Here we are going to outline the story of "the turtles" who were a group of people who had never traded before and went on to make over $100 million in just four years. This article is all about learning forex trading for beginners and the lessons that you can learn from the turtles, for long term forex success.
The story begins over 20 years ago in 1983, when trading legend Richard Dennis decided to prove that anyone could learn currency trading - with the right training so, he conducted an experiment.
He gathered a group of 14 people together, from all walks of life, both sexes, various ages, who had varying levels of education and then set about teaching them to trade in just 14 days.
After the 14 days training was completed, he had taught them a forex trading strategy to execute in real time and set them up with real money and real accounts - the result?
This group of traders went on to make $100 million dollars in just 4 years and many went on to become trading legends.
So what can you learn from this experiment?
The first point is - it shows the potential of trading using leverage and although you may not make as much money as the turtles with your forex trading system, it shows that anyone can learn if, they have a desire to learn and the right education.
It also shows that trading is a specifically learned skill, not some god given gift and that all people can learn. It showed that to win at forex trading you don't' need to work hard but work smart and get the right forex education, rather than knowledge for knowledge sake.
Perhaps the most important point that you can learn from the experiment is:
If you read the writings and interviews with formal turtles, they all stress that the system was easy to learn, the hard part was following it with discipline.
This is a common problem for any involved in trading.
It's hard to continually execute your trading signals with discipline, when you are in a period of drawdown and losses. This is why it is so vital to have the knowledge and confidence in what you are doing to hold your discipline.
THE REAL KEY TO SUCCESS
Is inner understanding of what you are doing, to enable you to have the confidence to execute your trading strategy with discipline.
Today, many traders simply don't want to do this - they want to follow a guru or expert and think they can give them success with no effort and of course they lose.
Dennis knew that for his disciples to trade successfully, he had to teach them how and why the method worked, so they understood what they were doing and could hold their nerve.
The fact is currency trading success looks easy to achieve but it eludes most traders, because they can't hold their nerve and trade with discipline.
While the turtle experiment took place over 20 years ago, the lessons it can teach us are as valid today as they ever were.
Forex trading for beginners looks straightforward to most newbie's - but the turtle lesson shows us, not only what you need to do but give any trader inspiration in their trading career with the success that they achieved.
This story inspired me to trade and hope it inspires you to.
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