In the mid-'60s Richard Dennis was a messenger of the Mid America Exchange, where contracts were traded on all major commodities. At that time nobody would have predicted that the boy would become a true legend in the field, thanks to the skill of management out of the ordinary.

It all began in 1970, when Dennis decided to buy a seat at the Mid Exchange (chair), which would allow him to work directly on their own, and the cries of the bag. The seat of the 1200 cost him 1600 dollars he owned, leaving him holding a capital investment of only 400 dollars. Undeterred, Dennis began to multiply the little capital, which took over two decades to 200 million dollars. Despite the long-term success, Dennis has remained famous for having lived through some of the most dramatic and noticeable losses in the history of the great traders. Just in time last public interview, what was called in the American Stock Exchange environments as the "living legend" was losing 50% of assets under management, which included among its staff.

One of the things that distinguishes the story of Dennis from that of other big traders was the initial success. "I was cautious at first, when I saw that a few mistakes have squandered my modest capital, which then consisted of no more than 400 dollars, and this helped me to correct the mistakes that I committed and then you definitely do not find myself without a dollar in his pocket, after which I was able to take advantage of the sharp rise of grain in 1970, bringing the capital to my 2000 dollars, what was the initial success allowed me to have understood since the "first time that it was essential to work following the trend of prices, then followed a rule that I have forever. "The most successful year for Dennis was 1973, when there was the great rise of prices of soybeans (the same on which the Ferruzzi group exercised a great influence). Dennis recalls that in that market recorded huge profits, "contrary to what they could do other traders, who came out and came back on the market too often, content to make marginal gains. It seemed almost that the earnings weighed in the pockets, they lacked the courage to remain in place for the simple fact that prices continued to rise and negotiations were frequently interrupted for excess upward. My luck was that he understood that the odds are always in your favor when you go into a phase of sharply rising prices."

Dennis is also famous for large operators have formed through a special program (turtle traders) who came from twenty-three training traders, three of which later drifted away. The other twenty now achieve average performance of 100% per year, and moved in a few years from an initial capital of 100,000 dollars, assigned to each of them by Dennis, a capital of about 2,000,000 dollars. 
"What I look for in an aspiring manager is not only the intelligence as the ability to follow the rules. I am convinced that everyone involved in the stock market can prepare a management system that works eighty percent, but only few manage to follow the letter ".

Dennis was a trend follower (ie by following the trend), but has no special systems for discovering the existence of a trend. "The only thing I want is called a trend, and I recognize it only when it is clearly already begun, I do not think there are special rules to follow, but to be consistent in its operations." Dennis finally some advice for young aspiring traders, which summarize its basic philosophy: 

• not embark in positions too expensive, if you do not want to fail; 
• not make you confused by the daily fluctuations; 
• focus on your management system and not the result of a single transaction.

Dennis retired from the operations of stock, after a year of very substantial losses. Today Dennis is remembered as a true legend, capable of taking strong positions on the absolute minimum as short selling to the highest.

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