If there is one story about forex trading that you should learn and digest it's the story of "the turtles". This group of traders learned to trade in just 14 days and went on to make $100 million in just 4 years - this story is inspiring and could lead you to currency trading success.
Legendary trader Richard Dennis set himself a task to show that anyone was capable of becoming a successful trader with the right education and mindset, so he gathered together some people from all walks of life, of all ages, both sexes and set about teaching them to trade.
They were a diverse group which included an auditor, a security guard and a kid fresh out of high school. In fact they only had one thing in common:
They knew nothing about financial markets and had never traded before.
Dennis taught them in 14 days and set them up with trading accounts and the rest is history they made over 100 million dollars within a few years and many went on to become trading legends.
Dennis taught them a simple currency trading system so simple in fact it could be understood by anyone (essentially it was a long term following breakout system) and rigid money management criteria. He didn't tell them to follow it blindly, he made sure that they understood the logic it was based upon, so they were confident enough to take the system and apply it themselves.
So what can you learn?
That simple systems work well and still do why?
If you complicate a system to much you will end up losing because there are too many elements to break. Today we have more computer power and better number crunching data than ever before yet, 95% of traders still wipe themselves out and always have done.
Being to clever or building complicated systems will not help you - so keep it simple.
Anyone can learn to trade a system but far fewer can apply it with discipline when the pressure is on and the chips are down and loss after loss hits you (and believe me they do and its tough) its here rigid money management and the discipline to hang on are vital and take short term losses to make bigger long term profits.
Of course you need a robust system to succeed - but you also need the discipline to follow it and that's what Dennis taught his pupils.
Discipline is hard, as it means we have to keep our emotions in check and that's tough, even for seasoned traders. However learn how to do it and you can enjoy currency trading success.
Maybe you won't become as rich as the turtles did, life is simply not like that but it does prove one point:
Anyone can learn to trade and anyone can be successful so use it as an inspiration in your forex trading and check out these two great books.
Way Of the Turtle by Curtis Faith, who was the most successful of the turtles and tells you all you need to know about the experiment and also read the great interviews in Market Wizards, by Jack Schwager which has not just info about the turtle experiment, but some of the best traders ever interviewed - both are essential reading.
The turtles inspired me to trade over 20 years ago and I hope they inspire you to and their story helps lead you to currency trading success.
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