M.D.




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“On a day set aside for giving thanks, I am indeed grateful to be able to say that we are up 27% trading with Russell Sands FX Turtles system with an account which my wife and I funded only last month – October. We’re looking forward to completing a great quarter.” –Donna & Ken O, New York, NY

“It’s worked out so great for me, that I have recommended this program to my father and brother and they are both now trading currencies with this program and have been very satisfied with their returns as well. Now I certainly would not have recommended the program to them unless I was confident in this market and how it’s being managed. Thanks a lot and keep up the good work. This is the only investment program I have ever been involved in that I am truly satisfied with all aspects of it.” –Rich C.

“I have certainly learned a lot and will continue with my Turtle subscriptions. The support from the whole Turtle management crew is outstanding. And for those that think “the boss will never reply to my emails”… he actually does and promptly.” –Deon


“I read your interviews and saw your ads. The information you disclosed made perfect sense. I tested it in TradeStation and it worked in almost every market. I’ve made over 300 trades since I started, and so far, the results in every area have been just as advertised.” –Don, Miami

“The money I’ve spent to learn the Turtle method was money well spent. This is the first ‘system’ I’ve ever come across that is complete, methodical, well documented, completely open and successful!” –Wayne, Maryland

“The thing that attracted me to the Turtle method was the money manage-ment principles. The various trade filters are also very helpful. Keep up the good work.” –Stephen, Illinois

“It is my opinion that Mr. Sands provides the best market service currently avail-able. He teaches (and he practices) highly profitable and proven methods.” –Galen, Boston


“In summary, Mr. Sands has some very good material in his manual, and I’m sure one would gain a lot.” –John Hill, Futures Truth Magazine

“Yes! Absolutely. The Turtle method does work and it makes trading commodity futures a seriously strategic investment as part of an overall portfolio.” –Eric, Vancouver




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Please Note: Testimonials are believed to be true based on the repre-sentations of the persons providing the testimonials. But facts stated in testimonials have not been independently audited or verified. Nor has there been any attempt to determine the experiences of the per-sons giving the testimonials after the testimonials were given. The aver-age person who purchases the system should not necessarily expect the same or similar results. Testimonials may be based on Russell’s previous publications and are not necessarily based on the specific publications offered in this brochure. No compensation was paid to persons providing testimony. Testimonials are not indicative of future performance or success.

“Wow! What great results. I’m thrilled. You and your stuff deliver. It turned my trading around. Thanks for a great year.” –Pat, Denver

“Thank you for introducing me to the Turtle system. Superb. I can’t begin to tell you how happy I am.” –Rod, London

“Thanks! I have been trading stocks and options for 15 years and have learned as much over the past three days as in the past 15 years.” –Alex, San Francisco

“As a result of taking your course, I have been able to fulfill my ambition of getting a job on the trading desk of a prominent local U.S. Investment Bank.” –Gary, Tokyo

“After studying and paper trading for a long time, your material finally gave me the confidence to open an account and start trading for real.

–Jack, Florida

“Your trading course is excellent and is well worth the investment. I wholeheartedly recommend this to anyone who is getting started or any-one who is already in the futures market.” –Alan, Chicago

“After following your Turtle methodology and recommendations, I have not only been very successful financially, but feel more comfort-able with my trading process for the first time in over twenty years.

–Joseph, New York




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Turtle Traders Seek Long Term Trend Moves2010 SUGAR

750 pts at 11.20 per pt. = $8,400 profit per contract



2010 Sugar

Source: CQG Inc. © 2010. All rights reserved worldwide. http:/www.cqg.com

SBE - Sugar World #11 (ICE), Daily Continuation

Past performance is not necessarily indicative of future results.HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BE-TWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUB-SEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.

ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPO-THETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRAD-ING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AF-FECT ACTUAL TRADING RESULTS.


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DO NOT MISS THIS OPPORTUNITY!!For Your Trading’s Sake Please Answer

The Following Questions…

Q. Do you want to learn the trading system used by some of the world’s top money managers?

A. The Turtles method is robust!! It has stood the test of at least 25 years. The Turtle’s Master, Richard Dennis turned $400 into $200 million.


Q. Do you need a complete system that works?A. The system was devised by William Eckhardt, profiled in

Jack Schwager’s book, NEW MARKET WIZARDS. Read his profile in the book and you will understand why it is so complete. This methodology tells you where to trade, when to trade, how much to trade for your account size, how to control your emotions, how to place orders, where your stops should be,2 how long a trade should last, when your system should have losses and when it should take profits. It is complete in every facet of trading.

