Does anyone know anything about “turtle trading” and what it entails?
It is supposed to be a method of trading commodities/foreign exchange/equities and their derivatives etc.
Does it work? How do you do it?
Google is thy friend…
Yeah, I saw that site, but it’s just selling a seminar for USD4000.
Maybe I missed a link or something, but it doesn’t seem to tell me anything about the method of trading itself.
Wow, I’ve actually posed a question to which nobody has the answer!
[sub]Clearly a cheap attempt to shame people into answering. :)[/sub]
Got this from Usenet. Hope it helps:
"[Larry] Williams teamed up with a Richard Sands, one of the original baby turtles whose nondisclosure agreement has expired, and together they have begun offering the turtle system to the public at large. Larry Williams was certainly impressed with its performance:
[During the winter of 1983, legendary trader Richard Dennis taught his trading system to 14 people who became known as The Turtles. They made $175 million in the next five years.] – from the Williams Advertisement
That works out at over $10 million each. Surely Williams’ offer must be a bargain when offered for only $2,500. Yet those who are forking out $2,500 each to hear the secrets of Dennis’ success would do well to read an article in the July 1988 issue of Futures magazine:
[It is an understatement to say that legendary trader Richard Dennis is having a tough year. Two of Dennis’ public commodity funds have stopped trading after losing more than 50% in April. He is no longer the trading
advisor for Collins Future Fund II which dropped 75% in April. He was also taken off the Collins III Fund.
…From a high of more than $150 million under management, he is now trading $7 million in customer funds.
…Gone are the ‘turtles’, the apprentices who managed in-house money. Gone is the marketing effort for his talents.]
Shortly after this fiasco, Dennis announced his retirement and declared his intentions to enter politics. That was back in 1988.
Now turtle-thought is back in vogue. Dennis is not around, but the promoters of his secret are trying very hard to capitalize on his legend. It looks like W.D. Gann all over again.
How could Dennis lose 75% of his fund’s capital in one month? There is only one way to achieve such a result. You must massively overtrade your account, have a wanton disregard for risk, and be massively wrong."
Sounds like a scam to me.