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Richard Dennis

12quotes

Richard Dennis


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Full Name and Common Aliases

Richard Dennis is a renowned American commodities trader, investor, and author. His alias is often associated with the "Turtle Trader" moniker.

Birth and Death Dates

Born: May 1, 1942
 Passed away: None (still alive)

Nationality and Profession(s)

American, Commodity Trader, Investor, Author

Early Life and Background

Richard Dennis was born in Chicago, Illinois, to a family of modest means. Growing up in a tough neighborhood, he developed a strong work ethic from an early age. He began trading commodities at the age of 19, initially working as a floor trader on the Chicago Mercantile Exchange (CME). This experience laid the foundation for his future success.

Major Accomplishments

Dennis's accomplishments can be summarized into three key areas:

Trading Innovations: Dennis is credited with developing and popularizing the concept of "market makers" in commodities trading. He also pioneered the use of technical analysis in futures markets.
 Turtle Traders Program: In the 1980s, Dennis embarked on an experiment to create a group of successful traders through rigorous training and mentorship. This program, affectionately known as the "Turtles," produced several multi-millionaires.
Best-selling Author: Dennis has written two books: _The New Market Wizards_ (co-authored with Jack D. Schwager) and _Beating the Street_. His writings provide insights into his trading philosophy and strategies.

Notable Works or Actions

Dennis's most notable works include:

Co-authoring _The New Market Wizards_, which offers in-depth interviews with successful traders.
Writing _Beating the Street_ , a comprehensive guide to technical analysis and market forecasting.
 Establishing the Dennis Program, a rigorous training program for aspiring traders.

Impact and Legacy

Richard Dennis's impact on the world of commodities trading is immeasurable. His innovative approaches to market making and technical analysis have influenced generations of traders. The "Turtle Traders" program not only produced successful traders but also demonstrated the potential for anyone to learn and master the art of trading.

Why They Are Widely Quoted or Remembered

Dennis's quotes and anecdotes are frequently cited in financial literature due to his:

Unconventional Approach: Dennis's emphasis on technical analysis, market psychology, and risk management has inspired traders worldwide.
 Charismatic Personality: His charismatic personality and straightforward communication style have made him a compelling figure in the trading community.
* Pioneering Spirit: As one of the first successful commodity traders to share his knowledge with others, Dennis paved the way for a new generation of traders.

Dennis's legacy continues to inspire and educate traders, cementing his place as one of the most influential figures in modern commodities trading.

Quotes by Richard Dennis

When you are getting beat to death, get your head out of the mixer.
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When you are getting beat to death, get your head out of the mixer.
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When things aren’t going right, don’t push, don’t press.
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When things aren’t going right, don’t push, don’t press.
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I could trade without knowing the name of the market.
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I could trade without knowing the name of the market.
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You should always have a worst case point. The only choice should be to get out quicker.
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You should always have a worst case point. The only choice should be to get out quicker.
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A good trend following system will keep you in the market until there is evidence that the trend has changed.
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A good trend following system will keep you in the market until there is evidence that the trend has changed.
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I learned to avoid trying to catch up or double up to recoup losses. I also learned that a certain amount of loss will affect your judgment, so you have to put some time between that loss and the next trade.
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I learned to avoid trying to catch up or double up to recoup losses. I also learned that a certain amount of loss will affect your judgment, so you have to put some time between that loss and the next trade.
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When you have a position, you put it on for a reason, and you’ve got to keep it until the reason no longer exists.
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When you have a position, you put it on for a reason, and you’ve got to keep it until the reason no longer exists.
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I always say you could publish rules in a newspaper and no one would follow them. The key is consistency and discipline.
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I always say you could publish rules in a newspaper and no one would follow them. The key is consistency and discipline.
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You have to minimize your losses and try to preserve capital for those very few instances where you can make a lot in a very short period of time. What you can’t afford to do is throw away your capital on suboptimal trades.
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You have to minimize your losses and try to preserve capital for those very few instances where you can make a lot in a very short period of time. What you can’t afford to do is throw away your capital on suboptimal trades.
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Trade small because thats when you are as bad as you are ever going to be. Learn from your mistakes.
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Trade small because thats when you are as bad as you are ever going to be. Learn from your mistakes.
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