Trading education » Mindset

Learn Currency Trading – How Did These Traders Make Millions After Two Weeks Training

admin — Tue, 08 Jun 2010 15:11:50 +0000

If you want to learn currency trading and what it takes to win then you should make this story part of your essential for ex trading education. In just 14 days ordinary people with no experience learned to trade and make hundreds of millions of dollars. How did they do it?

In the nineteen eighties trading legend Richard Dennis decided to prove that anyone could learn to trade, with the right forex trading system and mindset.

He therefore gathered a group of people together who had no trading experience, who were of all ages, both sexes and of all educational standards. The group was diverse consisting of a security guard, to an actor.

He then taught them to trade forex and after 14 days gave them trading accounts.

This group made $100 million dollars in 4 years and went on to become legends.

So how did they do it -after all 95% of traders lose what made them different?

Dennis knew that the problem with traders is not so much method but mindset – they simply cannot stick to a plan and keep going when they incur losses. So although he taught them a simple method, he didn’t tell them blindly to follow it, he taught them to learn it and have confidence in it.

You cannot have discipline without confidence.

Even when your confident, its hard to keep trading when the market hands you loss after loss and makes you look a fool.

It’s a fact that anyone can learn to trade yet, few succeed and the reason is they either get the wrong information or simply cannot stay disciplined.

Most traders are simply unprepared for the fact that they must execute rules and stay on course when they lose trade after trade and don’t believe all the rubbish you read online, about regular income and 90% accuracy – that’s not the real world.

You can win at forex trading but you must be able to take losses to win longer term.

Most traders simply don’t have the discipline to do this.

We don’t have time to explain all the aspects of trading discipline here but it’s hard to achieve but that’s why traders who can trade with discipline are so successful – Dennis proved it.

The forex trading system used was simple ( essentially a long term breakout strategy) but it was the mindset he taught the traders – to stand on their own two feet, be confident and take short term losses, to seek longer term gains which was so important.

If you can learn a simple forex trading strategy, get confidence in it and apply it with discipline, you can win.

Sure its not easy, but you wouldn’t expect it to be with the rewards on offer.

So if you want to learn currency trading the right way get a simple forex trading strategy and focus on your discipline and remember if you can’t trade a system with discipline you don’t have one!

There are big rewards to be made but your on your own and must have courage, confidence and conviction in what your doing – do that and you can enjoy spectacular currency trading success.

By: Monica Hendrix

Forex Trading Made Easy – A 3 Step Simple to Follow Plan For Big Profits in 30 Minutes a Day!

admin — Wed, 05 May 2010 19:27:19 +0000

Here we will discuss the subject of Forex trading made easy and despite the fact that over 90% of traders lose money, it’s a known fact that Forex trading is a learned skill and in this article, we will show you how to get the right mindset and education, to enjoy big profits in 30 minutes a day.

Lets go to the first step to success which should be obvious but most traders don’t understand it and lose money – here it is:

1. Accept Responsibility for Your Actions

Most traders don’t and they think they will get rich quick by buying a Forex robot for a hundred dollars or so and making no effort. These systems are laughable in their claims of easy money and anyone who tries them soon gets wiped out. If only making an income for life was as easy as paying a hundred dollars and making no effort. Accept you have to work and now for some good news…

2. Get a Simple Robust Strategy

Forex trading is simple and simple, robust systems work best. If you make a strategy too complicated, it simply has to many parameters to break. Many people think there is some holy grail system and constantly look for it – but there isn’t one so don’t bother looking. Get a simple strategy and you will do just fine and you should be able to learn a system which can make you great profits in around two weeks.

Learning a system which can make money is easy but you have to adopt the mindset to make it work lets take a look at why and how you can get the mindset of a winner.

3. Staying on Course with Your System

When you trade, you will have losing periods, all traders do and it’s the way you deal with these losses which is the key to making money in Forex. Let them run and hope they turn around and you will lose, cut them quickly and you can preserve your equity, until you hit profits again. When you trade Forex, you need to keep your emotions out and follow your system with discipline.

Be a Winner…

Simply understand the three points above and you can enjoy currency trading success. If you do understand them, you can see how you can win and make great profits, when the vast majority of traders lose – good luck and good trading!

By: Kelly Price

Everything You Need To Know About Online Stock Trading

admin — Fri, 30 Apr 2010 18:02:36 +0000

Do you know that there are 800,000 millionaires in North America and 98%of them increase or create their wealth by investing in the Stock Market? And the most intriguing part of the information is that 80% of these millionaires started investing with almost nothing.

