Trading education » Right Education

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

Forex Trading Made Easy – How to Win and Make a Triple Digit Income When Most Traders Lose!

admin — Sun, 21 Mar 2010 03:56:47 +0000

Most traders lose money and that’s a fact so it Forex trading made easy possible? Yes it is because, if you avoid the myths and get the right education and mindset, it’s a proven fact that you can win.

Forex trading made is easy is possible but being easy does not mean you can get away without learning the basics of trading and doing some work! While this should be obvious to anyone, it isn’t to the vast amount of traders who buy junk, software packages and think there on the road to financial freedom for around a hundred dollars. These traders all get taught some respect by the market, in the form of an equity wipe out. Avoid any of these get rich quick systems or you will join the majority of losers.

As we just said you do need to make some effort and learn the basics but you don’t need to work hard because Forex trading is simple and you only need a simple strategy as it will be more robust than a complex one, with fewer elements to break in the brutal world of trading. You can learn all you need to in around a week or two and then you can start to trade.

Before you start to trade you need to get rid of your ego because Forex trading success is all to do with how you handle your losses. Let them get out of control and you will lose, of course most traders do this, they can’t admit their wrong and hope the position turns around but if you want to rely on hope, you will lose. You need to take losses and hold onto your money for when profits come around again and when they do, you need the courage to milk these trades for all their worth.

Getting the right mindset involves a good education and accepting you cannot fight the market, it will give you losses and you need to take them and don’t worry it will reward you with some great trends, you can follow cover your losses and make some triple digit profits.

So Forex trading can be made easy, just learn the right info adopt the right mindset and you will be on the road to a great second income in around 30 minutes a day.

By: Kelly Price

Free Forex Trading Strategies – 2 X Trading Systems the Pro’s Use That Have Made Millions in Profits

admin — Mon, 08 Mar 2010 22:24:56 +0000

It always amuses me, when traders buy Forex robots for a hundred dollars or so and thinking they will get rich with them – but none of them work as they have never been traded in real time and are simply back tested simulations. The 2 Free Forex trading strategies we will look here, have made hundreds of millions in real time profits, lets take a look at them in more detail.

The systems we will look at have worked for over 25 years and unlike the popular Forex Robots you see for sale online, these systems are from trading legends not just programmers, these systems work in real time, not just in back tested simulations.

The first free Forex trading strategy we we will look at is “The 4 Week Rule” which was devised by the grandfather of modern trend following Richard Donchian. We have written in detail on this strategy, in other articles but in summary, its a one rule, trend following system which is based on breakout trading. While incredibly simple it works and always remember, the best trading systems are simple, as they have fewer elements to break than complex ones.

If you apply the 4 Week rule correctly, you can make some great long term Forex profits with a system that has stood the test of time.

The next strategy we will look at which you can get for free, comes from Richard Dennis, who incidentally, was also a fan of the 4 Week Rule; His strategy was based on the same logic, trading long term trends via breakouts and it made huge profits. The rules he devised, were used by a group of novice traders to show that anyone, with the right education and system, could win at Forex. Dennis was proved right and in just two years, his group of novices made $200 million real time dollars with it!

The system rules are available free and if you look at the strategy it has all the elements a good strategy has and I personally think, any traders should look at it for the money management rules which are a great example of how to preserve equity. The system is less effective today than when it was first used, as markets have become more volatile but for showing you the basics a good strategy needs to succeed its a great system to look at.

Two simple systems, by true trading legends you can learn from and there both free! Look them up and make them part of your essential Forex trading education and if you learn from them, they will help you enjoy currency trading success.

By: Samuel Leslie Berkovits

Forex Trading – The 3 Key Building Blocks for Huge Forex Profits

admin — Fri, 05 Mar 2010 07:32:04 +0000

Here we are going to look at the 3 key points you must consider if you wish to achieve forex trading success. Fail in any of these areas and you will lose.

1. Get the Right Education

To make money at forex trading you don’t need to work particularly hard – but you do need to get the right knowledge and learn it. Most traders don’t and fall victim to common forex trading myths. Here is a list of them, believe any of them and you are guaranteed to lose.

