This story is about a famous experiment in 1983, when trading legend Richard Dennis wanted to prove anyone could learn to trade so he taught a group of people who had never traded before then set them off to trade - the result? They made $100 million in 4 years. There is a lot you can learn from this story and use in your own forex education.
The turtle experiment proved ANYONE can become a successful trader, with the right Forex education and everything about trading can be specifically learned by anyone with the desire to succeed.
This is Of course true - but still 95% of traders lose their money and the turtle experiment can give you an insight into why and how you can enjoy currency trading success.
The Experiment
The people Dennis selected represented a variety of different people of all ages, both sexes and from all walks of life including:An actor, security guard, a couple of professional card players, an auditor, a boy fresh from school and a female exchange clerk - so a diverse group of people! They then went on to make annualized 70% returns and make $100 million and many went on to become trading legends.
Dennis taught a Trend Following simple trading methodology - but also the confidence and the discipline to follow it through periods of drawdown, to long term currency trading success.
What You Can learn
The reason most forex traders fail is simply they cannot adopt the right mindset to succeed. Having a sound method is only part of the equation for success - you must have the confidence and the discipline to follow your system through draw down periods to win longer term. If you can't follow your method with discipline, you really have no method at all.
Dennis proved that a simple system that traders could understand, applied with discipline, could lead anyone to success and he was proved right. This logic of course still applies today.
The way to make money in forex trading is based upon the following:
A Simple Logical Method + Understanding of It = Confidence = Discipline = Forex Success.
Most traders however use methods that are not logical with good examples being day trading or scientific methods, or they follow someone else. Of course if you use a method that's not logical you stand no chance but if you try and follow someone else without believing or testing their logic you will fail as well. You are going to get losses (don't let anyone tell you won't) and its here the correct mindset is so important your discipline is based on confidence and you need this to stick with your method.
Discipline is vital to success and this is based upon inner knowledge and understanding.The turtle experiment is part of trading history, the story should act as inspiration to anyone who wants to learn currency trading and enjoy currency trading success. It imspired me to start my trading career 25 years ago and has inspired countless traders over the years, as it shows that anyone has the oportunity to achieve success if they learn the right knoweledge. If you understand the above then you to could become a successful trader and make the income you desire from trading global forex markets.
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