Legend of trading Richard Dennis is known for his systematic trading. Dennis became famous for his systematic approach, emphasizing discipline and strict adherence to trading rules. As a trader and mentor, Dennis impacted many aspiring traders by proving that success in the markets is not about intuition but about having a tested strategy and sticking to it. Dennis took an experimental approach to prove that trading could be taught. This led to the famous Turtle Trading experiment, where he trained a group of novice traders to follow his trend-following system. The success of the Turtle traders cemented Dennis’s status as a trading mentor.
Quick Facts About Richard Dennis
| Detail | Info |
|---|---|
| Net Worth | 1700 crore INR (1980), NA for 2025 |
| Source of Wealth | Turtle Trading (Stock Market) |
| Age | 76 |
| Nationality | United States of America |
| Profession | Stock Market Trader |
Early Life and Career Beginnings
Dennis became an order runner on the trading floor of the Chicago Mercantile Exchange at age 17. A few years later, he began trading for his own account at the MidAmerica Commodity Exchange, an entry-level floor where “mini” contracts were traded. To circumvent a rule requiring traders to be at least twenty-one years of age, he worked as his own runner, and hired his father, who traded in his stead in the pit.
Dennis earned a bachelor’s degree in philosophy from DePaul University, then accepted a scholarship for graduate study in philosophy at Tulane University, but then changed his mind, and returned to trading. He borrowed $1,600 from his family, which after spending $1,200 on a seat at the MidAmerica Commodity Exchange left him $400 in trading capital.
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Breakthrough and Rise to Fame
In 1970, his trading increased this to $3,000, which he described as “compared to $400 … a real grubstake”, and in 1973 his capital was over $100,000. He made a profit of $500,000 trading soybeans in 1974, and by the end of that year was a millionaire, just short of twenty-six years of age.
Dennis profited, as he bought successively new weekly and monthly highs in the trending inflationary markets of the 1970s, an era of repeated crop failures and the “Great Russian Grain Robbery” of 1972, when agents of the Soviet Union secretly purchased 30% of the U.S. wheat crop in the space of a few weeks. This set the stage for solid, sustained price trends in both directions for the next several years, a period in which “anyone with a simple trend-following method and a dart board could make a million dollars”.
In contrast to the vast majority of floor traders, who quickly scalped trades throughout a trading day, Dennis held positions for longer periods—riding out short-term fluctuations and holding over the intermediate term. Dennis often pyramided his positions. In the late 1970s, he bought a full membership at the more expensive Chicago Board of Trade and opened an office upstairs in order to trade more markets.
Main Sources of Income
Career Earnings
His only source of money was trading. 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.
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FAQs
How does Richard Dennis make money?
His primary source of income was turtle trading
Is Richard Dennis the richest in their industry?
No, he is currently not the richest but during the 1970s and 1980s, he was one of the richest in his industry.
What are their most profitable ventures?
His ventures used to be profitable but he retired after suffering losses in 1987
