I have been teaching forex trading for 25 years and forex trading tip to anyone is to study the story of “the turtles” if they want to succeed at currency trading. Why?
Because it covers a group of traders that learned to trade in just 14 days and went on to make $100 million in 4 years! If you want to know how to succeed in forex trading, then read and learn how “the turtles” did it. One day trading legend Richard Dennis decided to prove that trading was not a gift it was a skill anyone could learn if they wanted to do so and he set out to prove his point.
He gathered a group of people together – men and women, young and old and with varying levels of education and set about teaching them to trade in just 14 days.
The group included a couple of professional card players, a female auditor, a security guard and a kid fresh from school – Dennis then went to work and taught them to trade in just 14 days and gave them accounts.
They made him $100 million in just 4 years and many of this group went on to become trading legends.
This story is the one that inspired me to trade back in the eighties and it should inspire anyone, because it just shows that anyone can learn to trade currencies and your age, sex or educational background, are no barrier.
Sure you may not become as rich as “the turtles” life simply isn’t like that but the opportunity is there and you might! I have traded professionally for 25 years and I am no rocket scientist and you can to and earn a great income.
So what are the lessons you can learn from the turtles?
Firstly it’s how quickly they learned the method – 14 days.
Dennis knew that simple forex trading methods worked best and he taught them one.
It’s a fact that a simple method is more robust in the face of ever brutal market conditions and is more robust than a complicated one – but Dennis taught them something more:
To have confidence in the trading system, so they could execute it with discipline through long periods of losses to hit the big trends and big profits.
This really is the key of this forex trading tip:
You can have a great method – but if you don’t have the confidence to follow it with discipline then you have no method!
Most traders simply do not understand that they will get periods of losses (despite what some vendors may tell you) and you must stick with your method to enjoy currency trading success. Don’t believe discipline is easy – its not. The turtles had far more losers than winners yet they made huge profits as they stuck with their method.
Dennis drilled into them that they must play great defence first, before anything else and gave them strict money management rules to apply. So it’s a simple method, strict money management and discipline and these keys were valid in the eighties and there still valid now.
You can read more about the turtles in Jack Shwagers excellent book Market Wizards and a book by one of the most successful turtles ( Curtis Faith ) called “Way of the Turtle” It’s a fascinating story and there is much to learn from it.
This story inspired me to trade back in the eighties and I hope that my forex trading tip has inspired you, rather than listen to some self proclaimed guru who only talks the talk, spend $50.00 or so and get the real story from traders who have walked the walk. I hope you enjoyed my forex trading tip and it encourages you to trade the most exciting and potentially lucrative investment medium on earth – global forex markets.