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- Автор : Dira
- 21.02.2022
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Forex turtle trader
He and his partner, Eckhardt, had frequent discussions about their success. Dennis believed anyone could be taught to trade the futures markets , while Eckhardt countered that Dennis had a special gift that allowed him to profit from trading. The experiment was set up by Dennis to finally settle this debate. Dennis would find a group of people to teach his rules to, and then have them trade with real money.
Dennis believed so strongly in his ideas that he would actually give the traders his own money to trade. The training would last for two weeks and could be repeated over and over. He called his students " turtles " after recalling turtle farms he had visited in Singapore and deciding that he could grow traders as quickly and efficiently as farm-grown turtles. Finding the Turtles To settle the bet, Dennis placed an ad in The Wall Street Journal, and thousands applied to learn trading at the feet of widely acknowledged masters in the world of commodity trading.
Only 14 traders would make it through the first "Turtle" program. No one knows the exact criteria Dennis used, but the process included a series of true-or-false questions, a few of which you can find below: The big money in trading is made when one can get long at lows after a big downtrend.
It is not helpful to watch every quote in the markets one trades. Others' opinions of the market are good to follow. On initiation, one should know precisely where to liquidate if a loss occurs. For the record, according to the Turtle method, 1 and 3 are false; 2, 4, and 5 are true.
The Rules Turtles were taught very specifically how to implement a trend-following strategy. The idea is that the "trend is your friend," so you should buy futures breaking out to the upside of trading ranges and sell short downside breakouts.
In practice, this means, for example, buying new four-week highs as an entry signal. Figure 1 shows a typical turtle trading strategy. Figure 1: Buying silver using a day breakout led to a highly profitable trade in November Source: Genesis Trade Navigator This trade was initiated on a new day high. The exit signal was a close below the day low. The exact parameters used by Dennis were kept secret for many years, and are now protected by various copyrights.
In "The Complete TurtleTrader: The Legend, the Lessons, the Results" , author Michael Covel offers some insights into the specific rules: Look at prices rather than relying on information from television or newspaper commentators to make your trading decisions. Have some flexibility in setting the parameters for your buy and sell signals. Test different parameters for different markets to find out what works best from your personal perspective.
Plan your exit as you plan your entry. Anywhere you look, from competitive sports and musical performance to science, medicine, and business, there always seem to be a few exceptional sorts who dazzle us with what they can do and how well they do it. And when we are confronted with such an exceptional person, we naturally tend to conclude that this person was born with something a little extra. For more than thirty years I have studied these people, the special ones who stand out as experts in their fields--athletes, musicians, chess players, doctors, salespeople, teachers, and more.
I have delved into the nuts and bolts of what they do and how they do it. I have observed, interviewed, and tested them. I have explored the psychology, the physiology, and the neuroanatomy of these extraordinary people. But it is not the gift that people usually assume it to be, and it is even more powerful than we imagine. Most importantly, it is a gift that every one of us is born with and can, with the right approach, take advantage of.
Success is not innate.