- You can make money with forex day trading

- You can predict forex prices in advance

- You should buy low and sell high to make money

- You can trade off news stories

- You need a complicated forex trading strategy to win

- You can follow a simulated system from a vendor and make money

- Forex trading is easy

Believe any of the above and you can say goodbye to your equity.

If you want to get the right forex education and knowledge you need to spend some time learning the basics and developing a strategy you understand, because this leads onto the next vital ingredient for currency trading success:

2. Confidence

Most novice forex traders simply think they can make money following someone else or trading news stories. They have no idea how and why the markets move and when they hit a few losses, they have no confidence in what their doing and that’s the end of their forex career and their equity.

Now let’s look at the vital ingredient all traders need to succeed that flows from confidence:

3. Discipline

If you don’t have confidence in what you are doing, then you will never have the discipline to sit through a period of losses and wait for winning trades to return.

One of the biggest myths of forex trading is that you can earn a consistent living and a regular monthly income – its rubbish you can’t!

Even the best traders will spend weeks or months in periods of drawdown and you will to. Sure, you can make huge gains over the longer term – but there not spread evenly across the year.

If you don’t have discipline to take short term periods of drawdown and still keep trading, you don’t have a trading method at all.

If you want to win at forex trading the good news is:

If you work smart, you can learn to trade in just a few weeks.

If you have avoid the myths and get the right knowledge, you will be confident in what you are doing. From this understanding and confidence you will achieve discipline. You need the discipline to stay with your method through short term losses and stay with your system to achieve longer term success.

95% of traders lose and this group simply do not understand that to make big profits, you need to have a simple robust trading system; you have confidence in and the discipline to follow it.

If you understand the above you will be able to put the 3 building blocks together and achieve forex trading success – it really is that simple.

By: Kelly Price

Forex Education – A Free System That Made Hundreds of Millions of Dollars

admin — Sat, 20 Feb 2010 15:05:06 +0000

How would you like to get a free system, that proven and that’s made hundreds of millions of dollars for traders in real time? Well you can and that’s the subject of this article.

The system I am referring to is the original rules, Richard Dennis devised to give to a group of traders, a system to trade, who he taught to trade in a couple of weeks. These people were called “the turtles” and they have gone down as trading legends. In just a few years, they piled up hundreds of millions of dollars in profit and proved Dennis right in his aim which was to show anyone could make money at Forex, with the right education.

The system available free online and while the system is well over 20 years old it still works, although markets have changed in terms of volatility making it less effective than it was – but what I like about the system, are the three cores upon which it’s based which are timeless, in terms of making money in any trending market.

Firstly, the system was based on long term trend following and it always amazes me why people try and scalp a few pips when the big trends are the ones which make the really big profits.

Secondly, it’s based on breakout trading which is the simplest and best way to get in on any trend. Most traders like to predict but that’s hoping or guessing trading breakouts, trades the reality and is far more profitable.

Finally, the system had great money management and trade weighting rules and as we all know money management is the key to any systems success, the rules may be simple but they work.

The system lost far more trades than it won and this is true of most systems ( don’t believe what the vendors of cheap software programs say about making money with no drawdown – its simply not true) but if you cut your losses and run your profits, you can make a great long term income.

If you want to know more about the system you will find it free online and also check out the excellent books “Way of the turtle” by Curtis Faith, the most successful turtle and the interviews, with Richard Dennis and his disciples in Market Wizards and the new Market Wizards.

I always found the turtle experiment inspiring, in terms of my education and if you look at the original rules and read about how a group of novices learned to trade in a few weeks, it might inspire you to become a successful trader too, as it showed anyone with the right education and mindset could win.

By: Samuel Leslie Berkovits

Forex Trading Made Easy – How to Win at FX Trading When 95% of Traders Lose

admin — Fri, 12 Feb 2010 04:54:36 +0000

How can Forex trading be made easy, when such a huge amount of traders lose money? The answer is it can, if you get the right education and adopt the right mindset which most traders fail to do. Let’s look at how you can make a great second income from Forex trading in around 30 minutes a day.

The first point we need to make is while you can win at Forex trading and it’s easy to learn a strategy which can help you make money, you do have to make some effort and most new traders don’t do this.

Most traders buy one of the hyped Forex robots or Forex Expert Advisors and think they will get a life long income, with no effort and all for under a couple of hundred dollars! These systems look to good to be true and they are; they don’t work so avoid them and get some decent education.

