Richard Dennis
The Prince of the Pit & Creator of the Turtle Traders
Richard Dennis
Momentum Growth
Key Stats
Net Worth
$300 Million
Origin
American
Lifespan
Born 1949 (77 years old)
Biography
Richard Dennis, known as the "Prince of the Pit," is a legendary commodities trader who reportedly turned $400 into $200 million. He is famous for the "Turtle Trading" experiment, which proved that trading could be taught.
The Prince of the Pit
Dennis started trading at the Chicago Mercantile Exchange in his early twenties. His aggressive trend-following approach earned him the nickname "Prince of the Pit."
The Turtle Experiment
In 1983, Dennis made a bet with partner William Eckhardt: could trading be taught? He recruited 23 people and taught them his trading system. The "Turtles" collectively earned over $175 million over five years, proving Dennis right.
Trading Philosophy
Dennis's system was based on:
- Breakout trading
- Strict position sizing
- Pyramiding into winners
- Quick loss cutting
Trading Philosophy
"I always say you could publish trading rules in the newspaper and no one would follow them. The key is consistency and discipline."
Famous Trades
Commodities
Built a fortune from almost nothing using trend following breakout strategies.
Career Returns
+50,000,000%
Legendary Quotes
"I always say you could publish trading rules in the newspaper and no one would follow them. The key is consistency and discipline."
"Whatever method you use to enter trades, the most critical thing is that if there is a major trend, your approach should assure that you get in that trend."
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