Here I am going to cover forex training and give you a story that inspired me to trade over 20 years ago and it covers a famous experiment that took place in 1983 where legendary trader Richard Dennis took a group of novice traders and trained them to trade with spectacular results…
The group of traders were known as “the turtles” and the only thing this group had in common was:
They had no experience of trading financial markets.
They were various ages, various levels of intelligence, both men and women and the group consisted of diverse occupations:
– A boy fresh from school
– A security Guard
– An actor
– A female auditor
– A couple of professional card players
To name but a few of the group.
The purpose of the experiment was to prove that anyone could learn to trade and trading was not a god given gift.
The results were spectacular:
This group went on to become some of the most famous traders ever and made Dennis $100 million in just 4 years.
So what can you learn?
The first thing is obviously anyone can learn to trade financial markets – if they get the right education. It doesn’t take long to learn to trade, as Dennis proved – just 14 days.
You maybe thinking – Well if that’s the case why do 95% of forex traders lose all their money?
The answer to this question is covered in the rest of this article.
The first point is trading can be learned by anyone with a desire to succeed and a willingness to learn – but in most instances, traders either get the wrong forex education, or they under estimate the importance of mindset.
You can read about the turtles and see the system was essentially a trend following breakout system – nothing complicated and the fact they learned it in 14 days proves the point.
Forex trading success however does not rely just on method – it relies just as much if not more so, on mindset. You need confidence and discipline to trade and if you don’t have these traits then you have no method at all – as you will be unable to apply it.
Dennis didn’t just tell them to follow his advice, he taught them to understand what they were doing, so they could have confidence in the trading system taught, to follow it with discipline.
This is where most traders go wrong.
They think that they can follow someone else and succeed – but you can’t, you have to learn the basics and then take responsibility for your actions.
If you think trading with discipline while you are taking loss after loss (and all forex trading systems do) think again – it’s hard to stay on course. For the importance of mindset in forex trading try reading – “The Disciplined Trader” by Mark Douglas, an excellent book all traders should read novice or pro.
So could you become as successful as the turtles?
Probably not, life simply isn’t like that – but I Will say one thing:
There is nothing to stop you achieving currency trading success – Everything about trading can be learned and that’s a fact. There are no secrets to successful trading, it’s all about you creating a framework to survive, in the anarchy that is the forex markets and trade the truth.
The turtle experiment inspired me to trade and I hope it inspires you. If you want to read more about it check out our articles and the following books:
Way of The Turtle – Curtis Faith
One of the most successful turtles, tells you everything you need to know about the methods and mindset the traders had to adopt to succeed.
Market Wizards – Jack Schwager (Edit)
You get a number of great articles, including one on how and why the turtle experiment came about. One of the top selling investment books of all times and with good reason – excellent.
So there you have it – an inspiration for your own forex training hopefully!
Simply have a willingness to learn, get the right forex education and you never know how successful your forex training could make you – Good Luck!