If there’s a story every trader should read, it’s the story of the “Turtles” – this group of traders learned how to trade in just 14 days and made millions afterwards, and how they did may surprise you.
First, let’s go through the background of the turtle story.
In 1983, legendary trader Richard Dennis decided to prove that anyone can learn to trade. He then selected a diverse group of people to prove his point. These included an actor, a security card, a boy fresh out of school, and an accountant to name a few.
In 14 days he taught them his method, a set of money management rules and sent them to trade.
They made Dennis $100 million, proved his point that anyone can learn to trade, and became some of the most famous traders of all time!
There are several points that any novice trader can learn and make their forex education much easier, so here are the key points to keep in mind.
1. They did it quickly
14 days and then acted and made millions!
Not bad at all and Dennis focused on just teaching them what they needed to know, no filler and no knowledge for knowledge’s sake. Remember, you are paid for getting the trading right, not for the hours you put in.
2. They kept it simple
The system taught to them by Dennis was simple and this was by design – it is a proven fact that simple systems work better than complicated ones and, just as importantly, are easier to understand and trust.
Dennis not only taught them how to use a method, he taught them how to execute the method with discipline.
This is vital for any trader, if you can’t discipline your method then you have no method!
4. Money Management
They were also given strict money management rules to preserve equity and not take calculated risks when the time was right.
An interesting fact.
While they all did well, some traders fared far better than others and this is a great example of the importance of mindset. Trading isn’t just about methods, it’s also about having the right mindset to make it work.
Indeed, trading success comes from within, as does learning a great technique.
The turtles proved that anyone can learn a method and act – so if you have the desire, you can do it. You can see from the example above that if you work smart, not hard, and find a method you trust, you can trade and win.
They may not get as rich as the turtles, but you should look up and read their story – not only is it interesting, it is also very inspiring and should be an integral part of any beginner’s forex education.
Thanks to Monica Hendrix | #Forex #Education #Traders #Millions #Days #Studying