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“The Complete Turtle Trader”
“The Complete Turtle Trader” is a book by Michael Covel that tells the story of a group of novice traders who were trained and mentored by legendary commodities trader Richard Dennis in the 1980s. The group became known as the “Turtle Traders” and went on to achieve great success in the financial markets.
In the early 1980s, Richard Dennis, a successful commodities trader, made a bet with his friend and fellow trader William Eckhardt that he could teach anyone to become a successful trader.
To prove his point, he put out an ad in the Wall Street Journal looking for individuals to train. He selected 21 men and two women, most of whom had little or no trading experience, and called them his “Turtles.”
Over the course of several weeks, Dennis taught the Turtles a set of rules and strategies for trading in the futures markets. The rules, which included things like position sizing, risk management, and trend following, were designed to take advantage of the natural tendencies of the markets and to minimize the impact of emotions on trading decisions.
After the training was complete, the Turtles were given a small amount of money to trade with, and over the next few years, they went on to achieve incredible results. The group as a whole earned millions of dollars in profits, and several of the individual Turtles went on to…
