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Turtle Trading: A Market Legend
In 1983, legendary commodity traders Richard Dennis and William Eckhardt held the turtle experiment to prove that anyone could be taught to trade.
How did the experiment fare?
By the early 1980s, Dennis was widely recognized in the trading world as an overwhelming success. He had turned an initial stake of less than $5,000 into more than $100 million. (Over $300 million in today’s dollars). He and his partner, Eckhardt, had frequent discussions about their success. Dennis believed anyone could be taught to trade the futures markets, while Eckhardt countered that Dennis had a special gift that allowed him to profit from trading. The experiment was set up by Dennis to finally settle this debate. Dennis would find a group of people to teach his rules to, and then have them trade with real money. Dennis believed so strongly in his ideas that he would actually give the traders his own money to trade. The training would last for two weeks and could be repeated over and over. He called his students “turtles” after recalling turtle farms he had visited in Singapore and deciding that he could grow traders as quickly and efficiently as farm-grown turtles.
To settle the bet, Dennis placed an ad in The Wall Street Journal, and thousands applied to learn trading at the feet of widely acknowledged masters in the world of commodity trading. Only 14 traders would be make it through the first “Turtle” program. Denis said that mediocre rules are better than a traders judgement! No one knows the exact criteria he used, but the process included a series of true-or-false questions; a few of which you can find below:
The big money in trading is made when one can get long at lows after a big downtrend.
It is not helpful to watch every quote in the markets one trades.
Others’ opinions of the market are good to follow.
If one has $10,000 to risk, one ought to risk $2,500 on every trade.
On initiation one should know precisely where to liquidate if a loss occurs.
According to former turtle Russell Sands, as a group, the two classes of turtles Dennis personally trained earned more than $175 million in only five years. Dennis had proved beyond a doubt that beginners can learn to trade successfully. Sands contends that the system still works well and said that if you started with $10,000 at the beginning of 2007 and followed the original turtle rules, you would have ended the year with $25,000.
Your Journey starts here
We will teach you to trade the futures markets with a proven edge that has been developed over many years by professional traders and is demonstrated daily in our live trading room should you choose to join.
Due to recent market innovations with the introduction of Micro Contracts by the CME Exchange you have an opportunity that has never been offered before.