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 ‘Security Guard’
Learn Currency Trading – How Did These Traders Make Millions After Two Weeks Training
March 26th, 2010Successful 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
Forex Education – How a Group Of Traders Made Millions After Just 14 Days Training!
January 28th, 2010
If you want to learn the right forex education then you need to study the story enclosed in this article. We are going to look at a group of traders who had no experience but with just 14 days training went on to make over $100 million in 4 years.
The story takes us back 25 years as legendary trader Richard Dennis set out to prove a point:
The Experiment
That anyone regardless of their educational background, age, sex or profession could learn to trade so he gathered together a diverse group he nicknamed “the turtles”
The diverse group consisted of an female auditor, an actor, a couple of professional card players and a security guard – so a diverse group.
The only thing they had in common was they had never traded before.
Dennis set them to work and in 14 days had them trained and they were given accounts to trade and the result was hundreds of millions in profit.
Dennis had proved his point – Anyone can become a trader if taught the right knowledge.
The Paradox
You maybe thinking – if anyone can learn to trade then why do 95% of traders lose their money?
You can learn the answer to this from the turtle experiment.
Dennis knew that teaching a method is easy but the problem is the trader must have the right mindset to apply the method – If you don’t have the discipline to apply your method you don’t have one.
He taught them a simple method – but also everything about it, terms of the logic behind it and why it works. This meant they could have confidence in what they were doing and the discipline to apply it.
Discipline the Key to Forex Success
A forex trading system is easy to learn, executing trading signals through is strong of losses is hard even for experienced traders. If you think it’s easy try it and see.
The turtle experiment shows that trading success is open to all – regardless of educational background, age or sex. We all have a chance to succeed, what we make of that chance depends on our forex education and mindset.
More Info
You can read more about the experiment in Jack Schwagers excellent book Market Wizards and from one of the most successful “turtles” Curtis Faith in “The way of the turtle” where he outlines everything about the experiment and its application including the rules and the challenges the turtles faced.
Finally
The story of the turtles inspired me to trade over 20 years ago and I hope it inspires you as well.
By: Kelly Price
