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Turtle Traders: Richard Dennis turned $700 into $200m in 10 years trading. He believed trading could be taught to anyone. Dennis placed an ad in The Wall Street Journal, and thousands applied to learn trading at the feet of acknowledged masters in the world of commodity trading.
Dennis selected 25 random participants from all walks of life and taught them his methods. They're documented in the book Turtle Traders. After 5 years, the Turtles had an approximate profit of $175M. Some Key Takeaways: https://www.investopedia.com/articles/trading/08/turtle-trading.asp
1. “Trading has taught me not to take the conventional wisdom for granted. What money I made in trading is testimony to the fact that the majority is wrong a lot of the time. I’ve learned that markets, when emotionally overwrought, they’re almost always wrong.”
2. “Trade small because thats when you are as bad as you are ever going to be. Learn from your mistakes.”
3. “I always say you could publish rules in a newspaper and no one would follow them. The key is consistency and discipline.” (My personal favorite).
4. “When you are getting beat to death, get your head out of the mixer. You have to minimize your losses and try to preserve capital for those very few instances where you can make a lot in a very short period of time. What you can’t afford to do is throw away on bad trades.”
5. “I could trade without knowing the name of the market.”
