Richard Dennis is the founder of the Turtle Trading System. In the early 1980’s Dennis became famous for his success.
Dennis left with an initial capital of no more than $ 400. Then, he was able to double that to over $ 100 million. Dennis is a graduated from DePaul University selling with BA degree. A postgraduate degree was obtained from Tulane University before joining the Chicago Board of Trade.
Starting from observing the workings of tortoise breeder
Initially Dennis observed the tortoise breeder. The unique way shown by the breeders is to determine whether the baby turtle can survive or not.
The trick is to put them one by one into the water. The drowned turtles are eliminated by the breeders because they are considered unable to live long. Meanwhile, those who survive and swim are considered capable and are kept for sale later.
Dennis applied ‘Turtle Trading System’ to 13 students
In 1983 Dennis recruited 13 students who are also known as “The Turtles”. These 13 students came from a variety of different backgrounds and even had no previous investment or trading experience.
The goal is to prove that by following certain rules in trading, one can ‘learn’ to be successful in forex trading. Each of his students is entrusted with managing the same amount of funds and ordered to follow a rule set by Dennis, also called the Turtle Rules.
Uniquely, even though they had the same rules, the students gave different results. The training program ended in 1988 and some of the Turtles became successful Traders and some failed.