The Success Story of Richard Dennis Who Risen From Destruction

The Success Story of Richard Dennis Who Risen From Destruction

Forex is – Traders and investors who have been successful in their careers mostly dedicate their knowledge and time to developing the world of trading and investment such as establishing investment companies, becoming consultants, commentators on various investment and business media, developing trading software, writing books, and so on. We can benefit positively from their career stories and views on the world of trading and investing.

Richard J.Dennis is a fund manager, trader, author, and trading mentor. He is president of Dennis Trading Group Inc. and vice-chairman of C&D Commodities. Apart from writing articles in The New York Times, The Wall Street Journal, and the Chicago Tribune, he is also the founder of the turtle trading system and founder of the on-line trading course Turtle Trader. Dennis started trading the stock and commodity markets with his own capital at the age of 17 with quite impressive performance, before suffering huge losses and nearly going bankrupt during the US stock market crash of 1987. After a long break, in 1994 he started trading again. with different strategies. The result a year later he managed to make a profit of 108% and 111% in 1996.

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Richard Dennis born in Chicago, USA, in 1949. He was interested in trading the commodity market since he was a teenager because the Chicago Mercantile Exchange happened to be near where he lived. While still studying philosophy at DePaul University, Dennis started trading with his own capital. Before going to college, he always visited the Chicago Mercantile Exchange to make transactions on his personal account, and the next day he saw the balance of his trading account which was always increasing, aka profit.

Because of his good trading performance, Richard Dennis’ name became known to New York, the trading center in the US. Dennis started trading with capital outside of his personal property after many asked him to manage a number of funds. Because of his unique way of trading, he was nicknamed ‘The Prince of the Pit’ by The New York Times.

According to his confession, he was a follower of the famous trader at the time Richard Donchian, the father of trend following. While managing the accounts of his clients he is also involved in the stock and futures markets, and because of his ambition to make a profit in a short time, he also applies the pyramiding strategy. This strategy often works well. But then he became more aggressive by frequently using his instincts to predict the trend of price movements until almost all of the accounts he managed were almost sold out during the 1987 stock market crash known as ‘Black Monday’. Dennis himself lost millions of dollars plus a pile of debt that must be repaid.

After a break of several years, he started to rise again in 1994. This time he was very careful and no longer used his instincts. He created his own trading system based on the prediction of the direction of the trend movement combined with risk management. “In today’s market conditions, trading with a clear and targeted system is very important. That is the best way of trading.” he said. The trading system generates complete trading signals with entry and exit recommendations. It is said that many of the turtle trading strategies adopted the trading system strategy.

“Now I am not only a trader, but also a researcher, and a teacher. I always fix the parameters in my trading system regularly to be able to adapt to the changes that occur. You know the market conditions are changing so fast.” said Dennis who is also active in drug eradication and author of the book ‘Toward a Moral Drug Policy‘ that.

As a mentor, what is his advice for novice traders? “Whatever strategy you use, if you act right it will definitely work out. The key is discipline and consistency.” he said.

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