Richard Dennis's Email & Phone Number

📖 Summary

Richard Dennis, also known as "The Prince of the Pit," was a legendary commodities trader who made his mark in the trading world during the 1970s and 1980s. He is perhaps best known for his role in creating the Turtle Traders, a group of novice traders whom he coached and mentored to become successful traders. Dennis was a trend follower, which means that he focused on identifying and profiting from the long-term movements of financial markets.

Dennis grew up in a working-class family in Chicago and started his career as a trader at the age of 17 when he began working as a runner on the trading floor of the Chicago Mercantile Exchange. Despite not having a college degree, Dennis quickly rose through the ranks and became one of the most successful traders of his time. He established his reputation by making millions of dollars in the commodities markets and earning the nickname "The Prince of the Pit" for his ability to outsmart and outmaneuver his competitors.

Dennis was known for his unorthodox trading strategies and his willingness to take calculated risks. He was a firm believer in the importance of following market trends and using technical analysis to identify potential trading opportunities. Dennis was also known for his contrarian approach to trading, which involved going against the prevailing market sentiment and taking positions that were contrary to popular belief.

In the early 1980s, Dennis made a bet with his longtime friend and fellow trader, William Eckhardt, that he could teach a group of ordinary people to become successful traders. Dennis believed that successful trading was a skill that could be taught and that it was not necessarily an innate talent. He set out to prove his theory by selecting a group of individuals, many of whom had no prior trading experience, and providing them with a set of trading rules and strategies to follow.

The group of traders that Dennis selected, who would later become known as the Turtle Traders, underwent an intensive training program that taught them the ins and outs of trading, risk management, and money management. They were also given access to Dennis's personal trading systems and were mentored by some of the most successful traders in the industry. The Turtle Traders were given a set of rules to follow, which included guidelines for entering and exiting trades, as well as rules for managing risk and position sizing.

Dennis's experiment with the Turtle Traders proved to be a resounding success, as many of the traders went on to achieve significant success in the financial markets. The Turtle Traders' success demonstrated Dennis's belief that successful trading was a skill that could be taught and that it was not necessarily an innate talent. It also showcased the power of following a disciplined and systematic approach to trading, as the Turtle Traders were able to achieve consistent profits by following a set of rules and strategies.

Dennis's legacy as a trader and mentor continues to inspire traders and investors to this day. His emphasis on trend following, risk management, and systematic trading has influenced countless traders and investors around the world. Dennis's approach to trading has also been the subject of numerous books and articles, and his legacy lives on through the Turtle Traders, many of whom have gone on to become successful traders and investors in their own right.

In conclusion, Richard Dennis was a pioneering figure in the world of commodities trading, known for his unorthodox trading strategies and his role in creating the Turtle Traders. His belief in the teachability of trading and his emphasis on trend following and risk management have left an indelible mark on the trading world. Dennis's legacy continues to inspire traders and investors to this day, and his impact on the world of trading is undeniable.