Forex Trading Advice – 3 Tips From a Group of Super Traders For Currency Trading Success
May 5th, 2009
If you want to win at Forex trading, then you should study the story of the turtles. This group of people had no previous trading experience and were taught to trade in just two weeks. They then went on, to make hundreds of millions of dollars. How they did it, is the subject of this article.
The turtle experiment was the brainchild of well known trader Richard Dennis and he simply wanted to prove that anyone could learn to trade regardless of age, education or sex so the group he gathered consisted of a number of diverse characters – A kid just out of high school, a female auditor, a security guard and an actor.
He taught them to trade in two weeks and then gave them each a live trading account. The rest is part of trading history; as they went on to make hundreds of millions of dollars.
This group had a good teacher of course but they learned quickly and achieved huge success and you can learn the following from them as part of Your Forex education.
1. Trading is a learned skill and can be learned quickly
Dennis proved anyone could trade successfully if they had the right education and the story of the turtles, should be an inspiration to any new trader.
2. Simple System are Best
Today, everyone thinks that technology can beat the market but as the ratio of winners to losers, has remained constant for over 100 years, this is not so. The best way to trade Forex markets is with a simple system and the one Dennis taught, was a simple breakout system which followed long term trends. Simple systems are more robust than complex ones and have fewer elements to break in the anarchy that reigns in the Forex markets
3. Money Management is the Foundation Success is Built on
Most traders over leverage their and get wiped out quickly. The turtles were taught to apply rigid money management principles and follow them and above all else, defend core equity. They lost far more trades than they won but because profits were run to there maximum potential and losses cut quickly, they made huge gains over the long term.
4. Discipline the Key to Success
No trader will win without discipline which is simply, the ability to follow your trading system through periods of losses and not deviate from it. This sounds simple but most traders can’t do it; they take losses personally, get angry frustrated, or lose confidence and either deviate from their trading plan or throw in the towel.
Most of the turtles in interviews, said learning the system was the easy b part but following it through losing periods was the hard part and following a trading system is hard for most traders. You can of course get discipline, if you have confidence in what you’re doing and leave your ego behind.
The above trading experiment encouraged me to start trading, as it proved anyone can win at Forex trading and enjoy currency trading success. I hope the experiment inspires you to take look at the exciting and rewarding of trading too.
NEW! 2 X FREE ESSENTIAL TRADER PDFS For free 2 x trading Pdf’s, with 50 of pages of essential Forex info and more advice on Learn Forex Trading visit our website at: http://www.learncurrencytradingonline.com
ESSENTIAL FOREX TRADING COURSE