Legendary trend trader, Richard Dennis, started his career in the open outcry soybean pit at the Chicago Mercantile Exchange with $1,600 of start-up capital he borrowed from his family in the early 70s. Within six years, he became a millionaire using his own market trend following system.
Dennis believed that he could teach anyone to trade successfully if they were willing to strictly apply his rules and guidelines. This belief led him to conduct an experiment in the mid-1980s where he selected 23 individuals to teach his system to and staked them accordingly to trade the futures markets. His elite group of protege traders was nicknamed, the "Turtles," because of an analogy that Dennis drew between his experiment and baby turtles being efficiently grown at farms.
At the conclusion of Dennis's experiment five years later, his Turtles earned an aggregate amount exceeding $175 million, which proved his theory that trading was a skill that could be taught, rather than one which was instinctive.
You can read more about Richard Dennis's methods and the Turtles in the following books which I highly recommend (note: Way of The Turtle is written by notable Turtle trader and Dennis protege Curtis Faith.):
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| Richard Dennis |
At the conclusion of Dennis's experiment five years later, his Turtles earned an aggregate amount exceeding $175 million, which proved his theory that trading was a skill that could be taught, rather than one which was instinctive.
You can read more about Richard Dennis's methods and the Turtles in the following books which I highly recommend (note: Way of The Turtle is written by notable Turtle trader and Dennis protege Curtis Faith.):
Visit our website at www.retanacapital.com to learn more about trading and trend-following.
