6 Quotes From Famous Trader Richard Dennis That Will Help Your Trading

Richard Dennis, a famous trend trader, achieved this amazing accomplishment, becoming a millionaire before the age of 26.

He believed that trading could be taught to anyone, which led to the famous experiment of the Turtle Traders, where he taught a random group of people the basic principles of trading over a two week period.

His group of 23 traders, five years after he taught them how to trade, had made a collective profit of approximately $175 million dollars.

Richard has been an inspiration to many, and has proven the effectiveness of the trend following strategy.

We’ll now look at 6 of his most famous quotes:

1. “Trading has taught me not to take the conventional wisdom for granted. What money I made in trading is testimony to the fact that the majority is wrong a lot of the time. The vast majority is wrong even more of the time. I’ve learned that markets, which are often just mad crowds, are often irrational; when emotionally overwrought, they’re almost always wrong.”
2. “Trade small because that when you are as bad as you are ever going to be. Learn from your mistakes.”
3. “I always say you could publish rules in a newspaper and no one would follow them. The key is consistency and discipline.”
4. “When you are getting beat to death, get your head out of the mixer.”’
5. “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 sub-optimal trades.”
6. “I could trade without knowing the name of the market.”

Money moves from market to market, so being able to use our strategy across multiple markets saves a lot of time, energy, and hassle of trying to learn a lot of not-so-beneficial information.

Richard Dennis has given a lot of wisdom from his trading career, and I hope I was able to transfer that to you in a beneficial way. Thanks for taking the time to read this blog post and as always, happy trading!