When learning Forex trading, it’s important to keep two key points in mind firstly, you don’t need to work hard and secondly, you don’t need to be clever to enjoy success. When trading you simply need to learn the right knowledge, you get no extra money for effort or working hard, just being right with your trading signal. You also need to keep your Forex trading strategy simple, because the more complicated you make a strategy, the more chance there is of it having to many elements to break.

Anyone can learn a simple strategy which can maske money but you need to clear one more hurdle before you can enjoy Forex trading success and its this – you need to adopt the right mindset to become a winner.

To win at Forex trading you need to focus on staying disciplined and keeping your losses small. You are going to hit periods of drawdown and it’s how you deal with these periods which is very important. If you get frustrated when you lose and start to run losses or over ride your trading signals, you will lose. You have to keep your losses small and preserve your equity and if you do this, you will get trades you can run for big profits.

The hardest part of Forex trading for most traders, is keeping their emotions out of their trading and its a fact anyone can learn a strategy which can win but most traders can’t trade it with discipline and lose.

Getting the right mindset is based on a good education, confidence in what your doing and an acceptance that you have to lose in the short term to win long term – it really is that simple.

By: Samuel Leslie Berkovits

Forex Education – The Proof That Anyone Can Win and How You Can Achieve Success

admin — Wed, 10 Feb 2010 22:01:45 +0000

Enclosed you will find a story about a group of traders who made millions of dollars after just two weeks trading and what is interesting about this story is how they achieved success. If you study it, you will see how you can win too – let’s take a look at this Forex education in more detail.

Legendary trader Richard Dennis set out to prove that anyone could win at Forex trading with the right education and he gathered a group of ordinary people together and taught them to trade in just 14 days; these were just regular people – a security guard, a lady auditor and a kid just out of high school, to name just three of them. After 14 days training however, they achieved spectacular success and made over $100 million in a 4 year period.

So how did they do it? Let’s find out

These traders were taught a simple method which was a long term trend following system which had strict money management parameters and was based on breakout methodology, so nothing complex; it was nice and simple and the speed with which the traders learned it proves this.

Of course 95% of traders lose and it’s important to state they don’t lose because they can’t learn to win, they simply get the wrong Forex education or more importantly, most traders can’t trade their system to its rules, as they lack the discipline to follow the system rules as there laid down; if you deviate from the system and don’t trade it with discipline you don’t have a system.

Discipline is harder to achieve but it can be done, you simply have to accept you will face losing periods and when they occur you MUST keep your losses small and most traders can’t do this. Instead, they run losses and hope they turn around, trade more frequently to get back money they have lost or they simply change systems.

Dennis knew this and instilled in his pupils, that while the system he was teaching them would lose far more trades than it won, it would make huge gains over time if they kept their losses small.

They did this and while many of them commented it was hard mentally to stay disciplined (and it is when the market makes you look a fool) they adhered to the system and were rewarded. Anyone can learn a simple system needed to win and if you acquire confidence in what your doing and follow your system with discipline, you can win.

Many traders think its the market that beats the trader but its really the trader who ends up beating himself. If you want to win at Forex trading you can and I hope this article, inspires you to get the right education and mindset and enjoy currency trading success.

By: Kelly Price

Learn Forex Trading – These Traders Made Millions After 2 Weeks Training

admin — Sun, 07 Feb 2010 01:22:52 +0000

If you want to learn forex trading then you should know the story of the turtles who were a group of traders with no experience went on to make $100 million dollars in just 4 years. How did they do it? Read this article and you will find out and it will inspire your forex education.

The Experiment

Legendary trader Richard Dennis set out to prove that anyone could learn forex trading with the right education and mindset – he believed that traders were made not born and set out to prove his point.

He gathered a group of people together who only had one thing in common – they had never traded before. They included a security card, some professional card players, an actor a female auditor and a kid fresh from school just to name a few.

The Results

After 14 days of trading education he set them off to trade and the result was:

They made $100 million for him in just 4 years and went on to make a lot more and become some of the most famous traders of all time.

The Education

So what did Dennis teach them? He taught them a very simple forex trading method which was basically a long term breakout strategy combined with rigorous money management rules to preserve equity.

