Today's quote is from Mr. Richard Dennis , who was at one point of time the worlds most successful commodities speculator and the creator of the turtle trading system, although not much of a public figure in the trading industry it is regrettable that the only book he ever authored was called "Toward moral drug policy" nevertheless his partner the mathematician William Eckhardt has spoken of Richards methods at length in several interviews. A superficial discussion of his methods can be found in Michael Covel's book titled "Trend Following" (which I'm yet to read)
Oops forgot to say ..... Turned $400 into $200 million trading futures.
brief biography http://en.wikipedia.org/wiki/Richard_Dennis#Published_works
picture with excerpts from an interview
http://www.flatrock.org.nz/topics/money_politics_law/bad_news_on_a_cushion_of_words.htm
Oops forgot to say ..... Turned $400 into $200 million trading futures.
When things go bad, traders shouldn't stick their head in the sand and just hope it gets better. You should always have a worst-case point. The only choice should be to get out quicker. The worst mistake a trader can make is to miss a major profit opportunity. 95 percent of profits come from only 5 percent of the trades.
I don't think trading strategies are as vulnerable to not working if people know about them,
as most traders believe. If what you are doing is right, it will work
even if people have a general idea about it.
I always say you could publish rules in a newspaper and no one would follow them.
The key is consistency and discipline.
as most traders believe. If what you are doing is right, it will work
even if people have a general idea about it.
I always say you could publish rules in a newspaper and no one would follow them.
The key is consistency and discipline.
picture with excerpts from an interview
http://www.flatrock.org.nz/topics/money_politics_law/bad_news_on_a_cushion_of_words.htm
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