In one of the most famous trading experiments of all time a group of people with no trading experience learned to trade in 14 days and when on to make in excess of $100 million dollars - How did they do it? Let's find out...
There has always been a debate around whether great traders are born or made and trading legend Richard Dennis thought anyone could learn, they just needed the right training and mindset.
His experiment was simple - take people from all walks of life, of both sexes, all ages and with varying levels of intelligence and education and make them successful. This group became known as "the turtles" and they were soon to become part of trading history.
He taught them a simple method (a long term breakout trading system) and then gave them the logic it was based to give them confidence and some money management rules. This took him 14 days and he then set them up with accounts and the results were outstanding, as this group made hundreds of millions of dollars.
Dennis proved anyone could learn to trade successfully - but you are probably thinking:
If that's so - why do 95% of traders lose?
Dennis knew why and its simple - Learning a method is easy, applying it is hard and while many traders have bad methods, most fail due to having the wrong mindset. So what's the right mindset?
The right mindset is one that is highly disciplined.
This means you need to trade through long periods of losses (many weeks or even months) stay on course and keep losses small until you hit profits again.
Most new Forex traders believe the rubbish they read online about automatic Forex profits, no drawdown etc - but this is fantasy not reality.
As a trader to win, you need to learn to lose, keep those losses small and stay on course and that's hard. You need to keep putting your trading signals in, despite the market making you look a fool and handing you losses.
Discipline is not easy!
It's hard - but if you have learned the basics, have confidence in what you are doing; you can ride these losses out and make huge long term gains.
You may not become as rich as the group above, life simply isn't like that - but you can enjoy success and earn a great income in just 30 minutes a day.
The story above inspired me to trade over 20 years ago and I hope it inspires you too and you enjoy success in the worlds most exciting and lucrative business global Forex trading. Good Luck!
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