The Complete TurtleTrader by Michael Covel
In mid-1983 famous commodities trader Richard Dennis was having an ongoing dispute with his long-time friend Bill Eckhardt about whether great traders were born or made. Dennis believed that he could teach people to become great traders. Eckhardt thought genetics were the determining factor.
In order to settle the matter, Dennis suggested that they recruit and train some traders and give them actual accounts to trade to see which one of them was correct.
They took out a large ad advertising positions for trading apprentices in Barron's, the Wall Street Journal and the New York Times. The ad stated that after a brief training session, the trainees would be supplied with an account to trade.
This group was invited to Chicago and trained for two weeks at the end of December, 1983. They began trading small accounts at the beginning of January. After they proved themselves, Dennis funded most of the trainees with $1 million in February.
"The students were called the 'Turtles.' (Mr. Dennis, who says he had just returned from Asia when he started the program, explains that he described it to someone by saying, 'We are going to grow traders just like they grow turtles in Singapore.')" - Stanley W. Angrist, Wall Street Journal 09/05/1989
The Turtles became the most famous experiment in trading history because over the next four years, they earned an aggregate sum of over $100 million dollars.
Richard Dennis proved that with a simple set of rules, he could take people with little or no trading experience and make them excellent traders.
For more information on the turtle rules or the turtle story, please visit www.turtletrader.com.
For more information on Trading Blox, the only software that can backtest and trade the Turtle Rules, please visit www.tradingblox.com.
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