Is an American legend, earning 200 million dollars from 400 dollars. He put forward the famous turtle trading system, trained many speculative talents in the United States, founded the Turtle Academy, and managed tens of billions of dollars. He and Crowe are called Li Fei Moore's two best apprentices, and they carry forward Li Fei Moore's trend thought.

In the American futures market, richard dennis is a legend. In the late 1960s, richard dennis, who was less than 20 years old, worked as an errand boy in an exchange, earning $40 a week. Two or three years later, he felt that the time was ripe and was ready to try his hand in the futures market. He borrowed $ l600 from relatives and friends, but due to lack of funds, he could only buy a seat in the "US-China Exchange" in Chicago with a small contract, and spent $ l200, leaving only $400 in the remaining transaction principal. What can 400 yuan do? For most people, the possibility of making money with $400 in futures trading is extremely slim, but it is this $400 that makes Dennis magically become more than $200 million under the trading principle of richard dennis following suit. In his father's words, "Richard, this 400 yuan is a good roll." After the success, more than a dozen apprentices brought out by private teachers have become a new force in the American futures market, managing billions of dollars.

Richard dennis was not born to do futures. At that time, he was under 2 1 year old and could not directly enter the exchange. His father stood inside to bid for him, and he commanded outside. So I worked on and off for two years, and I lost about two thousand dollars. On the day when he was 2 1 year old, his father breathed a sigh of relief and said, "Son, do it yourself. I know nothing about this business. " At first, it was hard work and little pay, and the salary in January was less than an hour. 1970, catch up with the corn pests that year, and quickly roll 400 yuan into 3000 yuan. He had planned to go to college, but after only one week of classes, he decided to drop out of school and become a futures trader. One day, he entered a stinking bill and lost $300 at once. He felt dissatisfied, turned around and entered another one, and soon lost hundreds more. He gritted his teeth and turned to get another one, so he tossed back and forth and lost a third of his principal in one day. The lesson of losing money was very profound. After experiencing ups and downs, he learned to master the rhythm: when losing money is not satisfactory, he quickly cut the bill and left the scene, went out for a walk or went home to sleep, so as to rest himself and avoid making wrong decisions again because of emotional influence. He will never add a list or be eager to make money because of losses.

The most difficult time is also the most promising time. Sometimes I lose money and don't want to ponder the market, but often the best single machine will slip away quietly at this time. Only by seizing the opportunity to make money and making enough profits can we afford to make mistakes. On the other hand, we should learn to choose the best time to make orders. Richard dennis may estimate that 95% of the profits from his orders come from 5% of good orders. Missing a good opportunity will affect your grades, which is exactly in line with a commonly used sentence in technical analysis. Profit? Run, cut? Loss? Let profits grow, cut off losses quickly, and filter out some lists that should not enter the market, which can improve the yield. Many years later, when richard dennis recalled that time, he felt that tuition was a good deal and he learned a lot.

In the surge of soybean futures 1973, the soybean price suddenly broke through the four-dollar mark. Most market participants who blindly believe in history believe that it is now or never. Soybeans will fluctuate between 50 cents as before 1972, and will be emptied near the highest point of 4 10 cents in recent years. But richard dennis bought it according to the trading principle of following the trend, and the soybean rose as if it had been launched. Ten days of daily limit, the price soared three times. In just four or five months, richard dennis climbed to the peak of 1297 cents, made enough money, and went to a bigger stage-CBOT: Chicago Commodity Futures Exchange.

The key to richard dennis's success is to sum up experiences and lessons in time. He is basically self-taught, and all his experience and knowledge are learned from the market in practice. Most people are ecstatic after making money, and disheartened after losing money. They seldom think about why they make money and why they pay. Richard dennis always seriously reflects after losing money, finds out the mistakes and tries not to make them again next time. When making money, we should calmly think about where the right thing is and how the same method can be used in other markets. This accumulated over time, naturally formed its own unique method of making orders: 1. Follow the trend; 2. Technical analysis; 3. Anti-market psychology; 4. Risk control

First, follow the trend

Never think that a certain price is a high-priced area and a low-priced area. Self-righteous "sell high and buy low" is very dangerous. Richard dennis believes that what can be judged is only the possible direction of the market, but how much to go in a certain direction depends on the market. Richard dennis occasionally makes an exception and tries to copy the bottom or touch the top. In the sugar trade of 1974, richard dennis shorted sugar at the price of 60 cents/pound, but it rose to 66 cents/pound in 165438+ 10, and then fell to 13 cents/pound all the way. However, he later copied the bottom near 10 cents/pound, repeatedly copied the bottom and lost money. He himself said that he lost more than he earned by short selling at the top. Therefore, the result of going against the trend is still not worth the loss. Follow the trend when making a single order. The stronger the situation, the easier it is to make money. He works as a trader on the exchange website, mainly making money with the market. Many people are always in a hurry to leave when they are profitable, even when the market goes up and down, for fear that the money they earn will be wasted. Dennis always puts the list next at this time, and always makes a lot of money the next day.

Second, technical analysis

Richard dennis mainly analyzes the market through technical analysis, and according to his years of experience and following the trend of the big market, he and his partner Dr. William Eckhard designed an automatic trading system for computer programs. But when the computer program automatic trading system runs counter to his inspiration to enter the market, he will choose to leave temporarily and not buy or sell.

Third, anti-market psychology.

Don't agree with most people, because most people lose money in the futures market. There is a "market psychological index" in the futures market, which points out that if 80% of traders are bullish, it means that the market will fall if the head is not far away; 80% of traders are bearish, which means that the bottom is not far away and the market will rise. (But novices should be careful.)

Fourth, risk control.

Richard dennis learned to control risks from the first time he made a mistake and lost 1/3 of the principal. Generally speaking, a good order will be profitable soon after it enters the market. If a single order loses money after a week or two, it is nine times out of ten in the wrong direction. Even if you take it back, you may still be wrong after so long. Always prepare for the worst after entering the order. What you think is impossible will often happen. Therefore, we must set a good bargaining price, and then resolutely bargain.