Forex Success - These Novices Made Millions After 2 Weeks Education How?
By: Samuel Leslie Berkovits
A famous novice group of traders who had never traded before, studied for 14 days and then went on to make $100 million in just 4 years and you can learn much by making their story part of your essential forex education...
The group were taught by Richard Dennis a successful trader in the 1980s and he had the following aim in mind:
He wanted to prove that anyone could learn to trade forex with the right education and right mindset.
He set about his task and the group was diverse, of all ages male and female and of varying levels of academic achievement. The group consisted of a female accountant, an actor, a couple of card players, a kid out of school and a security guard so a diverse mix.
He then taught them to trade in 14 days and then gave them trading accounts. They rewarded him with $100 million in profits in 4 years and went down in trading history.
This group was nicknamed the turtles and you should read their story - not only is it inspiring as it shows anyone can trade successfully but it gives you an insight into what is needed to become a successful trader.
You need a simple system and Dennis essentially taught them a trend following breakout method.
The real point to master for any trader (and is the reason why 95% of traders lose) is you must have the discipline to follow your system and this means knowing it from the ground up.
Dennis taught them the system, how and why it worked, so they could have confidence in it and the discipline to follow it.
Discipline is the key and most traders are naïve and don't think its important - but it is, when you have to sit with your trading system through losing periods, as the market makes you look a fool.
You need the discipline to stay on course. If you don't have the discipline to follow your trading system - you don't have one!
Read more about the turtles and you will see it wasn't the method that made them successful, it was the mindset and money management they employed.
It's inspiring too, as it teaches you the opportunity to become a trading millionaire is open to all and even if you don't do as well as them, you can achieve currency trading success.
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