Have you seen Trading Places with Eddie Murphy and Dan Akroyd?
Its about two wealthy Brothers who run a trading firm…
They have a bet, for $1, that a guy off the street (Murphy) with no experience what-so-ever can trade successfully…
and while they were at it, break a wealthy successful trader (Akroyd)and force him out onto the street.
PS… on a non-trading related note, Jamie Lee Curtis is also in it too… phwoar!
Anyway, around the time of this film coming out, two trader friends also had a bet that trading could be taught and is not about an inherent “gift” within people.
This is the story of the Turtle Traders.
I’ve had an insight to the Turtle Traders previously in a Forex course which added on an extra trading method that would capitalise on catching a trend.
Now, I’m reading up on the full story… well listening actually via Audible.
The turtle traders were essentially taught a list of trading rules developed by Richard Dennis and William Eckhardt.
Rules that you shouldn’t deviate from. Mechanical rules that eliminated the indecision of the human mind.
This enabled novices hired from non-trading backgrounds to make millions in trading.
It was a system that gave clear entry and exit signals and gave clear rules for risk management.
It was a system that accepted many small losses but would catch and capitalise on huge gains.
A very similar system to which I am using for my trading.
The biggest issue a turtle trader would have to overcome…
Is the psychological issue of trades going against them over and over again.
One of the traders best results came from sticking to the rules, and even after ten buy signals which kept going against him and taking 2% from his account, he still took the trades on the signals, and the 11th trade was the one that caught the trend, completely eliminating the 10 small losses made.
“Success in trading doesn’t come from your wins, it comes from managing your losses…”
Which is why the very first lesson taught to the turtle traders on day one was Risk Management.
It’s this story that gave me faith in being able to make it as a trader…
It’s this story that has gotten me back into trading with much more determination and conviction after twice giving up…
It’s this story that I hope will inspire others to do the same too!
Facebook Group Forum:
A boring disclaimer… coz I don’t wanna be sued and stuff!
The information contained within this blog/website and any information contained in any social media account related to EXF Trading is intended for interesting reading only.
I am not qualified or considered an expert in any aspect of trading and the words which I write are my opinion only and not to be considered correct.
If you trade based on any of my information, you do so at your own risk.
I urge you to do your research and make your own conclusions before considering trading.
You are responsible for your own trading actions.
#AxiCorp #AxiTrader #capital #earnings #finance #foreignexchange #forex #fx #growth #IG #investing #investment #Journal #Learning #mindset #money #riches #shares #spreadbetting #stocks #strategy #success #Trading #wealth