Dennis knew however that a trading system is not enough to succeed its having the discipline to follow it through long periods that is. He made sure the traders he taught knew how and why the system worked and even when it lost he taught them to stick with it and not deviate from the rules. Rules are rules and must be followed with discipline – if you don’t have the discipline

This took him just 14 days and the rest is history.

What You CAN Learn

There are several lessons that you can learn and the salient ones are outlines below.

1. Everything about forex trading can be learned

If you have the willingness to apply yourself. OK you may not become as successful as this group – but there is a big difference between something being impossible and something being achievable.

2. Simple systems work best!

Today many people think that the more complicated a system is the more likely it is to be successful – but this is simply not true. Simple systems have always worked best and always will, because they are more robust with fewer elements to break. He also taught rigid money management and made the first priority the protection of capital. If you lose what you have you can’t trade anymore.

It’s a bit like the old obvious gambling saying – to win you need to bet – but you can’t bet, if you don’t have any chips! Obvious but true, so you play great defence first and the profits will come, when the right opportunities present themselves.

3. Discipline is the key

You will here it time and time again how discipline is the key to forex trading success and it is – if you don’t have the discipline to follow your method you have no method.

Discipline comes from confidence in what you are doing, this is why he taught the turtles how and why the system worked and didn’t tell them to follow it blindly. Trading success comes from within and this means acquiring confidence and discipline. So if you want to learn forex trading correctly, learn from the turtles:

The potential is huge, you only need a simple system, good money management and most importantly – the confidence and the discipline to apply what you have learned. The reason most traders never succeed is they never learn the importance of the latter and want to follow others – but you don’t get these traits following others, they come from within.

By: Kelly Price

Forex Education – A Lesson From History For Forex Success

admin — Wed, 03 Feb 2010 12:12:38 +0000

Here we are going to look at the story of “the turtles”. If you don’t know who they were, then you should study this group of traders, as learned to trade in just 14 days and made $100 million, in just 4 years! There is much to learn and it’s an inspiring story, so let’s look at it.

The story begins in 1983, when trading legend Richard Dennis decided to prove that anyone could be a trader, if they had the right mindset, the right education and the right trading system.

He picked a group of people who had never traded before.

This group consisted of both sexes, various ages and various levels of academic achievement and variety of occupations from a security guard to a boy fresh from school.

He then set about teaching them to trade in 14 days.

He set them up with trading accounts and the results were astounding:

This group of traders went on to make $100 million in four years and many went on to become trading legends.

So what can you learn from the experiment?

The first lesson is, anyone has the potential to be a successful trader and every thing about currency trading can be learned.

Secondly, if you have the right forex education you can do it quickly, 14 days is not a long time to learn any trade!

Hang on! – You maybe saying:

If everyone can learn to trade, why do 95% of forex traders wipe out their accounts?

When Dennis taught the turtles, he used a simple method – but he rammed home two:

1. You need to have mental discipline to follow any system because if you don’t, you have no method at all. He made sure that the traders knew exactly how and why the system worked, to give them the confidence and discipline to follow it.

Most traders simply never get confidence in what their doing, as they follow others or simply have no well thought out forex trading strategy and trade with their emotions.

2. Dennis also taught the traders to play great defence first. This meant strict money management to protect their equity above all else.

Just like any great football team you build from the back.

There is no point in having a great offensive line, if your backs can’t protect you and it’s the same in trading.

The Key Combination

Dennis essentially knew that you can teach anyone a trading system – but that’s not enough, you need to combine this with mental discipline.

A lot is written about discipline in trading yet, few new traders really understand how hard it is to maintain it.

To keep executing a trading system when it’s losing is tough!

Of course all systems will lose and you have to have the confidence, discipline and money management in place to ride the period out.

Could You Be Successful?

The story of the turtles actually inspired me to trade back in the eighties.

The reason it’s so inspiring is because it shows anyone can make money with the right mindset and the right education.

Sure not everyone is going to become as rich as “the turtles” – but the opportunity exists and everyone can earn an income that more than compensates for the effort.

So the moral of the story is work smart, get a simple system, have confidence in it and apply it with discipline – if you can do that your on the road to currency trading success and a life changing income.

By: Kelly Price