Imagine having no experience of forex trading, being trained for 14 days and you then went on to make millions - sounds far fetched? Well, it happened in the 1980s in one of the most famous trading experiments of all time which is enclosed and should become part of your essential forex education.
In the nineteen eighties, trading legend Richard Dennis wanted to prove a point and the point was simple:
It doesn't matter what you do, how intelligent you are, if your young, old male or female, you can become a successful trader, if you have the right mindset and a willingness to learn.
He set out to prove his point.
He gathered a group of people who met the above criteria and they included:
An actor, a security guard, a kid fresh from school and a female auditor - diverse they were but they were all about to get a trading education.
In 14 days, Dennis taught them to trade and set them up with live accounts and they went on to make hundreds of millions of dollars and go down in trading history.
This group was nicknamed "the turtles" and proved Dennis right - anyone could learn to trade with the right education and the right attitude.
That's interesting you may say... but 95% of traders lose, so how come this group was so successful?
The answer lies in the way they learned.
They learned a simple long term trend following trading system (essentially a breakout system) and it was so simple anyone could understand it. It's a fact also, that simple trading systems always work best, because they have fewer elements to break than complicated ones.
Now Dennis didn't just say off you go and trade - he rammed home why it worked, gave strict money management rules and made sure they would be prepared to trade it with discipline, to achieve success.
The above is the important part.
Learning a trading system is not enough, you need to execute it with discipline and take loss after short term loss, without quitting and then profits follow. You need to take losses to win and stay on course.
To trade you need to follow your system with discipline and you need confidence to do this. He taught them to stand on their own two feet and appreciate - learning a trading system is easy - executing it with discipline is the hard bit.
You can learn from someone else - but you have to make the system work for you!
Most traders can't do this, they like to ask experts, trade worthless robots with simulated track records, or believe drawdowns don't last and trading is easy and they all lose.
Trading is all about having the mindset to succeed and to execute a plan. Most traders are to lazy or naïve to do this and most think forex trading is easy. Well, when big money is on the line and to be earned - it's not easy. However, there is a big difference between something being easy and something being achievable.
Sure you might not become as successful as the above group life simply isn't like that but the opportunity is there - they did it you could to.
Even if you don't achieve such great success, you can find success which more than makes up for the effort you have to put into your forex trading.
Sure forex trading is not a walk in the park, it's a challenge but accept it - work hard, have the mindset to succeed and you can find success - it's up to you.
