Its true and one of the most famous experiments in trading history, where a group of people were taught to trade, went on to become trading legends and make hundreds of millions of dollars. How did they do it?
Let's look at this fascinating story, as there is much to learn.
We first need to go back to the eighties, when trading legend Richard Dennis, decided to set out to prove that anyone could win at trading - with the right mindset and education.
He gathered a group of people who had never traded before, from all walks of life, all ages both sexes and various levels of academic achievement. They varied from a kid fresh from school, to a security guard and an actor and many more. He then set about teaching them to trade, in just 14 days.
He then gave them accounts and the rest has gone down in trading history.
This group made hundreds of millions of dollars and become trading legends.
So there you have it - anyone can learn to trade and do it quickly.
You maybe thinking well if its that easy, why do 95% of traders lose their equity?
The answer is its achievable and within reach of anyone - but its not easy!
You wouldn't expect it to be with the rewards on offer but you can do it if you keep these points firmly in mind:
1. You need a simple method you understand
The system these traders used was simple (it was essentially a long term trend following breakout system) and the traders had confidence in it because they knew exactly how and why it worked.
Dennis didn't tell them to blindly follow him - he taught them the system to use for themselves and the next point separates out winners from losers:
2. From Understanding Comes Discipline.
To trade successfully you must have discipline. You have heard it's important and it's vital. If you cannot follow your trading method with discipline, you simply don't have one!
Discipline comes from confidence and understanding - if you don't know how and why your system works and have the confidence to follow it, you won't have discipline.
Staying with a method when your taking loss after loss is hard, (even the best traders face this and you will to) but you must stay on track and profits eventually will come.
Sure you may not become as rich as the above group but do what they did.
Get yourself a simple robust forex long term trend following system and follow it with discipline and if you have courage and a solid forex trading strategy, you can enjoy currency trading success.
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