Finance & Investment, Forex Training - the Training These Traders Had Saw Them Make Millions After 2 Weeks!
The experiment was devised by legendary trader Richard Dennis who set out that anyone could learn to be a trader, if they had the right mindset and the right education.
The group was diverse and consisted of an actor, a security guard, a kid who had just left school and a female auditor to name just a few of them. Dennis set about teaching them to be traders and they then got accounts and traded and the rest is history, they made $100 million in 4 years and went down in trading history.
The question you might be asking yourself after reading the above is how do it and what did they learn which was so vital when 95% of traders lose?
The answer is Dennis focused on three main areas.
A Simple System
The trading system was essentially a long term breakout system - nothing complicated and it was easy to understand and of course it's a fact - simple systems work better than complex ones as there are fewer elements to break.
Money Management
He taught his traders to play great defence first (this is something most traders never learn) and protect there equity with a rigorous set of money management rules. These had to applied rigorously, as by its nature a long term breakout system will have long periods of losses (all systems do) and you need to stay on course until you hit a home run
Discipline
Dennis knew that most traders don't fail because they can't learn trading - they fail because they cannot take losses and execute trading signals in a disciplined fashion.
Discipline can only ever be achieved if it's based on how and why the trading system works so you have the confidence to keep applying it even in losing periods. Discipline is not easy but you can obtain it if you know what you're doing and why you will succeed.
The majority of traders never get discipline, as they think they can follow someone else or a junk robot and see forex as a walk in the park and its not - its hard, that's why the traders who get the right knowledge and education win big.
Keep in mind forex success, has nothing to do with working hard, its to do with working smart and focusing on the basics, getting a simple system you have confidence in and can apply with discipline.
Sure you may not become as rich as the above group but the opportunity is there and you know you can achieve success which can be a great second income or even a life changing one.
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Related Tags: currency trading, forex trading, forex trading system, forex training, forex discipline
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