Richard Dennis, an idea, 24 people and a big budget
In 1983, Richard Dennis, a successful futures trader, decided to test his trading system with a group of inexperienced people.
Dennis' goal was to prove that his system could be used by anyone, regardless of their skills or prior knowledge. Bold, isn't it?
The group, known as The Turtles, consisted of 24 people from all over the world. Dennis taught them his system for eight weeks, and then gave them a sum of $1 million each to put it into practice, with the certainty of success and promising that if they lost them in the operation, they didn't have to pay it back.
The results were astonishing.
The Turtles were remarkably successful, making money in a variety of financial markets. On average, each Turtle earned more than $2 million in their first year of trading.
This story is one of the most important in U.S. and global trading history. It is a success story, but we certainly believe that its greatest benefit is to be gained by appreciating it primarily as a case study and learning experience.
Why?
Because The Turtles project proved that trading is a learnable skill, and that anyone can succeed if they follow a proven and reliable system with the right tools and advice.
The Turtles members
Members came from all over the world. There were people of all ages, from college students to seasoned professionals.
Among the most prominent members of The Turtles were:
Curtis Faith: In his first year of trading, he earned more than $4 million. Faith continued his career as a trader and author, and wrote several books on trading, including "TurtleTrader: The Classic Guide to Trading Systems".
Michael Covel: Earned more than $3 million in his first 12 months. Covel also continued his career as a trader and author, and wrote several books on trading, including "The Little Book of Trading: The Most Important Things You Need to Know to Be a Successful Trader".
Mark Ritchie: Dennis' system earned him more than $2 million in approximately 13 months. Ritchie continued his trading career and founded his own trading company, Ritchie Trading Group.
His experience and knowledge are a source of inspiration for many beginning traders.
What we can learn from The Turtles
It is possible to succeed in trading, even if you have no experience: The Turtles proved that anyone can succeed in trading if they follow a plan with a reliable, verifiable and professional structure oriented to analysis and the fulfillment of specific and scalable objectives.
A proven system and the right advice are essential: Don't get left behind and connect with your community, find your mentors and specialize with professionals.
Discipline and emotional management are key: adaptability and problem solving make it much easier to build long-term profitability.
Trading can be a source of wealth and success. The cards are dealt and the market is waiting for you.
Do you have what it takes, trader? Do you have the potential? We close for today with this quote from Warren Buffet to inspire you to get started now:
"The best investment you can make is in your own capabilities. Anything you can do to develop your own capabilities or your business will probably be more productive."
REFERENCES
For this article, prompts have been used to request information
interpreted and provided by AI (Google Bard). Written and edited
by Kevin David Terán and verified by Pedro Arizaleta and Erwin Sánchez
Comments