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Many years ago, I read the story of the turtles in the book "Market Wizards". I was fascinated to read how the legendary trader Richard Dennis, trained a group of novice traders in just 14 days – and how these novices later became trading legends themselves.

Now we have a book written by one of the turtles themselves. "The Way of the Turtle" by Curtis M. Faith. This turtle and author made $ 30 million for Dennis – and now shares his insight of the turtle experiment and its achievements

The Bet

In 1983, Richard Dennis had a bet with his long-time friend William Eckhardt. They had a friendly dispute on whether traders were born, or could be taught to be successful. Dennis thought they could be taught, but Eckhardt thought they could not.

The turtle experiment took place – and Dennis won. The turtles achieved a collective compound rate of return of over 80%. This group of 23 traders had never traded before, yet were taught to trade a system in just 14 days.

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"Way of the Turtle" reveals the reasons for their success, and covers such areas as:

. The system rules and methodology

. Why, even though they used the same method, some Turtles were more successful than the others were.

. How to expand the rules that the Turtles used – in order to find core strategies that work for any tradable market.

. How to apply the Turtle methods to your own trading strategy.

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. Ways to diversify your trading risk

The "Way of the Turtle is a good book – being easy, and fun to read. The book throws up one key fact that all forex traders should note in their forex education: Simple trading systems, but it's psychologically difficult for most traders to follow these systems and take advantage of the edge the system can provide. This is clearly shown by the fact the Turtle's results varied (despite the fact they all were taught the same methodology).

There's also a discussion on the difficulty of executing a system that has a few big winning trades, in order to achieve an overall positive return on investment.

If you learn one key fact from the book, it's that learning a successful trading system is not enough. You need the mental discipline to execute the system correctly – in order to maximize your returns.

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I've always found the experiment an inspiration, and I'm sure other traders who read this book will come away thinking, "they did it – so it's possible!"

It's possible to become a successful trader if you gain the right knowledge – but you also need courage and discipline, in order to execute the knowledge correctly.

You may not be as successful as the turtles were – but the book will point you in the right direction, to achieving currency-trading success. The book does this by highlighting some key areas you need to apply in your own forex trading strategy, in order to become a successful currency trader.

"Way of the Turtle" is well worth buying – and you should consider it to be an essential read, and part of your forex education.

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Source by Stephen Todd