Richard Dennis experiment "The Turtles"

Richard Dennis had a successful and spectacular career in 1970 and 1980, while a significant loss in 1988 almost destroyed his career.

In the middle of 1983, Richard Dennis a dispute with his longtime friend Bill Eckhardt about whether great traders were born or created.

Dennis thought he could train a group of people how to become great traders. Eckhard he thought that genetic resources are the basis of this one trader to have success.

To settle the dispute, Dennis proposes to recruit and train some traders and give them actual accounts to trade to see which one is right.

Students are called "The Turtles" (Turtles). Dennis has just been returned from Asia when he started the program and explained to the people what is tackled by saying: I will raise traders just like in Singapore bred turtles.

When the experiment ended five years later, his Turtles earned a total profit of $ 175 millions.

Here are some tips published in the late 1980s:

1. Make all your mistakes when you are a beginner, because the lessons are cheap.

2. You lose money, you need to take a break from trading.

3. Trade is calculated chances.

4. When markets go in range, generate a lot of false signals.

5. To make a good trading system, but it is difficult to stick to it.

6. Good traders reflect its good and bad deals (especially bad).

7. Do not hold the view of the market too long, you may miss an important trend.

8. Place your stops beyond price where everyone else would call their own.

9. When trade badly, take a break.

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