Whatever profession you are in, whether you are in service, are a housewife bringing up kids, doing any business, you must know that billions of dollars are being made daily through online stock trading in the markets of the USA and the world. This gives you a chance to put some of this money in your pocket.

You too can join this exclusive league of millionaires only if you have (some) money to invest, earning mindset and the ability to learn and adopt the money making methods of online stock trading and investment decisions to increase your personal wealth.

Choosing the right options in online trading can find you the treasures beyond your wildest dreams and help you live the freest life ever.

The first and the most important step in making money through online stock trading is to educate yourself and acquire an in-depth knowledge of the subject that will not take you weeks to get through. Self education means investing in your personal resources. You are creating an independent and life-long resource for successful online stock trading.

Education will familiarize you with the basics of stock trading and empower you with some smart trading tricks and tips which will enable you to outsmart your competitors.

Education in stock trading enables you to understand the rules and laws of investing, the psychological dilemmas that often afflict the traders. You get a general knowledge of economics and how it influences the stock market. Education in stock trading will help you to remain out of the 80% of investors who lose their investment right from the beginning of the stock trading. If you want to be one of the chosen few comprising of 20% successful stock traders, you must educate yourself so that you understand the value of discipline, judgment and the art of online trading.

Learn the Basics of Stock Trading

You may have come across two terms, investing in stocks and trading in stocks. The two terms may appear same, but are not. You put your money both in stock investing and stock trading. Both ways are investments. You must, however, understand that investing money in stocks denotes long term investment, but investing your money in trading denotes short term investment. You invest the money in buying stock when the market opens and get it back with profit or loss by selling off your shares before the market closes. This is called stock trading.

A trader will make fast movements in and out of stocks during the course of a day, whereas an investor is in for a long haul. He is more interested in consistent growth and will wait patiently over a long term. As an intelligent investor in stocks, you must distinguish between the two goals. You should keep separate the stocks that you trade and those you invest in. While you are trading, you are interested only in making fast bucks. You are not interested in the stock itself. That means when the value of the stock is rising or falling, you sell it off, of course, at the right moment and reinvest your profits in next trade. In case of long term investment, you almost love your stock and understand its long term potential. You understand that the value of the stock may rise and fall several times over the term you hold it in your portfolio and you remain patient.

Internet has revolutionized every aspect of our life and business. It has facilitated trading in stocks online. A click of the mouse can fill up your coffers and even empty them. So you must learn the tools for online trading provided by your brokerage firm on its website. If you learn to use the online trading tools intelligently, making money online becomes a child’s play.

The next logical step is to choose your stock broker. Low brokerage commission is an important factor while settling for your broker especially when you are a day trader, a heavy trader or even a casual investor. But low commissions should not be the only guiding principle in selecting your broker. There may be several other issues like the speed of order execution, ability to contact the real broker when the need arises or customer service that play an important role in selecting a stock broker.

By: Micheal James

Successful Forex Trading – Secrets of the Millionaire Traders and What You Can Learn From Them

admin — Thu, 29 Apr 2010 08:39:49 +0000

Successful forex trading can be achieved by anyone so, what separates out the real pros who make huge long term profits, from the vast majority of losers? Let’s find out…

I am going to start with an experiment which is in fact one of the most successful in trading history which proved anyone could learn to trade.

The Experiment

The experiment took a group of ordinary people, who ranged from a security guard to a kid fresh from school and in 14 days they learned to trade – the result?

They made a $100 million and went down in history as legends.

The experiment was conducted by trading legend Richard Dennis, who wanted to prove anyone could learn to trade, with the right trading education and he proved the point.

The paradox is – anyone can learn to trade but most people lose. So what set this group of millionaire traders apart?

The answer is, forex trading is mostly down to mindset and not method, further explanation will make this clear…

If you take the above trading experiment, the system the traders learned was simple ( a long term trend following breakout method), so simple in fact they mastered it in 14 days. The hard part though was not learning the trading system, but learning to apply it with discipline.

The Key to Forex Success

You need to have a totally different mindset when trading forex.

For example, you can only be wrong and the market price is always right, it will give you long periods of losses and make you look a fool. The challenge for any forex trader is to keep going, through these losing periods, executing trading signals with discipline, until you hit a home run.

You have to have a set of rules you can survive with and have total confidence in them to bring you victory. This means not falling prey to your emotions and ego as most traders do and staying on course.

