The turtle’s story is perhaps one of the most interesting in trading history in just two weeks they learned a method and applied it to make millions and some became some of the most famous traders in the world.
So how did these traders with no previous experience become such great traders in 14 days? Let's find found.
The Debate
In 1984, Richard Dennis taught a trend following system to a group of students, to prove that, no matter what their profession, trading was a skill that could be specifically learned.
Dennis was settling a debate with his friend and partner William Eckhardt who believed successful trading was a skill that could not be taught to everyone.
Before we look at the turtles, check out the excellent interviews on the subject in Jack Schwagers book Market Wizards.
Now let’s look at the turtles and what we can learn.
Who Were The Turtles?
They were certainly from diverse backgrounds and the one thing they all had in common was they had never traded before.
An actor, a security guard, some professional card players, a bookkeeper, a boy who had not worked a clerk.
These traders after just 14 days went on to make millions and many remain famous today, so how did they do it?
The success was due to:
The right mindset, combined with a simple system and strict money management.
The turtle trading experiment gave them a simple system and taught them the RIGHT MINDSET to succeed.
Simple systems are best
The system taught was very simple, so simple in fact, that anyone with the will to learn it could and the turtles did.
The system essentially was based on breakout methodology with very few indicators to confirm trades and STRICT money management criteria.
Dennis knew that complicated trading methods are NOT likely to be more successful than simple ones and this has always been a trading fact.
Simple trading systems are more likely to be successful, as they are more robust in the face of brutal and constantly changing market conditions.
From confidence comes discipline
If you are confident and understand a system you will follow it with discipline.
Most traders don’t have discipline because they don’t have confidence in their method.
You must have confidence to have discipline; if you don’t have discipline you don’t have a method in the first place.
Final words
The turtle experiment teaches us that trading can be learned by anyone with the will to succeed and work hard in the RIGHT areas.
The turtles didn’t work as hard as many traders, but they worked smart on the right areas and made a lot more money - that is a lesson all traders can learn from.
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Article Source: http://EzineArticles.com/?expert=Kelly_Price
By Kelly Price 
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