The Turtle Trading Indicator for Metatrader implements the original Richard Dennis indikator signal forex success system original Bill Eckhart trading system, commonly known as The Turtle Trader. It implements the two breakout systems in a single indicator. This trend following system relies on breakouts of historical highs and lows to take and close trades: it is the complete opposite to the buy low and sell high approach. The Turtle Trader legend began with a bet between American multi-millionaire commodities trader, Richard Dennis and his business partner, William Eckhardt.
Eckhardt disagreed asserting that genetics were the determining factor and that skilled traders were born with an innate sense of timing and a gift for reading market trends. In mid-1983, Richard Dennis put an advertisement in the Wall Street Journal stating that he was seeking applicants to train in his proprietary trading concepts and that experience was unnecessary. In all he took on around 21 men and two women from diverse backgrounds. The group of traders were shoved into a large sparsely furnished room in downtown Chicago and for two weeks Dennis taught them the rudiments of futures trading. The entry strategy The Turtles learned two breakout variants or “systems”. However, the entry was filtered by a rule that was designed to increase the odds of catching a big trend, which states that a trading signal should be ignored if the last signal was profitable.