Q. Do you need to know when the big boys will strike? A. The weight of money behind the Turtle Traders is huge. Just

the knowledge of when and where they will strike will earn

2Please note that there is no guarantee that any stop loss order will be executed at the stop price. Therefore, there can be no guarantee that placing a stop order will limit losses or protect profits



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you the cost of this course. They have kept their valuable knowledge secret for so long and have made lots of money.

Q. Do you want to trade the big trends?A. This system is designed to follow the big trends and keep

you in there. So you will play the large moves where profits may be made quickly.

Q. Do you have a busy life outside of trading?A. This system is designed for you to spend only about 15

minutes per day – after the close – working out your orders for the next day. This system suits busy people who want to trade e.g.; dentists, doctors, farmers who trade and hedge in futures, lawyers, accountants, as well as professional money managers, individual traders and any busy person with a life outside of trading.

Q. Would you like to learn from an original Turtle and a trader?A. Russell Sands (MBA) was part of the elite group of trainee

traders, THE TURTLES. Russell Sands will teach you how to trade like a Turtle.

If you answered yes to even one of these questions, then this course is for you!




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Why Everyone BenefitsFrom The Commodity/Futures MarketEven if you never heard of the market before:

And why you should consider trading commodities as a Turtle.By Russell Sands, Commodity Trader

PLEASE NOTE: Every time you buy a box of corn flakes, “Rice Krisp-ies” or a pound of bacon, you are benefiting from the futures market. How? The price of those commodities remains STABLE from day-to-day because companies like Kellogg’s® corn flakes…or Smith’s Food King bought corn or pork bellies for a future delivery ─ they bought it today to be delivered in 6 months to a year later. If they had to buy corn or hogs on a day-to-day basis─ a hurricane or drought, etc. would make the price of corn flakes or bacon bounce all over the place daily. One day a box of corn flakes might be $3. The next day it might be $9. Then instantly go back down to $3. Imagine what a nightmare shopping would be with such instability.

The “Futures” market stabilizes prices from wild price swings on a daily basis. That way we don’t have a heart attack when we go shopping.

HERE’S HOW IT WORKS:

→ Kellogg’s Cereal Company buys mountains of corn, rice, wheat, etc.

→ You don’t have to be a cereal maker to buy, sell or trade in commodities. It’s the world’s largest free-market auction.

→ You can buy a ton of corn for a FUTURE delivery date ─ and sell your corn long before you have to take delivery. It’s a free and open market.

→ The futures market helps Kellogg’s, etc. But it also helps the farmers. How? The farmer loves to sell his corn, rice or hogs long




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before he has planted one seed or slopped one pig. Why? Because it helps him manage his cash-flow. He knows what price he wants to get. And with the futures market he can get that price today. He is not under the time pressure of getting paid only on harvest day.

On the surface, it may look like anyone other than end-users (Kellogg’s) and producers (farmers) getting into the futures market is purely for “speculation.” But so-called “speculators” actually help keep things stable for everyone concerned. The farmers are helped. The food producers are helped. And here is where you can make money by being a Turtle Trader.

I believe the commodities/futures market is the lifeblood of the world. Billions of dollars worth of goods are traded each and every day. Coffee, grains, sugar, metals, you name it. But at the end of the day, the commodities market is a “zero-sum” game. That means if you make $100,000, someone else out there has to lose $100,000. It’s supply and demand. It’s a pure “wild-west” kind of free market auction. It’s totally exciting to watch it every day.

When you get your Turtle Trading System from me, I’ll show you how to enter and exit the market. And let me remind you again, Turtle Trading is not about predicting the future. Turtle Trading is a long-term trend following the system. We attempt to profit from the market with a key set of scientific, methodical, logical steps. We balance it with money-management and we watch our emotions. The futures market is there for anyone who wants to buy or sell commodities. Our methods have a 25-year track record.

Join us. I believe it will change your life forever:

Order Desk: 1-888-233-1431




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The Wall Street Journal cover story features Turtle performance




25

Max Peak- Max

Return Valley Monthly 2010 Assets YTD Profit DD DD

Abraham Diversified Program $522,280,000 8.56% $40,517,904 -9.75% -3.92%

Chesapeake Diversified Program $836,832,092 10.85% $95,962,152 -22.00% -18.29%

Eckhardt Standard $417,600,000 20.60% $91,731,800 -7.96% -6.92%

Standard Plus $256,000,000 24.27% $48,831,240 -9.27% -8.11%

EMC. EMC Classic Program $177,752,116 6.56% $13,918,810 -11.98% -11.00%

Hawksbill Capital Global Diversified $83,000,000 57.58% $29,308,220 -6.70% -6.70%

Program

JPD Global Diversified $13,074,866 10.50% $1,324,206 -1.80% -1.80%

Program

Rabar Diversified Program $258,490,199 24.57% $50,984,219 -9.41% -8.71%

Raintree General Program $3,000,000 18.29% $914,500 -15.91% -10.35%

Aggressive Diversified $88,500,000 11.43% $6,789,420 -5.91% -5.91% Saxon Program Diversified Program $88,500,000 6.09% $657,720 -3.59% -3.59%

