Trading Myth 151
"You can't teach trading
- it's a gift you are born with."
His partner was Richard Dennis, arguably the most successful commodity trader of all time.
Eckhardt was convinced that commodity trading was one of those God given skills, like an ear for music or the ability to excel in sport.
But Richard Dennis was equally convinced that it was possible to teach people to trade successfully.
Dennis was an enlightened man and understood something of human nature as well as trading. He knew that the biggest barrier to success was that people would not follow their systems.
Of course, he also realized that you needed a decent method to follow in the first place and it had to be complete - or otherwise there would be times when you had nothing to follow!
Yes, Richard Dennis was the same man who said that people were so bad at following their systems that if he published his own system in the newspaper, nobody would follow it.
Finally, in 1984, Dennis decided that the argument between him and his partner needed to be settled, so he came up with an idea to prove once and for all whether it was possible to teach people to trade successfully.
He would recruit a bunch of graduates and teach them the basics of how to trade. After this, he would allocate them some money and see how they did.
He called these recruits the Turtles and there were 10 Original Turtles who took part in this experiment. The outcome was that they achieved 'staggering success' and Richard Dennis proved beyond doubt that trading could be taught. It was not an inborn gift after all.
But newcomers are advised to learn the right way to trade before they start out, otherwise they will soon find that you can't expect to trade successfully if you rely on learning through your own personal experience.
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Copyright David Bromley 2006
All Rights Reserved.
David Bromley helps
new and aspiring systems
traders establish a complete
trading method to compete
with the professionals
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