Note: Journalists/Broadcasters are invited to attend a drinks reception at the Training Traders floor at1pm GMT and interview the traders as they take their first positions, please see contact below to apply or to request to interview Mike Baghdady. Pictures from today on AFP wire.
The biggest trading experiment in City history starts this morning when 20 traders hand-picked from over 10,000 applicants place their first live trades in the markets.
Thirty-five year market veteran Mike Baghdady’s crack team of traders – named the ‘New Turtle Traders’ – are hoping to win big by applying their intense training with a unique approach and methodology developed by Mike himself.
Award-winning trader Baghdady, said: “We’re putting our money and our experience on the line to pioneer a unique social experiment by taking people from varied backgrounds and training them to become successful traders.”
His ‘Price Behaviour’ system aims to take the emotion out of buying and selling, leaving the user free to trade based on what people in the market are doing, and what they will do next. Baghdady is backing his apprentices to the tune of £100,000 each, and allowing them to keep a proportion of their winnings.
All new turtles have already traded their former lives – from a house wife, a hotel receptionist, a taxi driver and a professional poker player – to become the new hedge fund managers and work at City-based Training Traders.
Baghdady hopes to prove to the world that anyone can become a successful trader if they follow the rules and pay homage to Richard Dennis and his original turtle traders which caught the world’s imagination, and later was immortalised in the film, Trading Places.
Training Traders have teamed up with the industry’s elite to offer their traders the best; electing to use MultiCharts as their trading platform, which offers the technology that makes the experiment and trading possible. Mr Baghdady and his team chose MultiCharts software after carefully considering its possibilities, options and stability.
A website has been set-up to explain the Turtle Trader philosophy and the New Turtle Trader programme.
Notes to Editors
Mike Baghdady is a key market analyst, syndicated magazine columnist and commentator for financial television stations. He was apprentice to Alan Shaw, widely considered to be the father of modern Technical Analysis learning, at Salomon Smith Barney before reaching the pinnacle of his professional career as Head Trader on the New York Board of Trade.