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:
- “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.”
- “Trade small because that when you are as bad as you are ever going to be. Learn from your mistakes.”
- “I always say you could publish rules in a newspaper and no one would follow them. The key is consistency and discipline.”
- “When you are getting beat to death, get your head out of the mixer.”’
- “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.”
- “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!