Richard J. Dennis

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Richard J. Dennis is an American commodities trader, philanthropist, and political donor known for his success in the futures markets and his role in creating the "Turtle Traders" program. Born in January 1949 in Chicago, Illinois, Dennis gained fame in the 1970s and 1980s for his exceptional trading skills, earning him the nickname "Prince of the Pit."
On March 12, 2009, Dennis was inducted into the Futures Industry Association's Futures Hall of Fame, which was established in 2005 to commemorate outstanding contributions to the global futures and options community. 
== Background ==
Dennis began his trading career at the age of 17 as an order runner on the trading floor of the Chicago Mercantile Exchange. He quickly progressed to trading for his own account at the MidAmerica Commodity Exchange, where he circumvented age restrictions by working as his own runner and hiring his father to trade on his behalf in the pit.
=== Trading Career ===
In 1970, Dennis borrowed $1,600 from his family to start trading. By 1973, his capital had grown to over $100,000. His big break came in 1974 when he made a profit of $500,000 trading soybeans, becoming a millionaire by the end of that year at the age of 25.
Dennis's trading style was characterized by holding positions for longer periods, often pyramiding his positions, in contrast to the quick scalping methods used by many floor traders. He profited significantly during the inflationary markets of the 1970s, particularly during events like the "Great Russian Grain Robbery" of 1972.
=== The Turtle Traders Experiment ===
In the early 1980s, Dennis conducted a famous experiment to prove that successful trading could be taught. He recruited and trained a group of novice traders, known as the "Turtle Traders," teaching them his trend-following trading methodology. The experiment was largely successful, with many of the trainees going on to have successful careers in trading.
=== Philanthropy and Political Activism ===
Dennis has been actively involved in various philanthropic and political causes. He has supported libertarian initiatives and served on the boards of organizations such as the Cato Institute and the Chicago Council on Foreign Relations. Dennis has been president of the Chicago Resource Center, a grant-making private foundation. He has also been a significant donor to Democratic political campaigns. 
=== Later Career and Challenges ===
Despite his early success, Dennis faced significant challenges in his later career. His trading fund incurred substantial losses during the stock market crash of 1987, reportedly losing $10 million on Black Monday and a total of $50 million in 1987-1988. He retired from trading for several years following these losses. float|left
Dennis returned to fund management in the mid-1990s but closed these operations after experiencing losses in the summer of 2000. He currently serves as the president of the Dennis Trading Group Inc. and the vice-chairman of C&D Commodities.
== Education ==
Dennis earned a bachelor's degree in philosophy from DePaul University. He briefly accepted a scholarship for graduate study in philosophy at Tulane University but soon returned to Chicago to focus on trading full-time.
== References ==
Category:Philanthropists
Category:Futures Hall of Fame Members
Category:Traders
Category:Political Donors
Category:Commodity Trading Advisors
Category:Dennis Trading Group
Category:C&D Commodities
Category:MidAmerica Commodity Exchange - Former Members
Category:CBOT - Former Members