Although trend following is an old concept, it took form after the Chicago trader Richard Dennis started the turtle traders group. Other historical traders that had been categorized as trend followers include David Ricardo, Jesse Livermore, Richard Wyckoff, Arthur Cutten, Charles Dow, Henry Clews, William Dunnigan, Richard Donchian, Nicolas Darvas, Amos Hostetter, and Richard Russell.William Eckhardt (left) and Richard Dennis (middle). The image has been taken from https:\/\/www.trendfollowing.com\/turtle\/It all started when Richard Dennis and William Eckhardt got into a debate on whether or not trading could be taught. To settle this debate, Richard Dennis posted an advertisement in the Wall Street Journal, Barron\u2019s, and the International Herald Tribune, in 1983, in order to find his students. This had, as a result, the formation of the first turtle traders group that was compiled of 21 men and 2 women.One turtle trader visited Singapore at one point in time and saw a turtle farm. When returned, the name \u201cturtle traders\u201d was suggested to the group as a metaphor. Richard Dennis was raising a trader out of each one of the traders, as the farmer was raising turtles on the farm.After a 2-week intensive theoretical training, each turtle got an account funded by his own money, for them to trade individually. When the experiment ended, they had produced a $175’000’000 profit.Here it is worth mentioning that from the whole 23 initial turtle trader group, only 1 person trades to this day and has his own trading company. His name is Jerry Parker.In 1984, was the second way of turtle traders, and in 1985 a third.The following are lessons that I found useful inside Michael Covel\u2019s books. I do not necessarily agree with all of them, but I surely find them interesting.Trader PsychologyThink of money as a way to keep score and lose any\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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