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Richard Davoud Donchian ( English : Richard Davoud Donchian ; September 1905 , Hartford - April 24 , 1993 [1] , USA ), an American businessman of Armenian origin, the creator of the first diversified open-ended trading fund. He made a great contribution to the field of trade money management. As a result, the title of the father of "trading by following trends" was sealed, on which many modern stock trading systems are based [2] . Biography In the 1880s, Richard's parents, Samuel Donchyan and Armenuhi A. Dawood, were moved from the Ottoman Empire to the USA . In his youth, Richard studied at the Hartford School, and later attended the Taft School (Watertown, Connecticut). In 1928 , Donchian graduated from Yale University with a bachelor's degree in economics and began working for a family company selling oriental rugs [3] . At that time, he read a biography of stock trader Jesse Livermore, called "Memoirs of a Stockbroker". That book made him very interested in financial markets. Donchian's losses during the stock market crash in 1929 prompted him to study technical analysis and history of prices. Donchian's activity on Wall Street began in 1930 . He provided "Security Pilot" services to brokerage companies. In the summer of 1933 , Richard became a stock analyst at Hemphill, Noyes and Co., while continuing to hold the position of vice president of the family's Samuel Rug Company [3] . During World War II, Donchyan joined the US Army and participated in the Sicilian operation. Later, he was appointed Inspector of Statistical Control of the US Air Force. After the war, Richard became a private investment and securities adviser, practicing that business until 1960 . In 1948, he became interested in commodity markets and futures. Founded by Futures, Inc. trading company, which was the first open-ended commodity fund based on the principle of diversification [3] . During these years, Donchian developed rules of trading operations based on the method of "following the trend" of trading. According to these rules, commodity prices move in the long run like "bear" and "bull" markets. Richard developed and used a trading system based on moving averages that combined trading rules, trading guidelines and his weekly rules system. He is the author of numerous articles on futures and securities, making him known as the "father of the trend-following method of trading." Some modern trend - following systems, such as the Turtle Trading System), are based on his works. Additionally, Donchian pioneered the concept of a diversified approach to trading in commodity exchanges [4] . In 1960 , Donchian was appointed director of product market research at "Hayden Stone & Co LLC" [3] . He worked at this firm and its successors (Shearson/American Express, Shearson Lehman Brothers, now Smith Barney) throughout his life, eventually becoming senior vice president of the firm. In the same year, Richard started publishing the weekly magazine "Commodity Trend Timing". He published newsletters for 19 years, whose weekly circulation reached 10,000 copies. Richard has written many classic articles on industrial topics, including Trend Following Methods in Commodity Price Analysis (Commodity Yearbook, 1957). In 1963 , Donchian was awarded the degree of Chartered Financial Analyst by the Institute of Chartered Financial Analysts at the University of Virginia [3] . During his career, Donchyan was a member of the Commodity Exchange, New York Cotton Exchange and New York Futures Exchange, as well as several professional market associations, the New York Society of Security Analysts . , American Statistical Association ( English : American Statistical Association ), National Association of Future Trading Advisers ( English: National Association of Future Trading Advisers) and a member of the Financial Forum ( English : Financial Forum ). Donchyan was included in "Who 's Who in America" ​​directory . In June 1983 , he was one of the first to receive the "Most Valuable Performer Award" from the "Managed Accounts Report" company for his significant contribution to the field of commodity money management. In April 1993 , after Donchian's death, the "Richard Davoud Donchian Foundation" was founded, the purpose of which was to contribute to the improvement of children's health. https://hy.wikipedia.org/wiki/%D5%8C%D5%AB%D5%B9%D5%A1%D6%80%D5%A4_%D4%B4%D5%B8%D5%B6%D5%B9%D5%B5%D5%A1%D5%B6