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Here we will look at how a group of novice traders became millionaires after just two weeks training. The story we are going to look at is legendary and while you may not make as much money as this group of traders, you can certainly learn from them and enjoy a great second income. Richard Dennis had made millions trading and decided to show anyone had the potential to make money at trading regardless of age, sex or education background so he set out to prove his theory. He advertised for people who wanted to learn to trade in the Wall Street Journal and picked a diverse cross section of people which included - a female accountant, a boy just out of school with no work experience, an actor, a security guard and a professional card player. He then needed to teach them to trade and set a time period of two weeks to do this. After their training they were given trading accounts and told to trade, the group went on to make hundreds of millions of dollars in profit. The group were known as "the Turtles" and many of them became trading legends so how did they do it and what was the secret of their success? There are several reasons they were successful and the most important are outlined below. Dennis taught a simple system and the traders learned it quickly. In Forex trading contrary to popular belief simple systems work better than complex ones because they have fewer parameters to break so keep your system simple; it worked for the turtles and it will work for you. These traders were not taught to predict markets in advance or scalp or day trade when the odds of success are low, they were taught to catch and hold the big trends which produce the big profits and wait for the move to be confirmed by price action. These traders weren't trying to beat the market or be clever, they were trading the odds and holding the big trends. The system had great money management and cut losses quickly and what may come as a surprise is the system lost over 70% of its trades yet still made big profits. It's not how many trades you win that makes a good trader, its the size of profits compared to losses taken which is the basis of success. Both the system and money management parameters were easy to learn but following them with discipline is the key to success. Most traders simply cannot keep their emotions out of their trading and always run losses and cut profits early and this leads to losses. All the traders in the experiment said that - learning the system was easy, following it was harder and this is true for all traders. Of course, Dennis taught his pupils to either choose a disciplined mindset or lose and they all made the right choice. The basic principles the Turtles based their trading plan on, are essential Forex education for all traders to use in their Forex trading strategy for success. NEW! 2 X FREE ESSENTIAL TRADER PDFS
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