Introduction:

 In  the forex market , the  names of some people are unforgettable, a part of  forex training is getting  to know these people. What they have done and how they have been able to make their name last in this market. Reading biographies and getting to know market leaders is an important part of  stock market education   . which makes us familiar with the behavior of these people

Today, the Internet is full of stories of failures and successes of traders in the forex market. Each person can study the history of several of them according to their taste. But rarely has anyone heard the astonishing story of this rich genius, Richard Dennis, who is one of the pioneers of commodity trading.

Dennis’s story is one of those legendary trading career stories that can continue to inspire and influence traders. It is said that before the age of 23, he had borrowed the amount of 1,600 dollars (in other words, 400 dollars) and was able to convert it into 200 million dollars in almost 10 years through commodity trading. By the time he was only 26 years old, he had become a millionaire trader.

Nicknamed  “Sultan Bors”, he was born in 1949 in the south of Chicago in a relatively poor Irish and Catholic family, and his father was a simple cleaner. At the age of 17, Dennis had become an executive at the Chicago Stock Exchange. A few years later, he began trading for his own account on the floor of the MidAmerica Commodity Exchange, where he traded small volumes. At that time, according to the law, people under the age of 21 were not allowed to trade, and in order to overcome this legal barrier, he asked his father to execute the trades for him.

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Dennis received his bachelor’s degree in philosophy from DuPaul University and then accepted a scholarship to Tulane University in philosophy, but after a while he changed his mind and decided to pursue a career in trading. He borrowed $1,600 from his family, which left him with only $400 after paying $1,200 for a seat on the MidAmerica Stock Exchange. By 1970, he was able to increase this amount to $3,000 through his own trades, which he said “was a good investment compared to $400,” and by 1973, his capital had reached more than $100,000. In 1974, he was able to earn 500,000 dollars in soybean trading, and at the end of that year and before the age of 26, he was a millionaire. This young millionaire believed that the correct and successful methods of trading can be taught. For this purpose, along with his friend and colleague William Eckhart, he trained 21 men and 2 women in two groups, one from December 1983 and the other from December 1984. Dennis taught these individuals, known as turtles, a simple trend-following system for trading commodities, currencies and bonds in two weeks. This system was such that when the price rises above its recent range, buy and when the price drops below its recent range, enter into a sell transaction.

These novice traders were taught to reduce the volume of trades in times of losses and to increase their profits in successful trades, but only up to a third or half of the allowed limit, and only 24% of the total capital exposed in each trade. Risk was placed. This trading system causes losses when the price has limited movements and is profitable if the market has large movements. Dennis then paid each of them $1 million of his own capital to manage. Five years later, when his experiment was completed, his turtles had earned a total of $175 million. This is a great result.

At the same time as training the turtles, Dennis also managed the capital of private clients, but in 1988, he withdrew from this work due to the heavy losses caused by the market crash of 1987 known as Black Monday. A year after the stock market crash, Dennis decided to save his now slightly reduced fortune of about $200 million and enter another field: politics. Dennis said he plans to invest in causes and candidates that reflect a philosophy he describes as “a certain combination of free market economics and liberal social policies.”

Richard Dennis Trading Strategy

Here are the exact rules of buying and selling Richard Dennis strategy. There are books or websites that explain his trading strategy in detail, but his general trading method is as follows:

1  –  Market  –  what to buy or sell

First of all, you need to decide what you want to buy or sell or basically what market you want to trade. If you limit your trades to too few markets, you greatly reduce your chances of entering trends. And that you don’t want to trade in a market where trading volume is low or not forming a good trend.

2  –  Volume of transactions  –  how much to buy or sell

Deciding on how much volume to buy or sell is very basic, but most traders often ignore it or do not properly follow its principles.

Trading volume is one of the most important aspects of trading. Beginner traders risk too much on each trade and increase their chances of failure, even if they have a reliable trading system.

3  –  Entry points  –  when to buy or sell

The time to buy or sell is usually known as the entry point. Automated systems identify entry points for buying or selling where the exact price and market conditions for entering a trade are determined.

4  –  Loss limit  –  exit time from failed transactions

Traders who do not stop their losses will not succeed in the long run. One of the most important tips about avoiding losses is to determine your exit point before entering the trade.

5  –  Exit  –  time to exit from successful transactions

Many “trading systems” that are sold as complete trading systems do not specifically determine the exit point for profitable trades. While the exit time from successful transactions is very influential in the profitability of the system. Any system that does not specify the correct trade exit point is not a complete trading system.

6  –  Tactics  –  how to buy or sell

By issuing a signal, the tactics considered when entering and executing the trade become important. This is especially true for large accounts, where entry and exit points can lead to very disruptive moves or have a huge impact on the market.

Despite the losses he has suffered, the legend of Dennis remains pristine and original. A story in which he turned $1,600 (in other words, $400) into $200 million in 10 years and trained 23 completely beginner traders, who earned around $175 million in 5 years. Can his advice help you rank among the top traders?