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Subject:  Growing a Bond Turtle (Intro) Date:  2/13/2012  5:28 PM
Author:  trader2012 Number:  33661 of 35877

For those who don’t know the story of Richard Dennis and “The Turtles”, here’s a quick summary:

In mid-1983, commodities trader Richard Dennis was having an ongoing dispute with his long-time friend Bill Eckhardt about whether great traders were born or made. Dennis believed that he could teach people to become great traders. Eckhardt thought genetics were the determining factor.

In order to settle the matter, Dennis suggested that they recruit and train some traders and give them actual accounts to trade to see which one of them was correct. They took out a large ad advertising positions for trading apprentices in Barron's, the Wall Street Journal and the New York Times. The ad stated that after a brief training session, the trainees would be supplied with an account to trade.

This group was invited to Chicago and trained for two weeks at the end of December, 1983. They began trading small accounts at the beginning of January. After they proved themselves, Dennis funded most of the trainees with $1 million in February.

Dennis described [the program] to someone by saying, 'We are going to grow traders just like they grow turtles in Singapore.'"