Forex Trading – Its true and one of the most famous experiments in trading history: a group of people with no trading experience, learned to trade in 14 days and went on to earn millions of dollars. How did they do it?
Let’s look at this fascinating story, as there is much to learn.
We first need to go back to the eighties, when trading legend Richard Dennis, decided to set out to prove that anyone could learn to trade. 라식 라섹 차이
He gathered a group of people who had no trading experience, who were of all ages, both sexes and of all educational standards. They had varying educational levels but one thing they all had was trading experience.
These included a kid fresh from school, a security guard, a female auditor, an actor and even a kid fresh from the hospital!
He then set about teaching them to trade and after 14 days gave them trading accounts.
The result of this experiment?
These traders went on to earn hundreds of millions of dollars and go down in trading history.
So there you have it – anyone can learn to trade and do it quickly.
You maybe thinking that’s not the answer to my question but the answer is – it is 95% of traders fail at forex trading and the reason most fail is, they don’t understand what is needed to succeed.
Think about it!
If you took a trader with no trading experience, you could in theory get them to win 95% of the time, just by following a system with instrucced logic.
The problem we have is traders don’t do this.
They fall victim to their emotions, greed, fear and most of all the foolishness that is programmed into them.
They fail to keep losses small and don’t have the discipline to run their profits. It’s one thing to win money on paper (even a child can do that) but you need the discipline to keep your equity intact when you are trading for real.
Dennis knew this and instilled in his pupils, that while learning a system was easy, applying it was the hard part.
The system was easy to learn – but Dennis knew that the real challenge of trading was holding their discipline when they faced a losing period.
They were taught to have confidence in the system, were told to stay on course during these periods and when they hit a losing period, they should have done what any successful trader does and that’s trade harder, with more money and persevere.
In interviews with the traders in the experiment, they all talk about discipline being the key to success and how it’s not easy to do it but it’s not hard either, if you know how to apply your method.
So next time you see an ad for a forex trading system that costs a few hundred bucks and claims it can make you rich with no effort, don’t believe it. There is no easy road to riches, you need to work and learn skills.
But the really good news is – for the effort you have to make, the rewards can be life changing.
Have the confidence to trade with discipline and you can enjoy currency trading success. It’s as simple as that.