One of the most famous trading experiences of all time took a group of people with no trading experience and turned them into millionaires after just 2 weeks training …
The turtle story is inspiring because it shows that anyone can win at trading and also gives a clear insight to why most traders fail.
This experiment was conducted by Richard Dennis and known as the turtle experiment. Dennis wanted to prove anyone could become a successful trader and trading was a learned skill so he did the following:
1. He got a diverse group of people together who had never traded before and they were of all ages, men and women and of varying levels of academic achievement.
2. He taught them a method and the mindset to succeed and set a period of 2 weeks.
3. They were then given live trading accounts to see how well they would do.
The result of this experiment was – they made Dennis $ 100 million dollars in just 4 years and went down in trading history as legends.
The experiment throws up a question:
If anyone can learn to trade then how come 95% of ALL traders lose?
Dennis knew the answer and its simple – traders either get the wrong forex education or they do not have the correct mindset.
The trading system was simple and it was just a long term breakout style system with strict money management rules.
While the system was simple Dennis knew the traders would not win without they could apply the trading system with discipline so he did not tell them it worked and to follow it blindly, he taught them why it worked and instilled confidence in the traders that it did work, by showing them how it could lead them to trading success.
Losing is Part of Winning
He knew the traders would have to trade through long periods of losses and if they did not have the discipline to keep going through these periods, they would lose and this is the reason most traders:
They will not accept responsibility for their actions (how many follow worthless forex robots? Or mentors) and they can not take losses and keep them small, as they do not have discipline.
The Market Does not Beat the Trader the Trader Beats Himself
The turtle experiment is one any trader can learn from as it shows anyone can learn to trade and the key is not just a trading system, but a combination of a trading system and the discipline to apply it.
Keep in mind forex trading looks easy and learning it is but you must have the correct mindset in place as well as a good system to win.
This story is inspiring and sure you may not make as much as them but the opportunity is there for all, to earn a great side income or even a life changing income – if you have a desire to succeed, a willingness to learn and simple robust method, then forex trading success can be yours.