In this article, we are going to see some of the lessons of a group of ordinary people who learned to trade in just 14 days, and then went on to make hundreds of millions of dollars. You can learn a lot from this group of people, so let’s look at how they achieved stunning Forex trading success after just a couple of weeks of training.
The paradox of forex trading is easy to learn but very few have success. In fact, the amount of traders that make money, it is a minority of just 5 percent. If you learn how our group of super traders learned to win, you are going to understand how money is made and how you can too.
The story started when a famous trader called Richard Dennis, decided to teach a group of people who had never traded before to trade. he selected a few people and they were of both, men and women, of different ages, of different levels of intelligence and the group includes:
A kid just out of school who had never worked, a security guard, a woman accounts clerk and an actor and Dennis then set about teaching them to trade.
They learned to trade in just 14 days, and the rest is history – they piled up hundreds of millions of dollars in trading profits and many still trade successfully today. So how did they manage to achieve success quickly, when many traders do not? Let’s take a look in more detail.
The trading method wasn’t complex or over loaded with indicators, it was simple! The trading method followed price action on the charts, locking in to big trends via breakouts which is a proven way to make money.
The system focused on the long-term!
Most of the traders like to scalp and day trade, they make a lot of effort and lose money. The group of traders who Dennis taught, did the opposite and focused on the large trends that last several weeks or, in some cases months and the lot of them for huge profits.
The system has lost most of the time and around 70% of the trades lost money, but those who made money, made huge profits. This allowed the traders of the two build up triple digit long term profits and still lose the majority of their operations.
The method was easy to learn but it was difficult, since many of the merchants have already said in several interviews and books on the experiment. However, they knew that they had to maintain discipline and cut losing trades quickly and run their profits to win and they did so with spectacular success.
No one likes to lose, we all have ego – but if you want to win in the Forex trade, you must learn to take losses and keep them small.
Most traders can’t do this and lose. To enjoy currency trading success, you must learn to cut losses or you will end up losing too much. Be smart – lose your ego and accept losses and run profits and you can achieve success.
Why You Can Achieve Success In Forex Trading
If you have understood the article you will see why most traders lose and how you can win. Learning a FX trading system that can make money is easy, but you need the right mindset to win and this is the reason why most traders fail.
The right mindset for success though is a choice and if you want to enjoy the success, make the right choice and your on the road to long term FX trading success.