Total: $2,745,029,273 $380,940,191

Average: 14.86% -9.48% -7.75%

Want Proof?I’ve got tons of proof. I could overwhelm you with charts and

graphs and testimonials and write-ups from financial publications.But let me give you the most recent public-record results. Here

are the most recent publicly posted results of the 9 original Turtles who still manage public money for the last five years. Take a look. (See Notes to Performance on page 28 for a more detailed explanation of this performance presentation.) Please note that there is no guarantee that the turtle system will be profitable or not incur substantial losses.


–continued on next page




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Max Peak- Max Return Valley Monthly 2009 Assets YTD Profit DD DD

2008


Chesapeake Diversified Program $1,116,996,762 15.38% $256,633,386 -22.22% -9.39%

Eckhardt Standard $346,700,000 13.15% $47,773,950 -8.03% -5.47% Standard Plus $171,700,000 14.71% $27,345,890 -9.33% -6.54%


Hawksbill Capital Global Diversified $62,500,000 96.22% $38,488,000 -11.78% -6.95% Program

JPD Global Diversified $11,068,690 12.90% $1,330,000 -6.33% -3.80% Program


Raintree General Program $4,000,000 29.52% $115,423 25.70% -12.16%

Aggressive Diversified $53,400,000 36.26% $15,555,540 -7.66% -4.74% Saxon Program Diversified Program $11,500,000 20.83% $1,458,100 -4.05% -2.51%

Total: $2,499,055,300 $557,942,168 Average: 19.49% -10.34% -6.00%

Abraham Diversified Program $473,340,000 -5.55% -$16,970,354 -5.55% -3.97%

Chesapeake Diversified Program $884,443,798 0.38% $4,244,588 -9.52% -4.68%

Eckhardt Standard $445,300,000 -4.49% -$15,566,830 -5.92% -5.64% Standard Plus $201,200,000 -5.54% -$9,512,180 -7.07% -6.78%

EMC. EMC Classic Program $212,176,984 -14.30% -$31,644,085 -16.55% -6.60%

Hawksbill Capital Global Diversified $50,900,000 -15.27% -$9,543,750 -24.67% -14.45% Program

JPD Global Diversified $12,611,485 -1.00% -$110,687 -2.05% -2.40% Program


Raintree General Program $5,000,000 -33.35% -$1,334,000 -33.35% -15.76%


Total: $2,562,678,247 -$55,581,614

Average: -2.22% -10.41% -5.91%


Past performance is not indicative of future results.



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Eckhardt Standard $363,300,000 34.12% $147,432,520 -4.07% -4.07% Standard Plus $185,900,000 39.28% $54,992,000 -4.54% -4.54%


Hawksbill Capital Global Diversified $40,000,000 20.24% $6,011,280 -15.03% -11.74% Program

JPD Global Diversified $10,310,081 5.30% $970,356 -7.17% -4.50% Program


Raintree General Program $391,000 53.62% $75,068 -15.92% -11.53%


Total: $2,862,295,017 $340,788,407

Average: 12.80% -10.03% -7.72%

2006



Eckhardt Standard $432,100,000 2.54% $11,158,220 -6.40% -4.36%

Standard Plus $140,000,000 1.30% $1,068,600 -7.79% -5.29%


Hawksbill Capital Global Diversified $29,700,000 -6.33% -$2,145,870 -21.81%-15.11% Program

JPD Global Diversified $18,308,607 2.20% $706,576 -5.90% -3.00%

Program


Raintree General Program $140,000 -2.25% -$1,575 -3.48% -3.48%

Aggressive Diversified $33,800,000 9.92% $3,491,840 -14.87%-10.15% Saxon Program Diversified Program $41,100,000 2.88% $1,152,000 -9.19% -5.52%

Total: $2,662,916,105 $208,890,626

Average: 8.65% -9.49% -6.06%

Max Peak- Max Return Valley Monthly 2007 Assets YTD Profit DD DD


Past results are not indicative of future results.



