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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: Jim who wrote (1519)	7/4/1999 12:32:00 AM
From: keith massey	Read Replies (1) \| Respond to of 18137

Part of an article to show that experience and age doesn't mean you can always get the job done.... <<Take the case of Richard Dennis, the erstwhile mega-trading legend of Chicago. He started with several thousand dollars in the mid-1970s. Within a decade, he was worth nearly $200 million. By 1984, he was so convinced that he had figured out the commodities markets that he began teaching his techniques to neophyte traders, dubbed “turtles” by their rivals in the pits. In retrospect, one thing can be said for Dennis: He was a great teacher. Among advisors with more than $10 million under management last year, the three top performers were all Dennis protégés. But Dennis's own fortunes began to turn in late 1987. By early 1988, two of his funds had taken sickening plunges, losing more than $50 million, or nearly 50 percent of his investors' money. After settling investor lawsuits against him for reckless trading, Dennis started trading for customers again in 1991. He had a 42.6 percent gain that year, according to Managed Account Reports, a service that tracks managed futures accounts. Between March and August of 1992, however, the customers' money dwindled to $40.5 million from $86.5 million. Then, according to people in the futures business, a large corporate investor withdrew from a Dennis fund. By the end of September 1992, Dennis's funds under management amounted to only $2 million, and he ranked 275th out of 284 trading advisors whose performance was tracked by Managed Account Reports. Last year, he recovered somewhat, but only after making his clients swoon. By the end of May, he was reduced to trading just $84,000 in customer money. He ended the year with $261,000 in customer money under management.>>>>>> ?? Wasn't he the guy who orginated the Grail Buy/Sell that was later past off by Linda Bradford Raschke ?? Best Regards KEITH