Richard Dennis is the second seed in the Chicago Mercantile Exchange trading floor at the age of 17. Several years later, he began trading for himself in the brokerage Mid-America Commodities Exchange. To avoid a 21-year age requirement rule, he borrowed his father the data so he could trade. Dennis earned a degree in philosophy from DePaul University, then received a scholarship for graduate studies in philosophy at Tulane University, but later changed his mind, and returned to the world of trading. He borrowed $ 1.600 from his family, and suffered a loss of $ 1200. In 1970, he made a profit of $ 3,000. And in 1973 its capital to $ 100,000. He made $ 500,000 in trading profits in 1974, and at the end of the year he became a millionaire at age 26 years.
Dennis had an advantage because he is following the trend of inflation in the 1970s, which at that time was the era of repeated crop failures and "robbery Russia" in the year 1972, when Soviet agents secretly bought 30% of the U.S. grain supply.
In contrast to most traders, who like scalping in daily trading, Dennis is a type of short-term trading to medium term. Dennis often make its position in the form of a pyramid. In the late 1970s, he bought a membership (membership) full board more expensive in Chicago and opened his own brokerage office.
Dennis believes that successful trading could be taught. To settle the debate with William Eckhardt, a friend and fellow trader, Dennis recruited 21 men and 2 women in the two groups, in December 1983, and the other from December 1984. Dennis trained, known as the Turtle, to make a simple trend trading patterns, trading commodities currency, and bond markets, buying when prices go up according to their statutes, and sell when the price is set. They are taught to cut the size of the position for a period of losses by aggressive pyramid scheme-up to a third or half of the total exposure, although only 24% of the amount of capital they are still terfloting at one time. Types of trading systems will result in losses in periods when the market is volatile often for months at a time, and when the market moves up positive. Then, he gave them each a million dollars of his own money to run. When the experiment ended five years later, the team has reportedly Turtles profit totaled $ 175 million. Right system taught by Dennis Turtles has been published in two books and can be tested precisely true in recent years. The test results again showed a drastic decrease in performance after 1986, and even performance in 1996-2009. However, a number of turtles (eg Jerry Parker of Chesapeake Capital, Liz Cheval of EMC, Paul Rabar) continue their profession as a successful commodities trader, using similar techniques, but not identical, to the Turtle System.
Dennis manages customer funds in 1988 and suffered a loss. In black monday (Monday gray) in 1987 he lost $ 10 million, and in the period 1987-88 he lost $ 50 million. In 1990's he lost $ 2.5 million as well as a loss in the summer of 2000.
Dennis has published trading articles in The New York Times, The Wall Street Journal, and the Chicago Tribune. He was president of the Dennis Trading Group Inc. and vice chairman of C & D Commodities, a former chairman of the advisory board of the Drug Policy Alliance, a member of the Board of Directors of the Cato Institute, and the Board of Trustees of the Reason Foundation.
Dennis himself has made hundreds of millions of dollars over the years. But while his students have had successful careers in the management of money, and does not fit in mentradingkan customer funds. If Dennis just trading for himself, then he will be fine (and much richer).
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