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Forex Education - A Lesson from History for Forex Success

Written by OnlineLoan on 19:55

Forex Education - A Lesson from History for Forex Success

By: Kelly Price

Here we are going to look at the story of "the turtles". If you don't know who they were, then you should study this group of traders, as learned to trade in just 14 days and made $100 million, in just 4 years! There is much to learn and it's an inspiring story, so let's look at it.

The story begins in 1983, when trading legend Richard Dennis decided to prove that anyone could be a trader, if they had the right mindset, the right education and the right trading system.

He picked a group of people who had never traded before.

This group consisted of both sexes, various ages and various levels of academic achievement and variety of occupations from a security guard to a boy fresh from school.

He then set about teaching them to trade in 14 days.

He set them up with trading accounts and the results were astounding:

This group of traders went on to make $100 million in four years and many went on to become trading legends.

So what can you learn from the experiment?

The first lesson is, anyone has the potential to be a successful trader and every thing about currency trading can be learned.

Secondly, if you have the right forex education you can do it quickly, 14 days is not a long time to learn any trade!

Hang on! - You maybe saying:

If everyone can learn to trade, why do 95% of forex traders wipe out their accounts?

When Dennis taught the turtles, he used a simple method - but he rammed home two:

1. You need to have mental discipline to follow any system because if you don't, you have no method at all. He made sure that the traders knew exactly how and why the system worked, to give them the confidence and discipline to follow it.

Most traders simply never get confidence in what their doing, as they follow others or simply have no well thought out forex trading strategy and trade with their emotions.

2. Dennis also taught the traders to play great defence first. This meant strict money management to protect their equity above all else.

Just like any great football team you build from the back.

There is no point in having a great offensive line, if your backs can't protect you and it's the same in trading.

The Key Combination

Dennis essentially knew that you can teach anyone a trading system - but that's not enough, you need to combine this with mental discipline.

A lot is written about discipline in trading yet, few new traders really understand how hard it is to maintain it.

To keep executing a trading system when it's losing is tough!

Of course all systems will lose and you have to have the confidence, discipline and money management in place to ride the period out.

Could You Be Successful?

The story of the turtles actually inspired me to trade back in the eighties.

The reason it's so inspiring is because it shows anyone can make money with the right mindset and the right education.

Sure not everyone is going to become as rich as "the turtles" - but the opportunity exists and everyone can earn an income that more than compensates for the effort.

So the moral of the story is work smart, get a simple system, have confidence in it and apply it with discipline - if you can do that your on the road to currency trading success and a life changing income.

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