Million Dollar Traders (2009)
Trader's Film Library #75 · Documentary series. A reality show about whether an ordinary person can be taught to trade in two months.
Original title: Million Dollar Traders · Type: documentary miniseries (3 episodes) · Created by: BBC Two; Lex van Dam, Anton Kreil · Usefulness for traders: ★★★★☆
What it's about
Hedge fund manager Lex van Dam repeats, in his own way, Richard Dennis's famous 1980s “Turtles” experiment: can ordinary people be taught to trade? Twelve London novices, including a soldier, a shopkeeper, an IT worker and a former vet, get the equivalent of a million dollars and two months to trade. The group is mentored by former professional trader Anton Kreil. Three episodes, BBC Two, January 2009.
What it has to do with markets
The trading took place in the middle of the 2008 crisis, so the novices learn in a market full of panic. You see everything a beginner goes through: euphoria after the first profits, clinging to losing positions, team conflicts and fatigue. According to material about the programme, some participants finished with a small profit, and the others' losses were smaller than those of many professionals at the same time.
Lessons for traders
- two months is too short to judge skill: a short-term result is largely noise (the law of small numbers, Atlas of biases #3)
- learning to trade is process and discipline, not talent
- fatigue and working conditions affect decisions as much as analysis does (Trader fitness)
What to watch out for
A reality-show format: conflicts and emotions get more airtime than method. The programme is hard to find today.
Discussion
The discussion takes place in Hetman Capital Club (in Polish). Join the discussion in the Club →
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The description outlines the plot without revealing the ending where possible (true stories have a known outcome). Educational content, not investment advice.