Back in the nineteen eighties, a group of people with no trading experience took part in an experiment to learn currency trading in just 14 days. The result? They want on to make hundreds of millions of dollars. How? Let’s take a look.
The group I am referring to above were nicknamed “the turtles” and the experiment was conducted by trading legend Richard Dennis.
Dennis wanted to prove that anyone no matter what there age, occupation or educational background, could learn to trade and he set out to prove it.
The people chosen were a mixed group:
A female auditor, a security guard, an actor, a kid fresh from school and some professional card players, to name just a few.
Dennis taught them a simple long term trend following method (essentially a breakout system) and strict money management. They completed their training and when onto make $100 million in just 4 years. Dennis had proved his point.
At this stage you may be asking yourself a question:
If it’s that easy to learn to trade and anyone can, why do 95% of traders lose?
The real lesson to learn from this article and make part of your forex education is:
Anyone can learn to trade – but few people have the mindset to turn this potential into profit. Some more explanation will make this clear.
The formula for forex trading success is simple and is:
Robust Logical Currency Trading System + Discipline to Follow = Financial Success.
Dennis knew that learning the trading system was the easy bit – executing it with discipline is of course the hard part. He taught them something more than a logical trading system – he taught them the mindset to accept responsibility and have confidence in what they were doing so, they could trade with discipline through losing periods.
Many people have good currency trading systems but lack the discipline to stay with them when losses occur. If you don’t have discipline, you don’t have a trading system. You must follow your trading signals exactly as your system tells you!
Most traders think they can follow someone else or buy a forex robot with a simulated track record and win and they get wiped out.
They don’t really understand what their doing, don’t have discipline and lose.
To win at forex trading requires a method (if you avoid the myths), you can get a simple trading system together that’s robust and can win. Keep in mind the trading system should be simple (just like the one the turtles used) as simple systems work best.
Then, you need to learn discipline and anyone who tells you its easy hasn’t traded!
It’s hard but again it’s a learned skill and if you have confidence in what you are doing you can trade with discipline.
Will you become as rich as the turtles?
Probably not, life simply isn’t like that – but there is a chance you could and furthermore, you can achieve success and earn a lucrative income at your own level and for the effort you put in forex trading can give you a huge reward.
Anyone can do it. Sure it’s a challenge – but it’s a challenge you can take on, win and achieve currency trading success if you learn currency trading the right way.
By: Kelly Price
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