A Trading Experiment That Turned In An Eddie Murphy Movie

Hi traders!

The highly popular movie Trading Places, starring Dan Ackroyd and Eddie Murphy, was inspired by a true story.

The Turtle Trading program was a famous experiment in the world of trading, conducted by commodities trader Richard Dennis and his partner, William Eckhardt, in the early 1980s. The goal of the experiment was to settle a debate between Dennis and Eckhardt: whether trading success was a result of inherent talent or if it could be taught. Dennis believed that trading could be taught, while Eckhardt believed that successful traders were born with a natural gift.

To test their hypothesis, Dennis and Eckhardt recruited a group of 21 people with little to no trading experience, who came to be known as the “Turtles.” They were given a two-week training course on a trend-following trading system developed by Dennis and Eckhardt. This system was based on simple rules that could be applied across various markets, such as buying when prices hit a 20-day high and selling when they hit a 20-day low, among other rules.

After the training, the Turtles were each given a trading account funded by Dennis and Eckhardt and were instructed to trade using the rules they were taught. Over the next four years, the Turtles collectively made over $100 million in profits, proving that a group of inexperienced traders could be taught to trade successfully.

The Turtle Trading experiment demonstrated that, with the right education and a systematic approach, anyone could potentially learn to trade the financial markets successfully. However, it is essential to note that success in trading is not guaranteed and is dependent on various factors, such as discipline, risk management, and the ability to adapt to changing market conditions.

Several books delve into the Turtle Trading program and provide insights into the experiment, its participants, and the trading system they used. Some of the most popular books on the subject are:

“The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires”

by Michael W.

Covel – This book provides a comprehensive account of the Turtle Trading experiment, detailing the history, the trading system, and the results of the program. It also explores the lives of the individual Turtles and their trading careers.

Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders

by Curtis Faith

Curtis Faith was one of the original Turtles, and in this book, he shares his personal experiences and insights into the Turtle Trading program. The book covers the trading system, risk management, and the psychology of trading, offering practical advice for aspiring traders.

Trend Following: How to Make a Fortune in Bull, Bear, and Black Swan Markets

by Michael W. Covel

Although not exclusively focused on the Turtle Trading program, this book discusses the core principles of trend-following trading systems, including the one used by the Turtles. The book is rich with examples, case studies, and practical advice for implementing trend-following strategies in various markets.

These books provide a thorough understanding of the Turtle Trading program and the principles behind the trading system used by the Turtles. Reading these books can offer valuable insights into systematic trading, risk management, and the mindset required for successful trading.

Happy Trading!

Adam Harris

FXGlobe Ambassador Adam Harris is based in London, UK. He’s been trading professionally since 2013 and his specialties are technical and trend-based trading.

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Our Ambassador’s Daily Picks are not trading advice. These are informational articles covering the events which happened in the market already & scheduled events which are scheduled to happen in the Economic & Earnings Calendar.

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