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Here we will look at Forex trading success in terms of, a group of novice traders who had no trading experience, who learned to trade in just two weeks and went on to make hundreds of millions of Dollars. How did they become successful so quickly and what can you learn from them? Let's find out.
Richard Dennis was a millionaire trader who believed anyone could be taught to trade and that trading success was a learned skill. He decided to prove his point and took a group of people who had never traded before which included a security guard, an actor, a female accounts clerk and a boy just out of high school and taught them to trade in two weeks. After their training, the group were given live trading accounts and went on to make hundreds of millions of Dollars - Dennis had proved his point.
So how did this group achieve success so quickly and what can you learn from them?
Let's look at some key points which you can use in your own currency trading strategy to help you achieve Forex trading success.
- The traders were taught a simple system so simple, that they learned it in just two weeks. The fact is the best trading systems are simple and not complex and the reason a simple trading system works better is because a simple trading system is more robust with fewer elements to break.
- The system traded long term trends and used price action, to confirm market entry and this is a great way to trade yet, most traders like to day trade and scalp and trade the noise of the market instead and they make a lot of effort and lose.
- What may surprise you is the system lost far more trades that it won ( over 70% of trades were losers) yet it still made huge gains. Most traders don't understand that in Forex trading you will lose the majority of your trades even the best traders do but you can still make huge gains with sound money management which cuts losses and runs profits.
- The other point to keep in mind is that Forex trading success is as much about having the right mindset as having the right method. All the traders in interviews found that learning the system was easy but following it and taking lots of losses and waiting for the big winners was the hard part and it is. No one wants to look stupid or lose money but this is life as a Forex trader but as you can see, if you take losses and keep them small, the rewards are enormous. Trading with discipline is a choice and it's a choice any trader can make, if they want too.
As you can see from the above points, anyone can achieve Forex trading success with the right mindset and a simple system and while you not make as much money as the above group, you can use the points to make yourself a great second income in around 30 minutes a day.
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