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LEARNING TRADING PSYCHOLOGY FROM Richard Dennis

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   Richard Dennis's name must be familiar to world traders. Richard Dennis is known as the Turtle Trading System. Among them is a discussion of the trading system used in the Turtle Trading System Methodology and in another article about Can Forex Trading Be Taught?

Richard Dennis is a mentor from his students to become a successful trader. These students will later get the nickname "turtles". Then what exactly is taught by Dennis? Here are 7 messages from trading psychology from Dennis to turtles according to The Complete Turtle Trade book by Michael W. Covel.

1. What can you win, what can you lose, what are the possibilities of either happen.
The first trading psychology message is before opening a position in the market. Every turtles are expected to have to know what he can win, get rid of, and how many possibilities they can occur. According to the legend of turtles, trading is only a matter of possibility.

Dennis considers trading to be done with statistical calculations of the results of analysis for some time. Turtles calls it Edge. In calculating the Edge, it will be known how much the possibility of trading generates profit or loss. The existence of this Edge is able to make turtles become increasingly disciplined and believe in the trading system that is run.



2. Know what you are going to do when the market does what it is going to do.
In the Turtle Trading Methodology, a complete trading system from turtles has been described. In this system, turtles are taught to be able to discipline in trading. In Dennis's second trading psychology, Turtles is asked to always know the right actions for what the market has given us.



3. You are not special, you are not smarter than the market, so follow the rules!
Dennis teaches hard that there is nothing special, or that is smarter in the face of the market. In this case, Dennis always emphasizes to always follow the rules of trading that have been designed. Dennis believes, with the discipline level following a trading system that has been designed without involving feelings such as fear or greed, all traders can certainly succeed.



4. Every now and then, the impossible can and will happen.
In the trading system used by turtles, the level of success is based on carefully calculated possibilities. Stop Loss based on their trading system will continue to move in the direction of market movements. In addition, turtles will also add their position to the trade that goes according to their plan.

With the addition of positions and the transfer of Stop Loss, they try to anticipate movements, both in line and not with their plans. Dennis advised the turtles, you will never know when the market will go in the same direction or not, you only have to prepare the best to take profits and reduce losses in the market.


5. How to handle profits properly is a separation point between the winner and loser in trading.
The next trading psychology from Richard Dennis is how to process profits in trading using good money management. In the money management, traders determine the transaction lot based on the percentage of their equity, then divided by the Stop Loss amount.

With the use of this money management, when equity increases, the lot value of the transaction used will continue to rise. While when equity decreases, the lot value of the transaction used will decrease. By using money management like this, it is proven that turtles can multiply their money quickly during good times, and not lose a lot of money during bad times.



6. It's not about the frequency of how you are, it's about the magnitude of how you are.
Because of the basic nature of the trend follower and based on break outs, turtles are always taught to be included in certain market conditions. They do not need to be always there and correct in every position they enter. But they always get more in each position according to the plan of their trading system.

Dennis said, "To be a successful trader, we must not focus on the frequency with which we go in and out of the market. We should shift our focus to the great opportunities that occur in the market."



7. In my whole life, I've known no wise people over broad subjects who didn't read all the time.
The psychological message of Richard Dennis's last trade for turtles that we can follow is a strong desire to continue learning. Dennis considers there is no such thing as a teacher or mentor in front of the market. Therefore, we must always want to learn and update our knowledge.

Remember his message, "true traders are those who really want to learn about strategy, practice, control emotions, and continue to hone their skills. Traders who are lazy and stupid will only become victims of the market."



Conclusion
In the course of his career, Richard Dennis has shown us how important a mentor is in the process of making us a successful and reliable trader. He also always emphasizes the turtles, that discipline and trust in the trading system that we embrace is the key to our success in trading. In addition, a sense of enthusiasm for continuing to learn, deepen, and renew knowledge must be owned by a trader.

Not all turtles are able to survive the hard discipline system applied by Dennis, but those who are able to find themselves with trading psychology are well embedded in them. The rest? Their portfolio and level of wealth are able to explain.


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#1 - February 10, 2019, 06:51:27 AM

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this is my first time hearing his name, maybe because i am newbie in forex, he must be great mentor for his student, thanks for sharing this bro, i agree with what he though about this turtle thing hahaa
#2 - February 10, 2019, 07:02:05 AM

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every mentor who is proven to be truly successful with his trading will surely be more able to familiarize students to be able to supervise student psychology when facing markets in uncertain chaotic conditions, from which the role of the mentor is needed to develop the trader himself
#3 - February 14, 2019, 05:40:36 PM
« Last Edit: November 18, 2020, 05:28:37 PM by MrPips »

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thanks for the knowledge omm, because psychologists are very important in forex, hopefully the benefits and help us all



#4 - February 14, 2019, 06:27:50 PM

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during the night bro, thank you for the knowledge that bro for here, hopefully I get the next update for useful knowledge, especially talking about psychology is very important in trading on forex, it is not successful in forex if psychology is still disrupted.
#5 - February 15, 2019, 12:36:57 PM

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trading strategy from Richard Dennis is very well known and has been widely used by traders, especially retail traders who like to use technical analysis with various indicator rules. Turtlle trading systems have been very well known for a long time and are still in use today.
#6 - February 16, 2019, 11:26:54 AM

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LEARNING TRADING PSYCHOLOGY FROM Richard Dennis in Forex Education_xx
trading strategy from Richard Dennis is very well known and has been widely used by traders, especially retail traders who like to use technical analysis with various indicator rules. Turtlle trading systems have been very well known for a long time and are still in use today.
after I read and looked, it will indeed be very good if applied. Therefore many use Richard Dennis's strategy.
#7 - May 08, 2019, 02:00:26 AM

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In my opinion, Richard Dennis is indeed a good trader in psychology, so many traders learn from him, especially from his trading philosophy.
#8 - November 05, 2020, 05:35:12 AM

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richard denis is a successful figure in the world of trading, he has the motivation and ways to achieve success in Forex in a way that he created himself. His psychological philosophy is very inspiring.
#9 - November 11, 2020, 04:24:28 PM

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Psychology is very important so we have to study it, one of the famous figures who played an important role in the development of trading psychology is Richard Dennis.
#10 - November 12, 2020, 02:10:27 AM

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As far as I know Richard Dennis is a psychologist and also a famous trader who has benefited greatly from forex trading, that's why Richard Dennis is widely used in his strategy.
#11 - November 18, 2020, 05:16:54 PM

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Richard Dennis is a legendary trader who created the theory related to psychology which until now has been widely adopted and studied.
#12 - November 18, 2020, 06:16:55 PM

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richard dennis is a successful trader who brings a lot of inspiration to everyone so as traders we also have to emulate success from him.
#13 - December 17, 2020, 12:39:04 PM

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There are many inspiring forex figures, such as richard denis and so on, so we can make his experience and work as motivation.
#14 - December 17, 2020, 01:34:50 PM

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