How Traders Became Millionaires Quickly
I have taught traders for 20 years and have always told them to study the “turtle” experiment which took a group of traders who had never traded before and turned them into traders who would make hundreds of millions of dollars, after just 14 days study…
The experiment was devised to show that anyone could learn to trade with the right mindset and education and was conducted by world famous trader Richard Dennis.
Dennis got a group together and was careful that he choose people from all walks of life, varying ages and both men and women. The group included an actor, a couple of professional card players, a woman auditor, a boy just leaving school, an actor and a security guard.
This diverse group were then taught a simple trading system.
Dennis taught them a simple system based upon strict money management rules and long term trend following and he didn’t just ask them to follow it. He made sure they had confidence in it, so they knew how and why it worked and gave them rock solid confidence in it.
They started to trade and within 4 years had made $100 million dollars and went on to become legends – so what can you learn from them?
1. It’s a fact anyone can learn to trade and be a success they did it and you can to.
2. Simple trend following systems work and are easy to understand
3. It doesn’t take long to learn and your education sex or age is no barrier
4. You must accept responsibility and learn your system to have confidence
The other point you can learn from them we will dwell on in more detail, because it’s the point where most traders have a problem and that’s with discipline.
Trading is as much about having the right mindset as method and Dennis drilled discipline into them, by giving them all the information and making them learn the system so they would have the confidence to trade through long periods of losses until they hit a home run.
Don’t believe anyone who tells you, you wont lose for weeks or even months at forex trading you will, even the best traders do and you will to. This is why you need discipline to take loss after loss sort term while the market makes you look a fool and preserve your equity with strict money management, until the market breaks in your favour.
If you can learn one thing from the turtle experiment its how important discipline is to a trader.
Its clear the trading system could be understood by anyone – but it needed the right mindset to apply it.
So if you have the right mindset and a simple trading system you can win and focus more on mindset as this is the hard part the system is the easy part. Make this story part of your essential forex education and you will see the potential of forex trading as a vehicle to seek financial freedom and how you can achieve it too.