The Phaserl


“Let’s just say Richie ran that $400 up pretty good…”

by Tim Price, Sovereign Man:

In 1983, commodities trader Richard Dennis set out to show that anybody could trade profitably provided they were taught some simple rules.

His partner, William Eckhardt, disagreed… and a wager was born.

(If this sounds familiar, it should be. It forms the basis of the plot to John Landis’ 1983 comedy, ‘Trading Places’.)

Dennis placed classified ads in the financial press soliciting trainee traders– no experience required. Successful applicants were subsequently taught some basic rules about risk management and trend-following.

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1 comment to “Let’s just say Richie ran that $400 up pretty good…”

  • andrew james

    “If a given future market traded at a new 20-day high, then it should be bought” conversely “if it traded at a new 20-day low, then it should be sold. Stop losses were included for hedging downside risk.” Isn’t that how the house sweeps up a few chips? High frequency trading utilizes algorithms that trigger the stop loss orders and the house makes money. Buy your commodity after a 20 day high is reached? Sell after a 20 day low? How do you reconcile that information with the old adage “Buy low Sell High?” I’m not a trader. That’s probably why it doesn’t make sense.

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