In early 1980s, legendary trader, Richard Dennis who was widely recognized in the trading world as an overwhelming success for turning an initial stake of less than $5,000 into more than $100 million had a bet with his partner. Dennis believed that anyone could be
taught to trade the futures market. However, his partner, Eckhardt believed that in order to profit from trading, you need to have special gifts.
To settle the bet, Dennis would find a group of people to teach his trading techniques for 2 weeks and they will trade with real money. Dennis called his students “turtles” after recalling turtle farms he had visited in Singapore and decides that he could grow traders as quickly and efficiently as farm-grown turtles.
Dennis placed an ad on the Wall Street Journal and thousands applied to learn to trade. Only 14 traders made it through the first “Turtle” program. The turtles were taught very specifically how to implement a trend-following strategy.
According to a former turtle, Russell Sands, as a group, the 2 classes of turtles personally trained by Dennis earned more than $175 million in only 5 years. Richard Dennis had proven beyond any doubt that beginners can learn to trade successfully.
In this episode of the Wealth Insider Show, Jonathan invites Benny Lee to interview Michael Covel, a bestselling author of 4 books; Trend Following, Trend Commandments, The Complete Turtle Trader & The Little Book of Trading to talk about the Truth about the Turtle Trading.