Welcome to Forex Facts
Forex Trading Class Article
This is a selection made from among articles on Forex Trading Class. For a permanent link to this article, or to bookmark it for future reading, click here.
Currency Trading Education - 2 Weeks Forex Training and These Traders Made Fortunes How?
from: kelly PriceThe story of "the turtles" has always fascinated me a group of people with no trading experience were taught to trade in just 14 days and went on to become legends piling up hundreds of millions of dollars. It's an intriguing story and one you should make part of your currency trading education.
Trading forex looks easy but 95% lose and 5% win and this story will give you a bit of an insight into how to enter the elite minority.
One day trading legend Richard Dennis was having a friendly debate with his business partner who said traders were born not made - Dennis disagreed. He therefore set out to prove the point that with the right attitude and education anyone could win.
He gathered a group of people who only had one thing in common they had never traded.
They included: A couple of professional card players, an actor, a security card a female auditor and a kid just out of high school to name just a few.
He then taught them a simple trading system based on long term trend following principles, combined with rigid money management criteria and set them off to trade and the result is now well known - they went onto make hundreds of millions of dollars and go down in trading history.
Dennis proved his point - so what did this group do right to make them enjoy such spectacular success?
Here is what you can learn for your own currency trading education.
You only need a simple system and the above was very simple but what you do need is the ability to have confidence in what you are doing, to execute the trading system with discipline and protect your equity.
Here is the difference between successful traders and the losers.
The problem most traders face is, they get the wrong forex education and lose or they cannot obtain discipline.
Most traders cannot accept responsibility and follow others and of course because they don't have confidence in what their doing, they throw in the towel when they take a few losses. Dennis didn't teach his group to follow him or his system blindly - he instilled confidence in them, giving them the discipline to execute their trading strategy, while taking loss after loss in the short term and focusing on the long term.
He gave them the confidence to maintain discipline and money management and stay on course.
This came from inner confidence in what they were doing - they knew their trading edge would come good.
Most traders could win - but they just don't understand the mental discipline that's involved in currency trading and never acquire it.
Today there is a huge industry in telling you forex trading is easy and you can follow a guru, or even more ridiculous use a forex robot with a simulated track record - its all fairy stories and these traders are just simply not prepared for the brutal reality of trading for real.
I think the major point you can take from this piece of currency trading education is:
You have the ability to win at forex trading (anyone does) but you must understand that method is only one part of the equation - confidence, discipline and courage are needed as well and this is down to mindset.
If you like the idea of a challenge and the thought of making a lot of money, study this story in greater depth, it's motivational, very inspiring and of course the experiment worked.
Could you make as much as this group?
Probably not, I have been trying for 25 years but I have made a lot of money and achieved a level of success I never thought possible. The turtle story inspired me to have a go and gave me pleasure and an income I never thought I could achieve and I hope it does the same for you.
About the Author
NEW! 2 X FREE ESSENTIAL TRADER PDFS
ESSENTIAL FOREX TRADING COURSE
For free 2 x trading Pdf's, with 50 of pages of essential info and more on Currency Trading Education visit our website at: http://www.learncurrencytradingonline.com.
Other Forex Trading Class related Articles
Forex Trend Following How To Catch And Turn The Big Trends Into Big Profits
Forex Trading Should You Invest
3 Killer Benefits Of Forex Killer
Learning To Trade Forex: For Rookies
Who Is Participating In Forex Market Trades
Do you want to contribute to our site : submit your articles HERE
Forex Trading Class News
Forex Teaches Trading Without Training Wheels
Hoenig: For those yearning for 24-hour action and wild volatility, foreign-exchange trading is the place to be.
Read more...MF Financial Announces Their Latest ECN Forex Trading Platform
MF Financial, a world leader online currency trading broker, has announced their latest ECN Forex trading platform for currency traders around the world.London, UK (PRWEB) May 02, 2012 MF Financial, a world leader online currency trading broker, has announced their latest ECN Forex trading platform for currency traders around the world.MF Financial, a leading online currency trading system ...
Read more...ZuluTrade’s Social Trading Network Now Available to ADS Securities Customers
ZuluTrade.com, the largest automated social Forex trading platform , which enables users to follow the trades of audited traders according to their real performance, announced toda
Read more...OANDA Board of Directors Appoints New CEO
K Duker selected to build on Michael Stumm's legacy at leading foreign exchange firm.New York, NY (PRWEB) May 22, 2012 The Board of Directors of OANDA Corporation, a leading provider of foreign exchange services, has appointed K Duker as Chief Executive Officer of the corporation, effective immediately. Mr. Duker succeeds Michael Stumm, who will remain a member of the OANDA Board. ...
Read more...FXCM Sponsored Its First University Currency Trading Contest This Semester
FXCM Inc. and Texas A&M University partnered to bring the 1st Annual University Currency Trading Contest. Joining Texas A&M University were West Texas A&M U
Read more...