Richard Dennis

Richard Dennis, also known under the nickname “Prince of the Pit”, was born in Chicago in January 1949. In the early 1970’s, he had borrowed several thousand dollars and ten years turned them into $ 200 million. When specializing in futures trading fund managed by Denis, suffered significant losses during stock market declines in 1987, he retired a few years of trading. Dennis started working with messenger on the trading floor of the Chicago Stock Exchange CME in 17 years. A few years later he began to trade mini-contracts on own account at Mid-America Commodities Exchange. After a series of successful deals Denis bought the place in a much more expensive Chicago Board of Trade. To circumvent the age limit, Richard worked as a messenger and gave the same application to execute his father, who was on his land in the “pit”.

Unlike most traders, sex, oriented themselves on scalping and exercising a lot of transactions per day, Dennis held the position for longer periods, trying to earn a trending move. His style of trading on the floor was more like a strategy for institutional investors – to wait out short-term fluctuations, and instead of scalping, maintain position over the medium term, to take a greater part of the trend movement. Dennis often uses a phased increase the size of their position. After some time, Richard realized that moving away from trading on the floor, he will be able to monitor more markets and opened an office at the top of the Chicago Stock Exchange. Richard Dennis has rapidly grown to one of the most successful and prominent players in the futures market. His first million dollars he made in 25 years. Founded they Drexel Fund for many years was among the most stable and fastest-growing funds.

In 1983, Richard Dennis and William Eckhard made a wager, which is to resolve the question: can we learn how to trade. William believed that successful trading is necessary to have innate abilities, or something like intuition, a kind of instinct for profit. And Richard thought it was all much easier. He linked his success in trade, which has already been achieved, with several trading methods that he developed. He believed that much more important internal discipline, which helps to follow them. And he was confident that the ability to trade can be reduced to a set of rules that can be transferred from one successful trader to another. To resolve the dispute, Richard proposed an experiment. He has recruited and trained 21 men and 2 women, in two groups, one from December 1983, another in December 1984. Dennis called his disciples to “turtle”, training was conducted for only two weeks. After training, he gave each of them to work in the market a million dollars of his own money. When the experiment ended five years later, “Turtles” brought the total profit of $ 175 million. Some of his students have become independent traders and successfully continued his career.

In 1987, a serious disruption in the work. Richard has deviated from the rules elaborated by the trade and has taken too risky operation. As a result, he lost tens of millions of dollars: how their personal and customers. Dennis decided to close the Drexel Fund. As a result, they trained 14 staff lost their jobs and began self-employment in the market. But, unlike teachers, they strictly adhere to its principles of trade, and all finished the year with a profit.

In 1994, Richard Dennis returns to the market. But now his trading style is different: he used in trading mechanical trading systems. Over 8 months of trading on its system in 1994, he received only 8% of profits. But in 1995 his income was 108%, and in 1996 – 112%.

Dennis has published articles in The New York Times, The Wall Street Journal “and” Chicago Tribune “. He – President Dennis Trading Group Inc and Vice Chairman of C & D Commodities, as well as a member of the Board of Directors Cato Institute.

My blog find on following phrases:

• merry christmas
• how to get rid of emotions
• merry christmas
• wall street ticker nyse
• nyse market ticker
• samsung md230×6

Similar articles:

• My thoughts, ideas and notes in the first year of trading on the NYSE
• Victor Niederhoffer
• Laura Pedersen
• ThinkOrSwim (TOS)
• Terms of trading? What are the rules?

nyse    Blog     17 years, chicago board of trade, chicago stock exchange, commodities exchange, drexel, early 1970, eckhard, first million, futures market, futures trading, innate abilities, institutional investors, medium term, mid america, Richard Dennis, several thousand dollars, stock market declines, successful trading, term fluctuations, wager

If you enjoyed this article please consider sharing it!