Forex

There were a group of traders nicknamed "the turtles" who were taught by trading legend Richard Dennis and the only thing they had in common was - they had never traded before. After 14 days they started to trade and made millions but how do they do it?

First let's look at the background to the experiment.

Richard Dennis believed that everything about trading could be specifically learned and his partner Richard Erkhard disagreed, so Dennis set out to prove his point.

He collected a diverse group together - of all ages, both sexes and varying levels of education. The group contained a Boy fresh from school, a female auditor, a security guard an actor and a couple of professional card players, to name a few.

Dennis then set about teaching them a simple method and the discipline to trade the method. After 14 days they were all set to trade and they started and made him over $100 million dollars and many of them still trade today.

So what was their secret?

The answer is Dennis taught them a simple method but he taught them to have confidence in what they were doing so they would have the discipline to follow their method through periods of losses to achieve long term forex trading success.

What can you learn from the turtles?

The first point is anyone can learn to trade, if they have the right forex education, as forex trading is a learned skill.

Secondly, your method does not need to be complicated - but you need to have confidence in it. Trading is as much in the mind as it is in your method.

If you keep your method simple, you are more likely to understand it and be able to execute it with discipline furthermore, a simple method will tend to work better than a complicated one in the brutal world of trading, as there are fewer elements to break.

One of the keys to the turtles success was their money management techniques. This is a neglected area for many forex traders and most do it simply as an after thought. If you want to win at forex trading, you need to operate a rigorous and well thought out money management plan.

Could you be successful?

Yes - anyone can, you may not be as successful as the group above - but you can achieve currency trading success as it's a learned skill.

Today, many traders think they can simply buy success and there is a huge industry in selling systems with simulated track records that greedy traders buy and of course they don't win.

You don't buy success for a few hundred dollars and no effort!

Not only are most of the trading systems junk - but any trader must learn that success comes from within.

Having a successful method is essential - but so to is having the confidence and discipline to follow it - if you don't have discipline to follow your method you don't have one at all.

Dennis made sure when he taught them that they understood what they were doing so they could have confidence and discipline to follow their plan.

In forex trading mindset is just as important as knowledge.

Forex trading is not a walk in the park and you wouldn't expect it to be, with the rewards on offer but if you have a desire to succeed and you a willingness to acquire the right knowledge and adopt the right mindset you can win.

Forex trading offers limitless opportunities for those traders willing to put in the time and effort to learn a method they can have confidence in and follow with discipline.

Sounds simple?

In essence it is - but you must accept you are in charge of your own financial destiny and you must work smart to win.

Understand the above and you can enjoy currency trading success.