Back in the 1980s one of the most famous trading experiments of all time took place which saw a group of traders with no experience making millions after just 2 weeks training. They way they did it should be an essential part of your forex education...
The test was conducted by trading legend Richard Dennis, to settle a bet with his business partner, that traders were made NOT Born. Anyone could learn to trade with the right education and mindset.
Dennis set out to prove that he was right.
He gathered a group of people together and the only thing they had in common was they had never traded before and knew nothing about it. In the group, there was - an actor, a security guard and a kid fresh from school. These people were of all ages, both sexes and varying levels of academic achievement.
Dennis got to work and taught them. After two weeks, he set them up with trading accounts and the rest is history. This group nicknamed "the turtles", went on to make hundreds of millions of dollars and go down in trading history.
So how did they do it so quickly and with such success, when it's a known fact that 95% of traders lose money?
The answer to this question is essential forex education!
The method he taught was simple, just a long term breakout system with money management rules but Dennis knew that the real problem with traders is not they can't learn - they can but they can't get the right mindset.
Dennis needed to give them confidence in the trading system, so they would have the discipline, to trade through long periods of losses, until they hit a home run and this is what you need to do!
You Need to Lose to Win!
Most traders simply cannot do this.
They fall for expert systems which say they won't lose from vendors and of course, there junk. They come with just a simulated track record and the trader loses and gets wiped out. On the other hand, there are another group of traders who simply cannot keep their emotions in check (for various reasons) and they totally lack discipline. These traders could win - but they cannot be disciplined and lose.
Dennis proved that learning a system is easy - but you need to have the mindset to apply it. If you don't have the discipline to apply your trading system, you don't have one!
In interviews with Dennis's Pupils they all comment that the system was easy enough to learn but staying on course, with discipline was the hard part and it is. Any trader, who tells you discipline is easy, probably has never traded.
Work Smart Not Hard
You don't have to work hard in forex trading, you need to work smart and that means learning a system from the ground up and learning how it will lead you to success and then most importantly, you need to have the discipline to apply it, rigidly in line with your rules. If you can do this, you could enjoy spectacular currency trading success.
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