Lessons from a Legend 🌟 Richard Dennis' Timeless Trading Wisdom

"Whatever method you use to enter trades, the most critical thing is that if there is a major trend, your approach should assure that you get in that trend." - Richard Dennis Breakouts ensure you catch every trend, while pullbacks risk missing the move entirely. Systems that patiently wait for breaks of key levels assure participation in big price swings. Don't second guess - have clear rules to run with the herd, not against it.

"A good trend following system will keep you in the market until there is evidence that the trend has changed." - Richard Dennis Once in a trade, let profits run by trailing stops with the trend. Loose stops prevent whipsaws but wide buffers allow room for normal retracements within a prevailing drift. Cut losses fast on trends that reverse while letting winners breathe to maximize gains over many trades.

"When you have a position, you put it on for a reason, and you've got to keep it until the reason no longer exists." - Richard Dennis It's hard watching profits, yet fearing loss more than missing opportunity is a sure path to failure. Exit only on your pre-defined terms, not weak moments of doubt. Consistently apply a tested strategy through thick and thin to reap full rewards over the long-haul.

"You should expect the unexpected in this business; expect the extreme. Don’t think in terms of boundaries that limit what the market might do." - Richard Dennis Markets evolve, so set aside biases to see with an open mind. Question all “truths” and trust evidence from persistent testing alone. Big moves often start beyond where most believe possible. Be willing to take the road less traveled to find your own ascertain.

"You could publish trading rules in the newspaper and no one would follow them. The key is consistency and discipline." - Richard Dennis Formulating strategies is relatively easy - execution when drawdowns strike is another matter entirely. Only true discipline, not willpower or intelligence, ensures rules withstand volatility's test. Trading wisdom distilled over decades show the way for patient discipline's prospects.

Dennis’ lessons highlight evidence-based rigorous systems applied with stoic, unemotional discipline as the path to profitability. His teachings show that consistent rule-following, managing risks wisely, and doubting conventions are timeless principles still highly relevant for traders today.