Are Great Leaders Born or Made?
This question is the beginning of the turtle trading method.
In mid-1983, there was a dispute between Richard Dennis, a famous commodities speculator, and his trading partner Bill Eckhardt. Richard believed that people could be trained to be great traders while Bill thought it was gifts that determine great traders.
In order to settle the matter, a most successful experiment in trading history was made. With the experiment, Richard proved that trading could be taught by recruiting and training people who have little or no trading experience then made them excellent traders.
These people are known as the turtles. Over the next four years, they earned an average compound rate of return of 80%.
What made the turtles to be great traders?
People tend to believe that complicated ideas are better than simple ones. The funny things are that most of principals taught by Richard were basic principles. The turtles found that it was hard to comprehend that Richard could have made hundred millions by using simple rules.
In fact, trading rules are only a small part; the most important aspects of successful trading are confidence, consistency and discipline.
Traders who want to be successful have to figure out a way to gain confidence in their rules in order to apply them consistently. For the turtles, they had it easy because the turtle rules were given to them by a world’s most successful traders Richard Dennis and his trading partner Bill Eckhardt.
That is the origin of turtles, traders can be a great traders by simply follow their rules.
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