Wall Street legend Richard Dennis conducted an intellectual experiment that turned 23 novice investors into overnight millionaires. Here are the 6 trading rules and philosophies that his 'turtle traders' live by.
Dennis' uncanny ability to make money quickly earned him the moniker"Prince of the Pit." In 1986, he'd made $80 million, cementing his legendary status alongside Soros, who made $100 million, and then junk bond king Michael Milken, who also raked in $80 million that year.
In 1983 and 1984, in order to settle their decade-long nature-versus-nurture debate, Dennis put out ads in the Wall Street Journal and other financial press looking for trainees who would not only get to trade his money but also learn his proprietary trading strategies. To avid job seekers, the opportunity seemed too good to be true, especially because it said prior trading experience is not necessary.
It is the kind of trading strategy that"would have made investors like Warren Buffett cringe." There would be no fundamental analysis, buying low and selling high, or acting on news and economic reports. 3. If the turtles lose money in a market, they had to move on. Accepting and managing losses are part of their game.
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