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Here’s a common trading statistic that gets thrown around a lot in retail trading Forex world: More than 95% of traders failWith such a high exit rate, you might think that being a good trader is genetic!
But the truth is that no one is born a good trader. Successful traders are made, not born. Nothing can prove this concept more than The story of the turtle traders.
In 1983, two commodity Traders Richard Dennis and Bill Eckhart got into a heated debate about whether being a good trader is a product of genes or whether it can be learned.
It was a classic debate about nature versus nurture.
Eckhart believed that exceptional trading comes from within and cannot be taught.
On the other hand, Dennis believes that anyone can become a good trader with proper education in the Forex market.
Their discussion became so heated that they decided to test their theories.
Dennis recruited 23 people from a variety of backgrounds and started a training program to help see how each of them would perform after some training. In their training, each recruit was given a set of Trading rules to continue, but in the end, it was entirely up to them how they traded.
Dennis called his recruits “Turtles” and gave each of them Million dollars To trade with.
Within 4 years, the group as a whole generated over 100 million dollarsThe most successful of them during that experiment, Curtis Feith, was only nineteen years old when he first started the program.
The Turtle Experiment proved that you don’t need to have the “trader gene” to become good at trading and that almost anyone can become an excellent trader with the right tools and lots of practice.
The story of the turtle traders is a truly inspiring one.
When you feel discouraged and think you are not born to trade, think of turtle traders.
They had almost no prior trading experience, yet most, if not all, were able to make significant money during their career with Richard and Dennis. They learned mainly from trial and error, from experience.
So always remember to train well, young Padawan. Nurture, not nature, is most important in shaping a trader’s mindset.
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