Richard Dennis

Richard Dennis (richard dennis), maybe you have heard of this man.

his trading experience really makes people feel legendary. At the age of 23, it is said that he borrowed $1,6 from his family, and traded goods for the next 1 years, earning $2 million! By the time I was 26, I was already a millionaire. In fact, of the $1,6 he borrowed, only $4 was actually used for trading.

there are not many people in the history of trading who can earn more than ten million dollars with very low capital, and Richard Dennis is one of them. This is indeed an amazing achievement. After earning hundreds of millions of dollars, he turned to fund management, but in the stock market crash in 1987, he suffered from waterloo, and the losses were so serious that he dismissed the funds he managed.

Richard Dennis

The professor-like man above is Richard Dennis. This is a photo of him when he was young.

Richard Dennis was born in Chicago in 1949. In his trading career, he was once known as the "Prince of the Pit" because he earned more money than the traders in the trading hall.

If we want to briefly summarize the history of Richard Dennis, we can list such a timeline:

Dennis's trading strategy-taking advantage of the trend

It can be said that Dennis's trading strategy has no clear trading rules, and maybe some reports have analyzed his strategy in detail. If we want to summarize his trading methods, we can come to the conclusion that

Dennis, the founder of the famous Turtle School

, and his trading partner William Eckhardt have a heated discussion about "what makes a successful transaction". Dennis believes that anyone can become a successful trader through training, while William Eckhardt holds the opposite view that success requires talent.

for this reason, they decided to conduct an experiment. Dennis recruited 23 people for professional trader training. When Dennis visited an aquaculture farm in Singapore, he found that the farm had a good way to breed turtles, so he also called his traders "turtles".

after two weeks of training, Dennis gave these "turtles" a real trading account of $1, each to practice. His experiment proved to be quite successful. Five years later, these "turtles" created a profit of about $175 million for Dennis.

Richard Dennis (middle)

When the storm struck, his personal loss exceeded 8%

People all over the world love happy endings. But the real world is stormy. As a trading legend, Dennis also encountered a real storm.

Before the stock market crash in 1987, Dennis enjoyed the enviable success. Many people came because of his reputation, hoping that he would manage his own funds. However, when the stock market crash hit in 1987, Dennis lost more than $1 million. In 1988, he lost another $4 million.

it is speculated that in 1988, in order to recover from last year's losses as soon as possible, he took risks and chose more aggressive trading methods and higher risks, which led to an increase in losses. By the 199s, Dennis had come back, but he couldn't recover his decline. Finally, he simply chose to wash his hands and leave the market.

what is Richard Dennis worth after that? Unfortunately, successful traders are usually very low-key, and this data is hard to test, but everyone guesses that it should still be above 1 million dollars.

Heavy losses will definitely bring a very negative impact on traders, and the pressure will lead to rash advance, which in turn will lead to mistakes in fund management. Especially for Dennis, a trader who has climbed to the top, it is even more difficult to replicate the past success after falling into a trough.

Dennis's trading enlightenment

In any case, Dennis's brilliant record in the trading market is still unmatched, and his trading principles are still attractive to traders today-

Summary

In his years of speculative career, Richard Dennis has made a splash, giving people the impression that he can often buy at the lowest point and then sell short at the highest point. His admission alone can often drive the market. His grades continue to improve, earning an average of more than 5 million profits from the market every year. In fact, Richard Dennis thinks that this kind of business does not benefit much, and the huge profits he has accumulated do not depend on accurately measuring the top or bottom of the market. According to his estimation, 95% of his own profits come from 5% of the transactions.