If you want to learn forex trading then you should know the story of the turtles who were a group of traders with no experience went on to make $100 million dollars in just 4 years. How did they do it? Read this article and you will find out and it will inspire your forex education.
The Experiment
Legendary trader Richard Dennis set out to prove that anyone could learn forex trading with the right education and mindset – he believed that traders were made not born and set out to prove his point.
He gathered a group of people together who only had one thing in common – they had never traded before. They included a security guard, some professional card players, an actor, a female auditor and a kid fresh from school just to name a few.
The Results
After 14 days of trading education he set them off to trade and the result was:
They made $100 million for him in just 4 years and went on to make a lot more and become some of the most famous traders of all time.
The Education
So what did Dennis teach them? He taught them a very simple forex trading method which was basically a long term breakout strategy combined with rigorous money management rules to preserve equity.
Dennis knew however that a trading system is not enough to succeed its having the discipline to follow it through long periods that is. He made sure the traders he taught knew how and why the system worked and even when it lost he taught them to stick with it and not deviate from the rules.
Rules are rules and must be followed with discipline – if you don’t have the discipline
This took him just 14 days and the rest is history.
What You CAN Learn
There are several lessons that you can learn and the salient ones are outlines below.
1. Everything about forex trading can be learned
If you have the willingness to apply yourself. OK you may not become as successful as this group – but there is a big difference between something being impossible and something being achievable.
2. Simple systems work best!
Today many people think that the more complicated a system is the more likely it is to be successful – but this is simply not true. Simple systems have always worked best and always will, because they are more robust with fewer elements to break.
He also taught rigid money management and made the first priority the protection of capital. If you lose what you have you can’t trade anymore.
It’s a bit like the old obvious gambling saying – to win you need to bet – but you can’t bet, if you don’t have any chips! Obvious but true, so you play great defense first and the profits will come, when the right opportunities present themselves.
3. Discipline is the key
You will here it time and time again how discipline is the key to forex trading success and it is – if you don’t have the discipline to follow your method you have no method.
Discipline comes from confidence in what you are doing, this is why he taught the turtles how and why the system worked and didn’t tell them to follow it blindly.
Trading success comes from within and this means acquiring confidence and discipline.
So if you want to learn forex trading correctly, learn from the turtles:
The potential is huge, you only need a simple system, good money management and most importantly – the confidence and the discipline to apply what you have learned.
The reason most traders never succeed is they never learn the importance of the latter and want to follow others – but you don’t get these traits following others, they come from within.
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