Traders are
Made, Not Born.
– Richard Dennis
Discover the transformative journey of ordinary individuals becoming legendary traders, as revealed in Curtis Faith’s acclaimed book ‘The Way of the Turtles’
The Legendary Turtle Traders' Experiment
In the early 1980s, two legendary Chicago traders, Richard Dennis and Bill Eckhardt, debated whether traders were born or made. Dennis wagered he could train anyone to be a successful trader. This 1 dollar bet led to the creation of the ‘Turtles’ in 1983. Richard placed an advertisement in the Wall Street Journal and New York Times, offering anyone the opportunity to learn trading, even promising a salary. The applicant’s resume had to be limited to one sentence explaining their desire to engage in trading. More than 1,000 people submitted applications. After several interviews, Dennis selected 13 people, including individuals from various professions — from a security guard and card players to a fantasy game designer and financial consultant, some haven’t even finished college and had no previous trading experience. After just two weeks of training, each of the turtles received $1 million to manage. Most
of them received good incomes, some even impressive; only three failed. Dennis won the bet – the Turtles became secret legends in the market.
Unlock Your Trading Potential
While some may argue about the role of luck in trading, statistics show that 25% of novice traders naturally succeed. However, the remaining 75% have the potential to be trained into skilled traders. Your choice now lies on the scale of risk and opportunity.
Measure Your Risk
Limit your risk to something tangible: the cost of 5 cups of coffee ($10) or 5 bottles of fine French wine ($500). It’s about taking a calculated risk to discover what you can truly achieve.
- Understanding Leverage: Leverage can amplify both gains and losses. It's crucial for traders to understand how leverage works and the risks associated with it
- The Importance of Diversification: Diversification is key in managing risk. It involves spreading investments across various financial instruments, markets, or sectors to reduce the impact of any one poor performing investment on the overall portfolio
- Realistic Expectations and Patience: Trading is not a guaranteed path to quick riches; having realistic expectations is essential. Traders should understand that success often requires patience and time