Richard J. Dennis "The Prince of the Pit"

Richard Dennis was born in Chicago, USA, in 1949. He was interested in trading in commodity markets since the age of teenagers because it happened to the Chicago Mercantile Exchange were near his residence. At the time I was in College majoring in philosophy at DePaul University Dennis had started trading with its own capital. Prior to campus, she always visited the Chicago Mercantile Exchange to do transactions on his personal accounts, and the next day he saw his trading account balance is always incremented aka profit.

Richard j. Dennis was a fund manager, trader, author, and mentor (coach) trading. He was President of the Dennis Trading Group Inc. and vice-chairman of the C & D Commodities. In addition to writing an article on The NewYork Times, The Wall Street Journal, and the Chicago Tribune, he is also author of trading system course and a founder of turtle trading on-line Turtle Trader.

Dennis started trading in the stock market and commodities to the capital alone since the age of 17 years with a pretty impressive performance, before suffering a huge loss and almost bankrupt at the time of the US stock market crash of 1987. After quite a long break, in 1994 he started trading again with a different strategy. The results a year later he won the advantage of 108% and 111% in 1996.

Because a good trading performance, named Richard Dennis is best known to New Yorkers, the trading centre in the USA. Dennis started trading with the private property outside the capital after many people asked him to manage a number of funds. Because of the unique way his trading, he got the nickname ' The Prince of the Pit ' by The New York Times.

According to testimony, he was a follower of traders known as the Richard Donchian, Mr. ' trend following '. While managing the accounts of his clients, he also entered in the stock market and futures, and because of the ambition to earn a profit in a short time, he also implemented the strategy of pyramiding. This strategy often run well. But then he also increasingly aggressive with its frequent use of instinct to predict the trend of price movement until nearly all of its managed accounts almost collapse at the time of the 1987 stock market crash, known as ' Black Monday '. Dennis himself losing millions of dollars plus a pile of debt that must be repaid.

After a break of several years, he began to rise again in 1994. This time he is very careful and no longer use the instinct. He created his own trading system based on a prediction of the trend directions combined with risk management. "In the current market conditions, trading with a clear and purposeful systems is very important. It was the best trading way. "he said. Trading systems generate trading signals complete with recommendations for entry and exit. Supposedly many trading strategies adopted turtle trading system.

"Now I am not just traders, but also researchers, and lecturers. Regularly I always fix the parameters in my trading system to be able to adapt to the changes that occur. You certainly know the market conditions so quickly change. "said Dennis who is also active in drug eradication and author of the book '' Toward a Moral Drug Policy '.

As a mentor, what's his advice for the novice trader? "Whatever strategy you use, if you act right then it will surely go well. The key is discipline and consistent. " he said.

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