If you can’t follow a method with discipline you don’t have one!

Dennis knew this and that is why he made them not just learn the system but taught them everything about it, so they had confidence and could stay on course.

A Mindset for Success

Anyone can learn Forex trading and that’s a fact, what you need to concentrate on is your mindset. This means having these traits – An acceptance of you are responsible, confidence in what you are doing, iron discipline to reach your goal and a humble nature with no ego.

If you think it’s easy to do this -its not but if you come into forex trading with the right attitude, learn the right education and trade with discipline you can win.

In any financial market the trader is not defeated by the market itself, he defeats himself success comes from within and if you want to be a successful forex trader you can be its as simple as that.

By: Sonia Kristina

Forex Trading Made Easy – A Lesson From a Group of Super Traders For Big Forex Profits!

admin — Thu, 01 Apr 2010 23:58:21 +0000

95% of all traders lose money and that’s a fact but Forex trading made easy is possible and to show you how you can win, I am going to tell you about a group of traders who learned to trade in two weeks and enjoyed stunning trading success…

Richard Dennis was a well known trader who wanted to prove anyone could win at Forex trading, so he set up a test and the test was simple. He set out to get a group of people who knew nothing about trading and taught them to trade in two weeks. He completed his test and his pupils went on to make several hundred million dollars in just 4 years – he had proved that anyone could win with the right guidance.

Before you say, these people must have been college educated or nerds, they were the exact opposite, just ordinary people a security guard, an actor, a boy just out of high school and an actor, to name just a few of the group.

So why did they do so well when most traders fail? Lets take a look in more detail and see how they achieved success.

The strategy itself was simple, it traded long term trends and did so, by entering trading signals via breakouts which all experienced traders know, is a timeless way to make money. The system had far more losing trades than winners and actually had losing periods that lasted months but long term, it did triple digit annual gains.

The key to the systems success was its simplicity which made it very robust and the fact it had strict money management rules which cut lossers quickly and ran profits. Dennis knew the system was easy to understand but the traders would all have problems following it with discipline and this is true for most traders. Most traders simply can’t take losses or stay on track, through losing periods and here Dennis focused on giving them the right mindset to succeed.

Having the right mindset is a choice – if you want to feel smart and clever and win all the time trading is not for you – but if you can accept losses cheerfully, keep them small and stay on course you can win, as the group showed.

Now you may not become as rich as this group of traders, life is simply not like that – but there is nothing to stop you winning as trading success can be specifically learned. Getting the right education is easy but getting the right mindset is harder however you can do it and you can make a lot of money as the experiment we have just looked at proved.

By: Kelly Price

Currency Trading Tutorial – Getting Started in Currency Trading

admin — Sun, 28 Mar 2010 11:13:02 +0000

This is a concise currency trading tutorial, which will give you all you need to get started in currency trading and develop a trading system for triple digit annual gains…

The first point you need to keep in mind is 95% of traders lose and only 5% win. While anyone has the ability to learn currency trading and win, most lose.

So what separates out the winners from the losers?

The real difference is mindset and currency trading is really 20% method and 80% mindset and some explanation will make this clearer.

Discipline and Self Control

Anyone can learn a forex trading system but the key to success is, executing it with discipline when you are losing. It’s not easy to keep putting in your trading signals, while the market hands you losses and makes you look a fool. You need to be disciplined until you hit a home run.

You only get discipline from confidence and understanding.

This means, learning currency trading basics, on how and why prices move and getting the right forex education. You can then build a simple currency trading system.

Sheep Get Slaughtered

The traders who act like sheep and try and follow others, by buying forex robots or gurus and mentors never win.

Most of the forex advice just mentioned, is poor and even the minority which is good, a trader who doesn’t understand the markets will never have the discipline to follow it.

You must accept success is on your shoulders and comes from within – NOT someone else!

You must understand what you are doing and why it will be successful and this point cannot be stressed enough.

Getting a Simple System For Huge Profits

Any currency trading system that is successful is simple!

Many traders think the more complicated they make their system, the better the chances of it being successful – but this is simply not true.

Simple systems work best and always have as they have fewer elements to break in the volatile and brutal world of currency trading.

A simple long term breakout system, with a few confirming momentum indicators, is all you need and we have covered how to build one in simple steps in our other articles, so look them up.

