Turtle Trading

The Legend Lives On

Now almost 25 years old, the Turtle Trading experiment conducted by legendary trader Richard Dennis and his partner Bill Eckhardt has become a major part of trading folklore.

 

My friend and former colleague Curtis Faith is universally accepted as the most successful turtle of the original group who were picked by the ‘turtle founding fathers’ and moulded into a hugely successful group of rookie traders.

 

The Wall Street Journal reported at the time ….  

“Trading records show that Mr. Faith, who was only 19 when he started the program, made about $31.5 million in profits for Mr. Dennis.”

During a trading seminar Curtis and I held a few years ago, he explained to a riveted audience, “Most people get the wrong message from the turtle experiment. They think the lesson to be learned is that if you have the ‘turtle system’ you will make a fortune.”

 

But the real truth is somewhat more subtle.

 

“The way I see it,” Curtis told me, “the most significant breakthrough is that before 1984, people thought that making money as a trader required nerves of steel and some natural ability only possessed by a few ‘master of the universe types.”

 

“But ‘post-turtle’ we now know trading success can be achieved by anyone who understands what really matters.”

 

In a nutshell, turtles were told you absolutely must do the following:  

• Control your losses
• Manage risk
• Follow your system

If you do these things, there are a hundred and one trading systems capable of making you very rich indeed!

 

In fact, much of the research Curtis and I have carried out suggests the actual system the turtles used would very likely underperform significantly today compared to simpler systems available free of charge!

 

It’s NOT the system stupid! But the overall method you employ which will set you apart from the majority. .

 

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Copyright David Bromley 2006
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