If you want to learn currency trading and what it takes to win then you should make this story part of your essential for ex trading education. In just 14 days ordinary people with no experience learned to trade and make hundreds of millions of dollars. How did they do it?
In the nineteen eighties trading legend Richard Dennis decided to prove that anyone could learn to trade, with the right forex trading system and mindset.
He therefore gathered a group of people together who had no trading experience, who were of all ages, both sexes and of all educational standards. The group was diverse consisting of a security guard, to an actor.
He then taught them to trade forex and after 14 days gave them trading accounts.
This group made $100 million dollars in 4 years and went on to become legends.
So how did they do it -after all 95% of traders lose what made them different?
Dennis knew that the problem with traders is not so much method but mindset – they simply cannot stick to a plan and keep going when they incur losses. So although he taught them a simple method, he didn’t tell them blindly to follow it, he taught them to learn it and have confidence in it.
You cannot have discipline without confidence.
Even when your confident, its hard to keep trading when the market hands you loss after loss and makes you look a fool.
It’s a fact that anyone can learn to trade yet, few succeed and the reason is they either get the wrong information or simply cannot stay disciplined.
Most traders are simply unprepared for the fact that they must execute rules and stay on course when they lose trade after trade and don’t believe all the rubbish you read online, about regular income and 90% accuracy – that’s not the real world.
You can win at forex trading but you must be able to take losses to win longer term.
Most traders simply don’t have the discipline to do this.
We don’t have time to explain all the aspects of trading discipline here but it’s hard to achieve but that’s why traders who can trade with discipline are so successful – Dennis proved it.
The forex trading system used was simple ( essentially a long term breakout strategy) but it was the mindset he taught the traders – to stand on their own two feet, be confident and take short term losses, to seek longer term gains which was so important.
If you can learn a simple forex trading strategy, get confidence in it and apply it with discipline, you can win.
Sure its not easy, but you wouldn’t expect it to be with the rewards on offer.
So if you want to learn currency trading the right way get a simple forex trading strategy and focus on your discipline and remember if you can’t trade a system with discipline you don’t have one!
There are big rewards to be made but your on your own and must have courage, confidence and conviction in what your doing – do that and you can enjoy spectacular currency trading success.
By: Monica Hendrix
Posts Tagged ‘100 Million’
Learn Currency Trading – How Did These Traders Make Millions After Two Weeks Training
March 26th, 2010Forex Trading – How a Group of Traders Became Millionaires in 14 Days!
February 2nd, 2010
One of the most famous trading experiments of all time took a group of people with no trading experience and turned them into millionaires after just 2 weeks training…
The turtle story is inspiring because it shows that anyone can win at trading and also gives a clear insight to why most traders fail.
The Experiment
This experiment was conducted by Richard Dennis and known as the turtle experiment. Dennis wanted to prove anyone could become a successful trader and trading was a learned skill so he did the following:
1. He got a diverse group of people together who had never traded before and they were of all ages, men and women and of varying levels of academic achievement.
2. He taught them a method and the mindset to succeed and set a period of 2 weeks.
3. They were then given live trading accounts to see how well they would do.
The result of this experiment was – they made Dennis $100 million dollars in just 4 years and went down in trading history as legends.
The Paradox
The experiment throws up a question:
If anyone can learn to trade then how come 95% of ALL traders lose?
Dennis knew the answer and its simple – traders either get the wrong forex education or they don’t have the correct mindset.
The trading system taught was simple and it was just a long term breakout style system with strict money management rules.
While the system was simple Dennis knew the traders would not win unless they could apply the trading system with discipline so he didn’t tell them it worked and to follow it blindly, he taught them why it worked and instilled confidence in the traders that it did work, by showing them how it could lead them to trading success.
Losing is Part of Winning
He knew the traders would have to trade through long periods of losses and if they didn’t have the discipline to keep going through these periods, they would lose and this is the reason most traders:
They won’t accept responsibility for their actions (how many follow worthless forex robots? Or mentors) and they can’t take losses and keep them small, as they don’t have discipline.
The Market Doesn’t Beat the Trader the Trader Beats Himself
The turtle experiment is one any trader can learn from as it shows anyone can learn to trade and the key is not just a trading system, but a combination of a trading system and the discipline to apply it.
Keep in mind forex trading looks easy and learning it is but you must have the correct mindset in place as well as a good system to win.
This story is inspiring and sure you may not make as much as them but the opportunity is there for all, to earn a great side income or even a life changing income – if you have a desire to succeed, a willingness to learn and simple robust method, then forex trading success can be yours.
By: Kelly Price
Successful Forex Trading – Secrets of the Millionaire Traders and What You Can Learn From Them
January 30th, 2010
Successful forex trading can be achieved by anyone so, what separates out the real pros who make huge long term profits, from the vast majority of losers? Let’s find out…
I am going to start with an experiment which is in fact one of the most successful in trading history which proved anyone could learn to trade.
The Experiment
The experiment took a group of ordinary people, who ranged from a security guard to a kid fresh from school and in 14 days they learned to trade – the result?
They made a $100 million and went down in history as legends.
The experiment was conducted by trading legend Richard Dennis, who wanted to prove anyone could learn to trade, with the right trading education and he proved the point.
The paradox is – anyone can learn to trade but most people lose. So what set this group of millionaire traders apart?
The answer is, forex trading is mostly down to mindset and not method, further explanation will make this clear…
If you take the above trading experiment, the system the traders learned was simple ( a long term trend following breakout method), so simple in fact they mastered it in 14 days. The hard part though was not learning the trading system, but learning to apply it with discipline.
The Key to Forex Success
You need to have a totally different mindset when trading forex.
For example, you can only be wrong and the market price is always right, it will give you long periods of losses and make you look a fool. The challenge for any forex trader is to keep going, through these losing periods, executing trading signals with discipline, until you hit a home run.
You have to have a set of rules you can survive with and have total confidence in them to bring you victory. This means not falling prey to your emotions and ego as most traders do and staying on course.
If you can’t follow a method with discipline you don’t have one!
Dennis knew this and that is why he made them not just learn the system but taught them everything about it, so they had confidence and could stay on course.
A Mindset for Success
Anyone can learn Forex trading and that’s a fact, what you need to concentrate on is your mindset. This means having these traits – An acceptance of you are responsible, confidence in what you are doing, iron discipline to reach your goal and a humble nature with no ego.
If you think it’s easy to do this -its not but if you come into forex trading with the right attitude, learn the right education and trade with discipline you can win.
In any financial market the trader is not defeated by the market itself, he defeats himself success comes from within and if you want to be a successful forex trader you can be its as simple as that.
By: Sonia Kristina
