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Richard Dennis's Strategy to Recover from Bankruptcy in Trading

Richard Dennis is a significant figure in the world of trading, known as a fund manager, trader, author, and mentor. However, his career journey was not always smooth. Dennis started trading at the age of 17 with his own capital and initially achieved impressive success. However, he also experienced a major failure that nearly bankrupted him during the 1987 US stock market crash.

Here is the complete story of how Dennis managed to recover from that bankruptcy.

The Prince of the Pit

Richard Dennis was born in Chicago, USA, in 1949, and his interest in commodity trading emerged during his teenage years due to the presence of the Chicago Mercantile Exchange near his home. Even while studying philosophy at DePaul University, Dennis was actively involved in trading with his own capital. His excellent trading performance made his name known even in New York, the trading hub of the USA. Dennis began managing funds for others after receiving many requests, and he was dubbed 'The Prince of the Pit' by The New York Times.

Although he was a follower of the famous trader of his time, Richard Donchian, Dennis also developed his own unique trading style. He used pyramiding strategy and relied on instinct to predict price movements. However, his aggressiveness also led to significant losses during the 1987 stock market crash, nearly bankrupting him.

Creating His Own Strategy to Rise Again

After taking a few years off, Dennis resumed trading in 1994 with a more cautious and systematic approach. He created his own trading system based on predicting the direction of trend movements and strict risk management. Dennis realized that trading with a clear and directed system was the key to success. His trading system generated complete trading signals with entry and exit recommendations, which were later widely adopted by other traders, including in the concept of turtle trading.

As a mentor, Dennis emphasized the importance of discipline and consistency in trading. For novice traders, he advised acting correctly according to the strategies they use, as it would lead to long-term success.

With patience, consistency, and a systematic approach, Richard Dennis successfully recovered from bankruptcy and regained success in the world of trading. His career journey story inspires many to continue striving and learning to achieve their trading goals.

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