Yes, their approach is extremely mechanical and mathematically supported by 20 years of trading. Whilst reasonably simple in application, you are correct in that its money management system is absolutely essential to survival. Large drawdowns are frequent occurrences (every year one or two periods of losses will occur) and you have to be able to survive them as part of your routine trading system to survive at all. When I gave the system a go it was the drawdowns and lack of capital that was my demise.
Unfortunately you need at least $100k of capital do start it properly to cover all of the futures markets recommended.
None of the US CTA turtletraders apply the system to the stock market. However a recent course I went to in Brisbane tested 20 different trading systems on the Aust sharemarket using Metastock. Interestingly the turtles system was the most profitable. It was only a first pass look but was still impressive.
acturtle
The Turtles System , page-4
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