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    e monetary risk in times of volatility.

    Turtles had 'notional' sized accounts - although an account might notionally start the year at $1,000,000, in the case of a loss of 10%, the

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    In Mid 1983 the Famous speculator Richard Dennis argues with his buddy Bill Eckhardt about whether great traders can be trained, or whether it is an innate ability. To settle the argument of nature versus nurture, they decided to teach 13 beginners to trade, and if they can master the rules, fund them with trading accounts. These beginners are known as the 'Turtles'. Over the next four years, the Turtles earned a collective compound rate of return of over 80%. Argument settled and Turtles trading system started.

    'N', the 20 day exponential moving average of the ATR, is used by turtles. It is used under the name'Volatility normalisation'. It is nothing but stating an hypotheses that smaller the trade, every instrument will carry the same monetary risk in times of volatility.

    Turtles had 'notional' sized accounts - although an account might notionally start the year at $1,000,000, in the case of a loss of 10%, the s

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    of nature versus nurture, they decided to teach 13 beginners to trade, and if they can master the rules, fund them with trading accounts. These beginners are known as the 'Turtles'. Over the next four years, the Turtles earned a collective compound rate of return of over 80%. Argument settled and Turtles trading system started.

    'N', the 20 day exponential moving average of the ATR, is used by turtles. It is used under the name'Volatility normalisation'. It is nothing but stating an hypotheses that smaller the trade, every instrument will carry the same monetary risk in times of volatility.

    Turtles had 'notional' sized accounts - although an account might notionally start the year at $1,000,000, in the case of a loss of 10%, the

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    the next four years, the Turtles earned a collective compound rate of return of over 80%. Argument settled and Turtles trading system started.

    'N', the 20 day exponential moving average of the ATR, is used by turtles. It is used under the name'Volatility normalisation'. It is nothing but stating an hypotheses that smaller the trade, every instrument will carry the same monetary risk in times of volatility.

    Turtles had 'notional' sized accounts - although an account might notionally start the year at $1,000,000, in the case of a loss of 10%, the

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    age of the ATR, is used by turtles. It is used under the name'Volatility normalisation'. It is nothing but stating an hypotheses that smaller the trade, every instrument will carry the same monetary risk in times of volatility.

    Turtles had 'notional' sized accounts - although an account might notionally start the year at $1,000,000, in the case of a loss of 10%, the

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    e monetary risk in times of volatility.

    Turtles had 'notional' sized accounts - although an account might notionally start the year at $1,000,000, in the case of a loss of 10%, the size of this account would be reduced by 20%. In other words the trader would have to trade as if he only had $800K, not $900, until such time as the account had got back to the starting figure.

    Turtles entered trades based on two different systems,one being a 20 day breakout system, and one a 55 day breakout system. To use the first system, if the market traded during the day or opened thru the 20 day high or low, that would be a signal to enter.One Unit would be bought/sold to initiate the position.If the previous signal would have resulted in a successful trade, this signal would be ignored, in an attempt to avoid 'whipsawing'.

    The Turtles trading system would add a single Unit for every 1/2'N' advance once in position. This wo

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