In a famous experiment to prove that anyone could learn to trade, a diverse group of people with no experience were taught to trade and went onto to make hundreds of millions of dollars. If you want to learn forex trading you should learn from how they did it and that is the subject of this article.
The experiment took place in the late 1980's, when well known trader Richard Dennis decided to prove anyone could learn to trade, regardless of age, sex or education. So he gathered a diverse group together and they only had one thing in common - they knew nothing about trading financial markets.
The group consisted of - a couple of card players, a boy who had just left school, as actor and a security to guard, to name just a few. Dennis then set about getting them ready to trade and a 14 day time period for learning was set.
The system taught was a simple one and was essentially a long term trend following breakout system - but Dennis knew that giving them a successful system was not enough; they had to learn to apply it with discipline. He taught them to have confidence in the system and gave them very strict money management rules they had to apply with discipline.
So why did this group do so well when most traders fail?
They of course had a good teacher and a logical system- but it was the disciplined application of the system with money management which saw these traders prosper.
What most forex traders cannot do is trade with discipline.
They think they can but they can't and there are a few reasons for this.
First today, most traders don't even bother trying to get the right forex education, they buy a junk forex robot with a made up track record and think there going to win, even if they get a good system, they can't apply it because they don't know how it works, they lack confidence and throw in the towel early.
Most forex traders are also very naive about drawdown or losing periods and think they don't last long!
Any experienced trader will tell you they do! Even the best traders can lose for weeks, or months on end and you have to remain disciplined until you hit a home run and win.
If you think its easy, to keep executing a trading system, when the market hands you losses and makes you look a fool think again. It's hard but if you understand losing is part of winning and take your losses cheerfully you can make a lot of money.
From this experiment you can take heart from the fact that anyone can win at forex trading with the right forex education and mindset and ok, you may not become as rich as the group above - but it shows you the opportunity and rewards are there and you can enjoy currency trading success too, if you learn the basics and have a disciplined mindset.
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