The story of "the turtles" has always fascinated me a group of people with no trading experience were taught to trade in just 14 days and went on to become legends piling up hundreds of millions of dollars. It's an intriguing story and one you should make part of your currency trading education.
Trading forex looks easy but 95% lose and 5% win and this story will give you a bit of an insight into how to enter the elite minority.
One day trading legend Richard Dennis was having a friendly debate with his business partner who said traders were born not made – Dennis disagreed. He therefore set out to prove the point that with the right attitude and education anyone could win.
He gathered a group of people who only had one thing in common they had never traded.
They included: A couple of professional card players, an actor, a security card a female auditor and a kid just out of high school to name just a few.
He then taught them a simple trading system based on long term trend following principals, combined with strict money management criteria and set them off to trade and the result is now well known – they went on to make hundreds of millions of dollars and go down in trading history.
Dennis proved his point – so what did this group do right to make them enjoy such spectacular success?
Here is what you can learn for your own currency trading education.
You only need a simple system and the above was very simple but what you do need is the ability to have confidence in what you are doing, to execute the trading system with discipline and protect your equity.
Here is the difference between successful traders and the losers.
The problem most traders face is, they get the wrong forex education and lose or they can not obtain discipline.
Most traders can not accept responsibility and follow others and of course because they do not have confidence in what their doing, they throw in the towel when they take a few losses. Dennis did not teach his group to follow him or his system blindly – he instilled confidence in them, giving them the discipline to pursue their trading strategy, while taking loss after loss in the short term and focusing on the long term.
He gave them the confidence to maintain discipline and money management and stay on course.
This came from inner confidence in what they were doing – they knew their trading edge would come good.
Most traders could win – but they just do not understand the mental discipline that's involved in currency trading and never acquire it.
Today there is a huge industry in telling you forex trading is easy and you can follow a guru, or even more ridiculous use a forex robot with a simulated track record – its all fairy stories and these traders are just not prepared for the brutal reality of trading for real.
I think the major point you can take from this piece of currency trading education is:
You have the ability to win at forex trading (anyone does) but you must understand that method is only one part of the equation – confidence, discipline and courage are needed as well and this is down to mindset.
If you like the idea of a challenge and the thought of making a lot of money, study this story in greater depth, it's motivational, very inspiring and of course the experiment worked.
Could you make as much as this group?
Probably not, I have been trying for 25 years but I have made a lot of money and achieved a level of success I never thought possible. The turtle story inspired me to have a go andave me pleasure and an income I never thought I could achieve and I hope it does the same for you.