Richard Dennis and His Turtles

Many of you may not be familiar with the name Richard Dennis. Dennis began his trading career at the age of 17 as an order runner to the Chicago Mercantile Exchange and went on to become one of Chicago’s most successful traders.

Dennis firmly believed that successful trading could be taught. To prove his point, he recruited and trained 21 men and 2 women in two groups, one from December 1983, and the other from December 1984. This group was known as the Turtles and for only two weeks he taught them all they needed to know to become successful traders including a simple trend-following system, trading a range of commodities, currencies, and bonds as well as how to  buy within a certain range and how to cut a position size during losing periods.

When the two-week training period was over, Dennis opened a trading account for each of the Turtles and had them how to use the systems they had been shown in order to trade. During this one-month trading period, they were allowed to trade a maximum of 12 contracts per market. At the completion of the trial period, he gave those Turtles who had successfully traded the system during the one-month trial from $250,000 to $2 million of his own money to manage.

When his experiment ended five years later, his Turtles reportedly had earned an aggregate profit of $175 million, proving without a doubt that anyone can learn to trade. See more on The exact system taught to the Turtles by Dennis has been published in at least two books.Many of the Turtles continued to trade and became recognized figures in their field.   Continue reading “Richard Dennis and His Turtles”