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If you want to learn forex and get the best Forex education you need to know about “the turtles” You may never have heard of them but these traders learned to trade in just 14 days ( they had no previous experience and went on to make $100 million! How did they do it? Let’s find out.

In 1984, trading legend Richard Dennis taught a Trend Following trading methodology to the group of students above, to prove that the skills required to trade successfully could be specifically learned by ANYONE.

Dennis was settling An argument with business partner William Eckhardt.

Dennis believed anyone could learn to trade, Eckhardt disagreed.

The “turtle” experiment was then carried out to prove who was right and all the potential traders were from different walks of life and all had no experience of trading.

The group included:

• An actor

• A security guard

• Two card players

• An auditor

• A boy fresh from school

• A woman exchange clerk

The Experiment

This group of 14 traders then proved Dennis right by earning an average annual compound rate of return of 80%, making over $100 million dollars for Dennis and many went on to become trading legends who still trade today.

What You Can Learn From The Turtles?

If you are embarking upon learning Forex trading and getting a Forex education the experiment has several key points you need to consider in your own Forex trading strategy.

The reason most traders fail is simply they cannot get the right mindset to succeed and this sees 95% lose.

The turtle trading experiment taught them the RIGHT MINDSET to trade successfully and gave them a set of rules they could believe in and have confidence in.

The system they were taught was simple, anyone could learn it and Dennis knew that simple systems work best as not only are they more robust in real time trading than complicated ones – but they are easier for traders to have confidence in as well.

Dennis taught them to have confidence in the system they were trading, and follow it rigidly to achieve success and this is the simple formula you need to learn as part of your own Forex education – if you do you could enjoy currency trading success to.

A Simple System + Discipline = Trading Success

Keep in mind they did this all in 14 days!

So its not the effort you put it in that makes a forex trader successful its working smart in the right areas that will give you success.

Remember:

You don’t get a reward in Forex trading for being clever or working hard, you get your reward for being RIGHT – PERIOD.

So when you consider your own Forex trading get a simple system that you can have confidence in and you will then be able to apply it with rigid discipline – this is really the key to currency trading success.

Of course you may not become as rich as the turtles did but if you learn the right Forex education you can become a successful trader the opportunity is open to all and the potential is huge.

Forex trading is an exciting challenge so if you have the right mindset and are prepared to work hard in the right areas you could change your financial future for ever. The question is:

The challenge is open but are you up to the challenge? -If you are welcome to the worlds most exciting business opportunity!

There is no hype in this headline. This is the absolute truth. The following 13 secrets generated 992 pips net profits for me in 15 trading days. 1 do not over expose your account .maintain an account exposure of between 10% and 30%. 2 Always trust god to find and join the trend early. Always learn to test the strength of the trend with the ADX. 3 Understand your best entry and exit points using pivot points and/or fibonnacci retracements 4 Understand the key japanese candlesticks Reversal patterns. 5 Know when the market is down or when the trend is weak and trade accordingly or stay away.6 Only use take profit according to predetermined market potential. 7 Buy in oversold markets: stochastic oscilliator and RSI can be used in determining this 8 sell in overbought market: stochastic oscilliator and RSI can be used in determining this. 9 Never entertain fear even when the market moves against you. If you have a good trading system., it will surely come back in your favour. 10 Do not be greedy: Show contentment in all things and this demon will be far from you. 11 Do not over trade: Learn to draw a line between over trading and fear. 12 Always pray before making a trading decision: There is always a guiding light from god if only you will trust him.!3 Rely on the holy spirit for guidance. He is very dependable and will never leave noy forsake you if you surrender the battle to him.

