Are Great Traders Born or Taught?

The whole turtle trader experiment was done to answer that question, nature vs nurture. The prevailing answer seems to be it can be taught as most of the traders succeeded in the experiment. However when you read about the traders from that test, the majority failed after they left the tutelage of Richard Dennis and William Eckhardt and tried trading on their own.

I think it can be taught but not everyone has the mind set, or the nature, to succeed in this business. It is a strange business.

How about guitar players? Could this be taught?

I wish I could do that.

I think I could take lessons and practice for years and never be able to play the guitar like those two guys. My uncle can play the guitar and banjo and has never had a lesson in his life. He just listens to the music and then plays it. How can that be? Think about that, it's crazy.

So we know that trading and music can be taught and if you practice enough you may become good. But can you truly become great, or is greatness determined by our genetics?


Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders

The Complete TurtleTrader: The Legend, the Lessons, the Results


Anonymous said...

Anyone can trade *if* they stop reading books about trading psychology and just follow the (proven) system :-)

Now this is how to play guitar...



Solfest said...

UF you sound like a certain Irish wizard I know.

daytrader233 said...

If I remember correctly the best performing turtles were the ones who just followed the system, win or lose, they followed the rules given to them. The others allowed their minds to over-ride the system by taking profits and losses too soon.

Everyone can learn the rules but can everyone learn to take the risk and then stay out of the way? A lot tougher for some based on their past experiences with money imo.

Solfest said...

I think that's right DT. Curtis Faith said he did just that, followed the system.

I have heard other traders (don't remember who) in interviews state that they would have no problem making their system public because they know people don't have the ability to follow the plan.

As soon as there are a few losing trades people will deviate from the plan.

It's as if the key to success in this business is all in your head.

Hmmm where have I heard that before?