Here we will look at some essential Forex trading education from a group of people who learned Forex trading in just 2 weeks and went on to make millions in profit. Let’s take a look at one of the most famous trading stories of all time and how it can help you enjoy trading success.
Richard Dennis was a successful speculator and had made countless millions in profit but rather than bragging about it, he claimed anyone could learn to be a successful trader and he set out to prove it.
He advertised for people who wanted to learn to trade and gathered a broad cross section of people together which included – a security guard, a boy just out of school, a lady auditor and an actor and then set about teaching them to trade. They got two weeks education, then they were given trading accounts and they went on to make triple digit gains and millions in profit.
Dennis had taken a group of people with no trading experience and turned them into successful traders in just two weeks – so what can we learn from the experiment? Let’s take a look.
– The Best Forex trading systems are simple and the one Dennis taught was easy to learn, so easy in fact the traders learned it in two weeks. All the best systems are simple and the reason why this is so is – complex systems have to many components and break.
– In terms of methodology, the system didn’t predict but traded price action and focused on locking into long term trends via breakouts.
– What would surprise most people is – the system LOST the majority of its trades ( around 70%) but still made huge gains due to the systems money management which cut losses quickly kept them small and made huge profits by holding and running the longer term trends.
– The other point to keep in mind is the importance of mindset – the traders all learned the system quickly understood the logic but they still had problems taking lots of small losses ( as we all do) but they knew it was the only way to win, stuck with the system and made huge gains.
Why You Can Win at Forex Trading
While you may not make as much money as the above group of traders the story shows you why you can win.
To win you only need a simple system and anyone can learn one of these but the real key is having the right mindset. You need to trade with discipline at all times which of course most traders fail to do. The right mindset though is a choice for you so make the right one and Forex trading success can be yours.