Author: Kelly Price
If you don’t know the story of the turtles then you will find their story an inspiration as they went from novice traders to making millions after just 14 days and showed that anyone could make money trading forex with the right education.
In 1983 trading legend Richard Dennis set to prove that everything about trading could be successfully learned by those who were willing to acquire the right knowledge.
So he gathered a diverse group of traders from all walks of life and of all ages, with one thing in common - they had never traded before.
They included:
An actor, a security guard, a couple of professional card players, an auditor, a boy fresh from school with no previous work experience, an exchange clerk and taught them a trading method in just 14 days.
He then set them off to trade and the results were staggering:
They went on to make Dennis 100 million dollars and many are still trading today.
What you can learn from the Turtle experiment?
Trading actually looks quite simple, the fact is 95% of traders lose all their money and lose it quickly. This may seem a paradox – if trading is easy to learn, then why don’t most people win?
The reason most traders fail is, they cannot get the right mindset to succeed.
The Importance of Mindset
The turtle trading experiment taught them a simple method - but also the RIGHT MINDSET to trade successfully, by applying the method correctly. The system they were taught was essentially simple, so simple in fact, that anyone could learn it and he combined this with giving the traders not just the system and rules but also the mindset to succeed and trade it with discipline.
Dennis realized that most traders can’t trade with discipline because they lack confidence and discipline to apply the method.
If you can’t apply your method with discipline you have no method at all.
Dennis taught them to have confidence in the system they were trading, and follow it rigidly to achieve success.
A Simple System + Discipline = Success
Simple systems work in trading better than complicated ones as they are more robust with fewer elements to break. Simple systems are of course easier to understand and this means they can be applied with discipline.
Don’t Join the Losing Majority
If you understand the above you will see that Forex trading is easy to learn on the surface but you have to be able to able to apply the knowledge most traders are unable to do this.
They think they can get a short cut to success and buy an e-book from a vendor or forex trading system, for a few hundred dollars and take the vendors knowledge.
On the other hand traders simply learn too much or the wrong knowledge – trying to trade news stories or trading endless different methods. They never gain confidence and discipline and never succeed.
The Way to Success
The turtles proved that a simple system applied correctly is the right route.
They didn’t work hard they worked smart and they set the foundations for their success in just 14 days.
Dennis may have given them the method but gave them something more – the key to understanding what they were doing and the confidence and belief that they could succeed - which they did in spectacular fashion.
So forex trading is easy to learn - but you need to get the right knowledge and have the belief to apply it correctly, for long term currency trading success.
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