These Traders Made Millions, Quickly Learn Their Secret
These Traders Made Millions, In this article, we will study a group of novice traders, who had two weeks training and then went on to make millions in profit. You may not make millions but if you see how they made money, you will see how you can enjoy Forex trading success.
Richard Dennis was a well known trader who had made millions but he was very modest and claimed anyone could be a successful trader providing, they had the right method and mindset so he set himself a challenge:
To teach a group of people, with no experience to trade in just 14 days and these people would be both sexes, all ages and of a varying intelligence. The group was a good mix and contained an actor, a security guard and a female accounts clerk to name just a few.
After their training, they started trading and started piling up triple digit gains and went on in a period of 4 years to make hundreds of millions of Forex profits. So what was the secret of their success? I have summarized the key points behind their success below and some of them may surprise you so here they are:
The Best Forex Strategies are Always Simple
The best strategies are simple and use technical levels to enter trades. The trading system taught, was so easy to learn it took just a couple of weeks. Being clever or working hard on a trading system, doesn’t guarantee success so keep it simple and you can win.
No Prediction is Needed to Make Money
Despite what many gurus will tell you – Forex prices cannot be predicted! If you want to make money you simply trade price action and watch for confirmation of trend changes. The strategy used was based on trading breakouts and traded long term trends which is always going to make money.
Money Management – Losses Don’t Matter the Size of Them Does!
The system lost over 70% of all trades placed but the strict money management rules meant, they were always small. On the other hand, the big profits were run for weeks or months and covered the losses, giving the traders great long term profits.
Forget the people who tell you, that you can win over 90% of the time – its a lie. Most of the successful traders in the world, win less than half their trades but that doesn’t matter, because use proper risk control to cut losses and run profits.
The Key Factor for Success – Your Mindset
It’s simple – If you don’t trade with discipline you won’t make money. Let your emotions get involved and you will run losses which will end up with your account being wiped out. The traders in the group, had no problems learning the system or understanding why it worked – but they all found following the strategy with discipline the hardest part however they knew, that’s what they had to do to win and their discipline was rewarded.
Can You Become a Successful Forex Trader?
Yes you can, as you can see from the above story but the one key point to keep in mind is its not learning a method which can beat the market which is the key to FX trading success, its adopting the right mindset.
It is and it’s the true secret of currency trading success – understand it and you can make a lot of money trading global Forex.
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The turtle story is perhaps one of the most inspiring trading stories ever and if you want to learn forex trading, then you should study how they did it.
Let’s look at it in more detail.
Legendary trader Richard Dennis set out to prove over 20 years ago, that successful trading could be learned by anyone and set out to prove his point.
He took 23 people all with no trading experience:
Male, female, young, old and from a variety of jobs – many of them blue collar and set out to teach these people a method they could use to make big profits.
These traders went on to be some of the most successful and famous traders of all time and made him over $100 million dollars.
How did they do it and how did he teach them so quickly?
Let’s take a look.
Dennis set out to teach them a simple method; they could have confidence in and apply it with discipline and then added a set of money management rules to preserve equity.
There was no filler – he just taught them the knowledge they needed to win.
It’s a fact that trading is relatively simple, yet few succeed – and they fail for two main reasons:
– They do not have sufficient confidence in their method to follow it with discipline
– They cannot run profits and cut losses.
Dennis focused on these two areas taught them how to overcome these obstacles and the group succeeded.
Is it really that easy to learn forex trading?
The answer is yes and no.
It’s a fact that forex trading can be learned by anyone, yet most traders don’t succeed but this is down to them – the opportunity is there for everyone.
Trading is hard (as any venture is in life where there is big money to be made) but there is a big difference between something being hard and not being achievable.
You can succeed but just like the turtles, you must get the RIGHT forex education and learn the right mindset for success.
Trading success in forex is a combination of the right mindset and the right knowledge.
Most traders simply learn the wrong information or are lazy and expect some guru or mentor, to give them success and lose.
Unfortunately most of the systems and e-books sold on the net are not from traders but from marketing companies who never trade the system!
They make their money making claims that have no substantiation and the gullible novice traders fall for it.
If you have a burning desire to succeed and are prepared to apply yourself to trading in the right way, by learn the right knowledge, then you can enjoy currency trading success. The question is:
Are you up for the challenge?
If you are, forex trading can offer you the opportunity to make big consistent gains and brighten your financial future – the opportunity is there now, are you have to take it?