Why Anyone Can Win

Its because currency trading is a learned skill – you just need to work smart and learn the right forex education and have the right mindset and now I want to tell you a story to inspire you…

Richard Dennis decided to prove anyone could learn to trade so he picked a group of people of all ages, both sexes and of varying levels of intelligence. The varied in occupation from a security guard to an actor and Dennis set about teaching them.

In 14 days they had completed their trading education and went on to trade, they quickly went on to make $100 million dollars and go down as trading legends.

So why did this group do so well?

They had a good teacher for sure – but he only taught them a simple trading system.

The key element he gave them was the confidence and discipline to apply it for themselves and in later interviews, many of the traders said:

Learning the system was the easy bit – remaining disciplined was hard.

So get a simple system you understand and the chances are, you will be able to maintain discipline and go onto achieve currency trading success.

Anyone can win at currency trading and the real lesson to take from this currency trading tutorial is:

That the market doesn’t beat the trader, the trader beats himself.

So work smart, have the right mindset and you could be making a great second income, or even get on the road to financial freedom and remember – success can be yours if you understand the points in this article.

By: Kelly Price

Best Forex Education – The Best Ways the Learn FX Trading Techniques For Huge Gains

admin — Sun, 28 Mar 2010 03:14:20 +0000

Here we will look at the best Forex education to get you on the road to trading success including, the best free education, sources to avoid and the best ways to learn quickly.

Let’s first, look at some education you need to avoid and top of the list are any Forex robots and sure fire trading systems. The cheap Forex robots all lose money and anyone who thinks, they are going to make money by spending a hundred dollars and just sit back as the money rolls in, is going to end up disappointed.

Also ignore any systems which claim they have found the natural order of market movement and they can see the future if you try them, you will see there as accurate as your horoscope.

Forex trading is a game of odds not certainties and to get the odds on your side, let’s tart with the best free education, there is plenty of information that costs nothing and can get you on the road to Forex trading success. The best way to make money in Forex is to become a chartist, its time efficient and works.

All you need to do is learn high odds chart patterns and you will find all the information on how to do this free online. Learn all the best patterns and add a few confirming indicators to help time your trades and you will have a robust system which can make money.

Forex trading is not just about learning a system, its about getting the right mindset to succeed, 95% of traders lose money, always have and always will, because human nature is constant and losing traders cannot trade with discipline. Go to your local online book store and seek out some books by from successful traders and one of the best is Market Wizards by Jack Schwager. This book interviews true trading legends, who all give an insight into how to get the right mindset for success.

If you want to cut your learning curve and get ready made strategies you can try for free, you can try a Forex course. Forex courses come with proven strategies, daily classrooms so you can see the strategy in action and unlimited support. They all come with money back guarantees, so if you don’t think they have helped you become a more successful trader, you can get your money back. These courses are ideal for the trader who wants some guidance and wants to cut their learning curve.

The best Forex education comes in many forms and your personality, will determine the method you choose to learn Forex trading and remember,no other industry can reward you so well for your efforts so learn Forex trading the right way and get on the road to a great second income in 30 minutes a day.

By: Kelly Price

Forex Trading Success – Understand the Only Way to Win is Enclosed in This Article

admin — Thu, 25 Mar 2010 11:42:55 +0000

If you want to win and enjoy Forex trading success, you need to understand the key points in this article or you will lose all your money and do so quickly. Let’s look at this key point and how you can get on the road to trading success.

Many traders think they can beat the market and make no effort so they buy a cheap piece of software and lose money. These traders seriously think they will get rich by following a cheap software package and they all lose. If you could buy an income for life so cheaply the whole world would be trading and 95% of traders wouldn’t lose money.

The good news is Forex trading remains simple and simple strategies work best and this is because they are more robust than complex ones with fewer elements to break, cvan you learn one? Of course you can anyone can and you don’t need to work hard or have a college education either. The important point to keep in mind is Forex trading success does not just rely on having a sound method, it relies on having the courage and discipline to apply it. The reason 95% of traders lose, is not because they can’t learn to win, they can but they lose because they are just not prepared to get the right mindset.

The fact is you will have periods of losses and you must keep them small. Most traders fail to do this and over ride their trading signals when they lose and hope the loss turns around and that leads to disaster. Understand this – to win you have to accept losses and keep them small, there is no strategy that wins all the time. Don’t worry about losing though, if you keep the losses small you can run your profits to cover them.

Anyone can win and learning a method is not hard getting the right mindset takes a bit more practice but with a sound Forex education and the desire to succeed, you can enjoy a great second income in 30 minutes a day, it really is that simple.

