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Portrait of Richard Dennis

Richard Dennis

(1826–1889)

15 quotes in 92 categories

Richard J. Dennis, a commodities speculator once known as the "Prince of the Pit," was born in Chicago, in January, 1949. In the early 1970s, he borrowed $1,600 and reportedly made $350 million.

Quick Facts About Richard Dennis

Born: January 1, 1826
Died: April 14, 1889
Notable works: Materiality of Literary Narratives in Urban History

About Richard Dennis

Richard J. Dennis, a commodities speculator once known as the "Prince of the Pit," was born in Chicago, in January, 1949. In the early 1970s, he borrowed $1,600 and reportedly made $350 million. When a futures trading fund under his management incurred significant losses in the stock market crash of 1987 he retired from trading for several years. He has been active in Democratic and Libertarian political causes, most notably in campaigns against drug prohibition.

Biography source: Wikipedia

Quotes by Richard Dennis

There is another point that I think is as important: You should expect the unexpected in this business; expect the extreme. Don’t…

Boundaries

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Trading decisions should be made as unemotionally as possible.

Decision

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You have to minimize your losses and try to preserve capital for those very few instances where you can make a lot…

Instance

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A good trend following system will keep you in the market until there is evidence that the trend has changed.

Changed

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I always say you could publish rules in a newspaper and no one would follow them. The key is consistency and discipline.

Consistency

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When you are getting beat to death, get your head out of the mixer.

Beats

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When things aren't going right, don't push, don't press.

Presses

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Trading has taught me not to take the conventional wisdom for granted. What money I made in trading is testimony to the…

Always wrong

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Trade small because thats when you are as bad as you are ever going to be. Learn from your mistakes.

Inspirational

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I could trade without knowing the name of the market.

Inspirational

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I learned to avoid trying to catch up or double up to recoup losses. I also learned that a certain amount of…

Amount

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You should always have a worst case point. The only choice should be to get out quicker.

Cases

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The market being in a trend is the main thing that eventually gets us in a trade. That is a pretty simple…

Approach

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When you have a position, you put it on for a reason, and you've got to keep it until the reason no…

Inspirational

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I always say that you could publish trading rules in the newspaper and no one would follow them. The key is consistency…

Consistency

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