If there is one story recommend any trader reads it’s the story of “the turtles” - this group of traders learned how to trade in just 14 days and went on to make millions and the way they did may surprise you.
First let’s go through the background of the turtle story.
In 1983 Legendary trade Richard Dennis decided to prove that anyone could learn to trade. He then picked a diverse group of people to prove his point. They included an actor, a security card a boy fresh out of school and an auditor, to name but a few.
In 14 days he taught them his method, a set of money management rules and set them off to trade.
The result?
They made Dennis $100 million dollars, proved his point that anyone could learn to trade and went on to become some of the most famous traders of all time!
There are several points that any novice trader can learn and make their Forex education a lot easier, so here are the salient points to keep in mind.
1. They Did it quickly
14 days and then traded and made millions!
Not bad at all and Dennis concentrated on teaching them only what they needed to know no filler and no knowledge for the sake of knowledge. Keep in mind you get paid for being right in trading not for the hours you put in.
2. They Kept It Simple
The system they were taught by Dennis was simple and this was deliberate – it’s a proven fact that simple systems work better than complicated ones and just as importantly, there easier to understand and have confidence in.
3. Discipline
Dennis did not just teach them how to apply a method he taught them how to execute the method with discipline.
This is vitally important to any trader if you can’t execute your method with discipline then you have no method!
4. Money management
They were also given strict money management rules to preserve equity and not to take calculated risks when the time was right.
An interesting fact.
Whilst they all did well – some traders did far better than others and this is a great illustration of the importance of mindset. Trading is not just about method it’s about having the right mindset to make it work.
Trading success does actuially come from within as much as learning a great method.
The turtles proved anyone could learn a method and anyone can trade – so if you have the desire you can do it to. You can see form the above example that if you work smart not hard and get a method you have confidence in, you can trade and win.
You may not become as rich as the turtles but you should look their story up and read it - as not only is it interesting, its very inspiring and should be an essential part of any novice trade’s forex education.
