With a reasonably good trading program, the number one priority is staying in the game--to be there to participate and benefit when the really outstanding market opportunities come along. That means that good money management is essential. If the severity of drawdowns can be limited, comebacks are much easier.
Michael Carr
Michael Carr was a Turtle. His company is MC Futures.
Former Profession: Carr was on the creative management staff of TSR, the game company of Dungeons and Dragons fame.
Q. How did you become a Turtle?
A. I started with TSR when there were only a few employees. In the ensuing years, the company went through a spectacular growth phase, which culminated with over three hundred people on the payroll. The company hit hard times and made drastic cutbacks in order to survive. I lost my job along with two hundred other workers. It was around this time that I picked up a copy of the Wall Street Journal. Ironically, that was the same day that Richard Dennis ran his ad seeking trading trainees.
The New Market Wizards by Jack Schwager
Another of the Turtles, Michael Carr, a former fantasy game designer found Dennis' ad in a newspaper the day he'd lost his job. Michael had no trading experience at all, but shortly before getting fired he conceived an idea to create a game based on stock trading. He'd read several brochures and visited 6-day evening courses, so he did have a rudimentary idea of what market is. He was probably one of the few applicants who didn't know who Richard Dennis was - a funny accident happened when Carr asked Dennis whether he used technical or fundamental analysis. Dennis couldn't help giggling - everybody knew he used strictly technical analysis.
Modern Trading Magazine