By: Samuel Leslie Berkovits

Forex Trading – These Traders Had No Experience But in 14 Days Became Super Traders – How?

admin — Thu, 25 Mar 2010 11:34:17 +0000

Imagine having no experience of forex trading, being trained for 14 days and you then went on to make millions – sounds far fetched? Well, it happened in the 1980s in one of the most famous trading experiments of all time which is enclosed and should become part of your essential forex education.

In the nineteen eighties, trading legend Richard Dennis wanted to prove a point and the point was simple:

It doesn’t matter what you do, how intelligent you are, if your young, old male or female, you can become a successful trader, if you have the right mindset and a willingness to learn.

He set out to prove his point.

He gathered a group of people who met the above criteria and they included:

An actor, a security guard, a kid fresh from school and a female auditor – diverse they were but they were all about to get a trading education.

In 14 days, Dennis taught them to trade and set them up with live accounts and they went on to make hundreds of millions of dollars and go down in trading history.

This group was nicknamed “the turtles” and proved Dennis right – anyone could learn to trade with the right education and the right attitude.

That’s interesting you may say… but 95% of traders lose, so how come this group was so successful?

The answer lies in the way they learned.

They learned a simple long term trend following trading system (essentially a breakout system) and it was so simple anyone could understand it. It’s a fact also, that simple trading systems always work best, because they have fewer elements to break than complicated ones.

Now Dennis didn’t just say off you go and trade – he rammed home why it worked, gave strict money management rules and made sure they would be prepared to trade it with discipline, to achieve success.

The above is the important part.

Learning a trading system is not enough, you need to execute it with discipline and take loss after short term loss, without quitting and then profits follow. You need to take losses to win and stay on course.

To trade you need to follow your system with discipline and you need confidence to do this. He taught them to stand on their own two feet and appreciate – learning a trading system is easy – executing it with discipline is the hard bit.

You can learn from someone else – but you have to make the system work for you!

Most traders can’t do this, they like to ask experts, trade worthless robots with simulated track records, or believe drawdowns don’t last and trading is easy and they all lose.

Trading is all about having the mindset to succeed and to execute a plan. Most traders are to lazy or naïve to do this and most think forex trading is easy. Well, when big money is on the line and to be earned – it’s not easy. However, there is a big difference between something being easy and something being achievable.

Sure you might not become as successful as the above group life simply isn’t like that but the opportunity is there – they did it you could to.

Even if you don’t achieve such great success, you can find success which more than makes up for the effort you have to put into your forex trading.

Sure forex trading is not a walk in the park, it’s a challenge but accept it – work hard, have the mindset to succeed and you can find success – it’s up to you.

By: Monica Hendrix

Why 90% of Forex Traders Fail?

admin — Tue, 23 Mar 2010 04:26:09 +0000

Yes it’s true and it is only a conservative estimate. There have been many statistical studies to prove the point. A very small percentage of these traders even go bankrupt.

Why do traders fail ? Is it because they are stupid? No. Studies have shown that many of these traders are highly educated, have good incomes and are highly motivated. Then why do they fail?

Lack of Education

A doctor generally spends around five years in training before he is given a basic license to practice. Developing core skill sets is one of the fundamental principles of success in any human profession. In relation to trading, education does not mean learning about how to do, for example learning Fibonacci patterns or drawing charts or learning new trading systems from traders. It means thoroughly educating on all aspects of the chosen profession. Learn about Psychological tendencies of human mind, correct approach to money management and learning the correct exit and entry methods for the trading style that suits you, the list is practically endless.

Peter Bain in his Am Reviews says it clearly “You can never learn too much”.

Your income would be the by result of the skill you develop. Devote yourself to life long learning.

Approaching trading with the wrong Mindset

Here are common misconceptions which beginners often fall into.

* You can Trade with 80 % accuracy.

* Turn $ 1000 into six figures in short few months.

* Predict Turning points in their market within minutes.

* Buy a system that is 100% ACCURATE.

* Quit their day job and begin trading full time in a short period of time.

Why is this mindset prevalent? It’s nothing but a result of marketing hype which a trader’s mind is often subjected to – “Make 10 pips a day Guaranteed!”. The human subconscious mind often uses these signals to make it’s own reality.

However experienced traders would often tell you that successful trading takes time and persistence.

A successful trader is the by product of persistence, hard work and sound judgment. Good Judgment stems from experience and experience stems from many bad judgments. Take your time to learn trading and expect to make mistakes, there’s no stopping for you.

By: Mike Lombardy