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NOTES TO PERFORMANCE

The presentation above shows the performance of the following Commodity Trading Advisors (“CTA(s)”) and trading programs: Abraham Trading Company (“Abraham Trading”), Diversified Program; Chesapeake Capital Corporation (“Chesapeake Capital”), Diversified and Standard Programs; Eckhardt Trading Company (“Eckhardt”), Standard and Standard Plus Programs; EMC Capi-tal Management, Inc. (“EMC”), EMC Classic Program; Hawksbill Capital Man-agement (“Hawksbill Capital”), Global Diversified Program; JPD Enterprises, Inc. (“JPD”), Global Diversified Program; Saxon Investment Corp. (“Saxon”), Diversified and Aggressive Diversified Programs; Rabar Market Research Inc. (“Rabar”), Diversified Program; and Raintree Futures, Inc. (“Raintree”), General Program. “Max Monthly DD” represents the percent loss experienced by a program over a month during each year. “Max Peak-Valley DD” represents for each year the greatest cumulative percentage decline in month-end net asset value due to losses sustained by the program during any period in which the initial month-end net asset value is not equaled or exceeded by a subsequent month-end net asset value. Profits are calculated by multiplying the end-of-year assets of the prior year by the year to date percentage return. Please note that for 2006, all of the CTAs other than Raintree traded for the entire year. The information for Raintree is for trading beginning in August of 2006, the month the firm began trading.

As a group, as of the end of 2010 the nine original Turtles who still manage public money managed over $2,700,000,000 (2.7 BILLION dollars) given to them from people and institutions all over the world. For the last five years, these Turtles have earned profits of over $1,450,000,000 (that’s over 1.45 BILLION dollars actual, documented profits!).


Even now 25 years later – some of the world’s top futures money managers are Turtle traders! Other trading methods pile up hypothetical paper profits – the Turtles pile up actual, in-the-market profits!



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Now You Can Learn The Original “Turtle” Trading System

and Join The Winners…Even Starting Small and Trading

Just Minutes Per Day!If you’re considering trading as a potentially lucrative business – not a get-rich-quick-scheme – then this is the trading method for you.

● Its originator methodically turned $400 into over $200 million

● He taught it to 14 people (the Turtles), who’ve generated hundreds of millions in actual profits

● Even 25 years later, some of the world’s top futures money managers are Turtles

● Many small-account traders have learned this system (the “new Turtles”)

● The techniques and strategies are methodical, scientific, logical, and teachable


Once you’ve learned the material in the Profitable Trading the Turtle Way, you’ll need to work only 15 minutes or less each day to follow the markets. A few simple calculations is all it takes to implement the powerful Turtles Methodology.




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Now you can finally learn the Turtles Methods at a very

affordable, low price!What You’ll Get

1. Confidential Trading Notes from an Original Turtle, including summary of systems as taught to original Turtle Russell Sands

2. Original Turtle Rules DVD3. Profitable Trading the Turtle Way by Darrell Jobman

and Russell SandsProven By Over Two Billion Dollars And Twenty Five Years of Trading

My Ironclad Guarantee: System sellers are in a bind, we can’t guarantee profits, yet once you learn the Turtle method, you have the secret. That’s why I guarantee the following:

● You’ll get Russell Sands explanation of trend-following and Turtles Trading with all rules explained

● You’ll get an introduction to the Turtles Money Management Formula – as well as the most important proprietary filter for Turtles trading.

● You’ll receive Secrets Of The Giants discussing how new futures traders can get started.

● In short, you’ll know everything necessary to trade like the Turtles!

Guaranteed or Your Money Back For An Entire Year!Follow the rules for one full year. You’ll be amazed at the results. If you’re not thrilled at the profits, simply return the book anytime in the next year for a full refund of your purchase price.


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One Year Guarantee Order Formo YES! I want to learn all about Russell Sands Profitable Trading the Turtle Way! If I am not 100% satisfied, I may return the book any-time for one full year.

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*NY State residents add 8.625% sales tax

Here’s What You Get:m New Book $49 Value Profitable Trading the Turtle Way

by Darrell Jobman and Russell Sands

m Free DVD $49 Value Original Turtle Trading Rules by Russell Sands

m Free Book $49 Value Original Turtle Confidential Handbook by Russell Sands

m Free e-book $17.95 Value Secrets of the Giants by Darrell Jobman

A $164.95 Value – All Yours for just $49.00 !!

Call 1-888-233-1431 To Order Now!

Phone 1-888-233-1431Fax 1-888-258-4938

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Investment Software Systems, Inc.22C New Leicester Hwy #117

Asheville, NC 28806


Phone, Mail Or Fax Your Order to:



32


“It is my opinion that Mr. Sands provides the best market service currently available. He teaches (and he practices) highly profitable and proven methods.”

–Galen, Boston

“In summary, Mr. Sands has some very good material in his manual, and I’m sure one would gain a lot.” John Hill, Futures Truth Magazine“Yes! Absolutely. The Turtle method does work and it makes trading commodity futures a seriously strategic investment as part of an overall portfolio.”

–Eric, Vancouver

“Wow! What great results. I’m thrilled. You and your stuff deliver. It turned my trading around. Thanks for a great year.”

–Pat, Denver


there is no guarantee you will be profitable using the turtle

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