Kumsaidia mtoa mada maana hajafanya research ipasavyo ni kuwa Trader anayemzungumzia kuwa amepata kiwango kikubwa cha faida ya pesa ni jamaa anaitwa RICHARD DENNIS na alikopa pesa dola $1600 na sio $200 na kuweza kuzalisha zaidi hadi kufikia dola $200 million ndani ya miaka 10 baadae na sio dola $200 billion. PEACE
Millionaire Traders
This Trader Turned $400 Into $200 Million In 10 Years (Amazing!)
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.
Richard Dennis was born in Chicago in January 1949.
He was once known as the “Prince of the Pit”. If you don’t know what that means then its this: he was making more money than those pit traders at that time.
Here’s how Richard Dennis got started in trading:
- Dennis became an order runner on the Chicago Mercantile Exchange at 17 years of age.
- a few years later he started trading his own account at MidAmerica Commodity Exchange just trading “mini” contract. As he was “underage” ( he needed to be 21 years old) to be trading, he worked as his own runner and hired his Father who traded for him in the pit.
- He ended up in University and got a bachelor Degree in Philosophy and got a scholarship as a graduate to continue studying further but he just couldn’t get trading out of his mind. So he quit that scholarship
- Borrowed $1,600 from his family and used $1,200 to pay for his seat and then started trading with only $400 trading capital.
- In 1970, he increased that $400 to $3,000.
- In 1973, his trading capital was $100,000
- In 1974, he made $500,000 in profits just trading soybeans and at the end of that year, he was a millionaire and he was just shy of his 26th Birthday.