Famous quotes from the greatest traders of all time, Richard Dennis
Today we will go through another great trader’s quote. The trader is Richard Dennis. He is famous for turning $400 into $200 million in the early 1970s. He believed that successful trading could be taught. He trained a group of people known as Turtles. Years later, his Turtles reportedly had earned an aggregate profit of $175 million.
Quote 1: “I always say that you could publish trading rules in the newspaper and no one would follow them. The key is consistency and discipline. Almost anybody can make up a list of rules that are 80 percent as good as what we taught people. What they couldn’t do is give them the confidence to stick to those rules even when things are going bad. Trading decisions should be made as unemotionally as possible.”
Quote 2: “I learned to avoid trying to catch up or double up to recoup losses. I also learned that a certain amount of loss will affect your judgment, so you have to put some time between that loss and the next trade.”
Quote 3: “You should always have a worst case point. The only choice should be to get out quicker.”
Quote 4: “Trade small because that’s when you are as bad as you are ever going to be. Learn from your mistakes.”
Quote 5: “The market being in a trend is the main thing that eventually gets us in a trade. That is a pretty simple idea. Being consistent and making sure you do that all the time is probably more important than the particular characteristics you use to define the trend. 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.”