I never was fired, and my Turtle Trading System has
consistently made money
2. Russell was fired from the Turtle program for not following
the rules, and never made any money trading
There has always been a lot of controversy surrounding this
rumor, and the truth of the matter is that
I never was fired, but that I resigned. And
my disagreements, if any, with Richard Dennis,
had nothing to do with not following the rules. I resigned over
a difference of opinion as to what was ‘secret’
information and what was common sense. I came to this job with
more experience than most, and it was common sense to me that
you trade larger volatility positions with smaller size, and
vice versa. I was overheard discussing this with some of my
option trading friends one day after work, and all of a sudden
I was accused of leaking out proprietary information. I thought
it was silly then, and twenty years later, I still think it’s
silly.
As for not making any money, well, 1984 was a tough year. The
markets were choppy, and nobody made any money for about the
first nine months of the year. Rich himself lost money, and
kept telling everyone else that losing money was not an indication
of doing anything wrong. In fact, at one point he even came
in and said that anybody who was making money at that time was
probably doing something wrong (not following the rules).
Of course, extrapolating what happened in a nine month period
over twenty years ago into saying that I have never made any
money trading, is also pretty silly. If I didn’t start
making good money at some point, how could I possibly have any
credibility to still be in this business.
I Trade my System, and
the Turtle Trading System has Historically made money 18/21
years
