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Introduction to the "Turtles"
In 1984 and 1985, Richard Dennis took out newspaper
ads seeking trader trainees. Twenty-three young people
were hired and trained in proprietary trading methods
during a two-week seminar.
"Can the skills of a successful commodity trader
be learned? Or are they innate, some sort of sixth sense
a lucky few are born with? Richard Dennis, the legendary
Chicago commodity trader, who turned a grubstake of
$400 into $200 million in 18 years, has no doubt. Following
an experiment with a group of would-be traders recruited
from around the country, he's convinced the secrets
of commodity trading can be learned. Over the past 1
1/2 years, a group of 14 commodity traders he taught
earned an average annual compound rate of return of
80%. In contrast, about 70% of all non-professional
traders lose money on a yearly basis. "Trading
was even more teachable than I imagined," he says.
"In a strange sort of way, it was almost humbling."
Mr. Dennis says he debated the learning vs. innate ability
question with some of his associates for years. While
they argued that his skills are "ineffable, mystical,
subjective or intuitive," he says his own answer
was far simpler. The 40-year-old Mr. Dennis attributes
his success to several trading methods he developed,
and, perhaps more important, the discipline to follow
those methods. To prove his point, Mr. Dennis decided
to run a real life experiment. In late 1983 and again
in 1984, he placed ads in the Wall Street Journal, Barron's
and the New York Times seeking people who wanted to
be trained as traders. The job required that they move
to Chicago, where they would receive a small salary
and a percentage of any profits while Mr. Dennis taught
them his methods."
Wall Street Journal, September 1989.
"Dennis' motivation for conducting the [Turtle]
sessions was to settle a dispute with his friend and
business partner William Eckhardt over whether trading
skills could be taught. Dennis strongly believed that
trading abilities could be broken down into a set of
rules that could be passed on to others. Eckhardt believed
trading abilities had more to do with innate instincts,
which could not be taught."
Dennis won the dispute with Bill Eckhardt. He named
his proteges after visiting turtle farms in Singapore
deciding to grow traders like the farms grew turtles,
hence the name: Turtles. As you navigate the site you
will come to realize other firms not associated with
Richard Dennis also trade long-term trend-following
techniques. Carefully examine correlation charts within
the TurtleTrader site to visualize this positive relationship.
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