Millionaire Traders This Trader Turned $400 Into $200 Million In 10 Years (Amazing!) (Dollar $) - Welcome and gain much dollar - Motivation for you. This Trader Turned $400 Into $200 Million In 10 Years (Amazing!) You know Richard Dennis ? You may have read about him. His story is truly a stuff for trading legends. This guy was around 23 years old and he was reported to have borrowed $1,600 and turned it into $200 million in about 10 years trading commodities.
By the time he was 26 years old, he was already a millionaire trader. Here’s an interesting fact: He only traded $400 of the $1,600. How? Well, you will find out below. Where did he get the money to trade? Borrowed from family.
There are only few few traders that can take a small amount o money an turn it into millions and this trader was one of them. That is an impressive feat. After his success, he got into managing funds and suffered significant losses in the stock market crash of 1987.
Richard Dennis Net Worth
What is Richard Dennis’s net worth? Unfortunately, I cannot find anything online on Richard Dennis’s Net Worth but my good guess is that his net worth would be somewhere up in the tens of millions at least.
So Who Is Richard Dennis?
That guy below, who looks like a nutty old professor, is Richard Dennis. I don’t know what year this photo was taken but that fact is, he was a bit younger back then. Wow amazing friend...
Dennis used a trend following strategy: buying when prices increased above their recent range and selling when they fell below their recent range.
in 1970’s, it was an period of repeated crop failures and Richard Dennis knowing this, bought successively new weekly and monthly highs in trending market.
Dennis held onto his trades for longer periods of time, ridding out short term fluctuations. He is known to pyramid his trading positions.