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 ‘Richard Dennis’
Learn Currency Trading – How Did These Traders Make Millions After Two Weeks Training
March 26th, 2010Free Forex Trading Strategies – 2 X Trading Systems the Pro’s Use That Have Made Millions in Profits
March 1st, 2010
It always amuses me, when traders buy Forex robots for a hundred dollars or so and thinking they will get rich with them – but none of them work as they have never been traded in real time and are simply back tested simulations. The 2 Free Forex trading strategies we will look here, have made hundreds of millions in real time profits, lets take a look at them in more detail.
The systems we will look at have worked for over 25 years and unlike the popular Forex Robots you see for sale online, these systems are from trading legends not just programmers, these systems work in real time, not just in back tested simulations.
The first free Forex trading strategy we we will look at is “The 4 Week Rule” which was devised by the grandfather of modern trend following Richard Donchian. We have written in detail on this strategy, in other articles but in summary, its a one rule, trend following system which is based on breakout trading. While incredibly simple it works and always remember, the best trading systems are simple, as they have fewer elements to break than complex ones.
If you apply the 4 Week rule correctly, you can make some great long term Forex profits with a system that has stood the test of time.
The next strategy we will look at which you can get for free, comes from Richard Dennis, who incidentally, was also a fan of the 4 Week Rule; His strategy was based on the same logic, trading long term trends via breakouts and it made huge profits. The rules he devised, were used by a group of novice traders to show that anyone, with the right education and system, could win at Forex. Dennis was proved right and in just two years, his group of novices made $200 million real time dollars with it!
The system rules are available free and if you look at the strategy it has all the elements a good strategy has and I personally think, any traders should look at it for the money management rules which are a great example of how to preserve equity. The system is less effective today than when it was first used, as markets have become more volatile but for showing you the basics a good strategy needs to succeed its a great system to look at.
Two simple systems, by true trading legends you can learn from and there both free! Look them up and make them part of your essential Forex trading education and if you learn from them, they will help you enjoy currency trading success.
By: Samuel Leslie Berkovits
Forex 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