Successful Forex Rading System Forex trading system is the subsystem of the forex trading plan which governs when and at which price you open and close your trades. A trading system works on the signals given by technical analysis and/or fundamental analysis. The signals are taken to see if the trader should buy or sell a specific currency pair or must close the open position(s). Any currency trading system prevents information overload by filtering out the universe of technical and/or fundamental signals in such a way that only the most reliable (successful in the past) signals or signal combinations are acted upon. There are two kinds of trading systems – the discretionary and the mechanical. Discretionary trading systems expect the trader to use his or her own judgement to ascertain the importance of each of the technical or fundamental signals (whose number is potentially infinite) that he or she gets. Mechanical trading systems operate on a fixed number of technical or fundamental signals without the participation of the trader. Discretionary trading systems require the perpetual application of creativity (flexibility of approach) from the trader in the understanding of the changing market conditions. Mechanical trading systems require the creativity from the trader only in the forex system development phase.Discretionary forex trading systems are best employed by professional forex traders with a lot of experience (internalized practical market knowledge) against which they can determine the validity of any signal that they receive. These traders usually remember a large number of various signal patterns from the past (just like the master chessmen) that they can compare to the current market conditions, to make their analysis more objective. In essence, they use themselves (i.e. their brain) as their trading system – often very successfully – because human mind has the best pattern recognition power on the planet. Starting currency traders are advised to begin by following professionally created mechanical forex trading systems. Most of these systems are sold-out in the form of the forex signals that are usually developed by experienced traders who have found a way to systemize their knowledge of the markets into a working strategy. At the same time, the beginning traders can work on building their own knowledge base of the forex market through the quality forex books, educational courses, bank reports and newswires on this subject -so that they can too, with time, create mechanical trading systems from their own insights and intuitions (using the forex charting packages which allow to do this).Beginning without a proven mechanical forex trading system (that has positive mathematical expectation) drastically dilutes the chances of maintaining the capital. This is because any intuition or a hunch that the traders experience as a result of some newly gained knowledge of the forex market is likely to be overridden by one of the two emotional derivatives of their life-long programming towards the money – the greed and the fear. In other words, without exact adherence to an existing mechanical trading system the beginning trader will eventually succumb to his or her emotions. As a matter of fact, the only way the traders can acquire discipline in the early phases of their trading careers is by tight following the signals generated by a proven mechanical forex trading system

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.

If you want to learn the right forex education then you need to study the story enclosed in this article. We are going to look at a group of traders who had no experience but with just 14 days training went on to make over $100 million in 4 years.

The story takes us back 25 years as legendary trader Richard Dennis set out to prove a point:

The Experiment

That anyone regardless of their educational background, age, sex or profession could learn to trade so he gathered together a diverse group he nicknamed “the turtles”

The diverse group consisted of an female auditor, an actor, a couple of professional card players and a security guard – so a diverse group.

The only thing they had in common was they had never traded before.

Dennis set them to work and in 14 days had them trained and they were given accounts to trade and the result was hundreds of millions in profit.

Dennis had proved his point – Anyone can become a trader if taught the right knowledge.

The Paradox

You maybe thinking – if anyone can learn to trade then why do 95% of traders lose their money?

You can learn the answer to this from the turtle experiment.

Dennis knew that teaching a method is easy but the problem is the trader must have the right mindset to apply the method – If you don’t have the discipline to apply your method you don’t have one.

He taught them a simple method – but also everything about it, terms of the logic behind it and why it works. This meant they could have confidence in what they were doing and the discipline to apply it.

Discipline the Key to Forex Success

A forex trading system is easy to learn, executing trading signals through is strong of losses is hard even for experienced traders. If you think it’s easy try it and see.

The turtle experiment shows that trading success is open to all – regardless of educational background, age or sex. We all have a chance to succeed, what we make of that chance depends on our forex education and mindset.

More Info

You can read more about the experiment in Jack Schwagers excellent book Market Wizards and from one of the most successful “turtles” Curtis Faith in “The way of the turtle” where he outlines everything about the experiment and its application including the rules and the challenges the turtles faced.

Finally

The story of the turtles inspired me to trade over 20 years ago and I hope it inspires you as well.

Here we are going to look at becoming a successful forex trader in just 2 weeks by showing you how to work smart NOT hard, to achieve success and enter the elite 5% of traders who have successful forex trading strategies.

Before we look at devising your forex trading strategy lets start with an inspiring story:

Over 20 years ago trading legend Richard Dennis set about proving anyone can learn to trade. He took and taught a group of people with no experience and after 14 days he let them trade.

The result?

They made Dennis $100 million and went on to become some of the most famous traders ever.

Now were not saying you are going to become as rich as the turtles but Dennis taught them only what they needed to know to win – no filler, just the facts they needed.

That’s what you need to do to. Forget all the gurus and mentors trying to sell you short cut junk systems and understand this – if you want to win you need to get the right information and do it on your own.

Only you can give yourself currency trading success

So let’s get started and look at what you need to do.

The Basics

You need to learn the basics and this is easy the net has loads of good free information on how to trade, execute trading signals etc so spend a few days reading up on them.

Your Forex Trading System

You need to decide if you want to be a fundamental or technical trader and by far the easiest way is to be a technical trader and use forex charts.

Can you read and spot patterns on a graph?

Then you can use forex charts, you just need to know what formations to spot.

Building Your Forex Trading Strategy

The best way to start is with a complete understanding of support and resistance and base your method on a breakout methodology (we don’t have time to discuss it fully here) but look it up.

Trading breakouts is a timeless way to make money – the turtles did it and most of the worlds top traders do it and so should you – you’re in good company!

You need to get some indicators together to confirm price momentum to enter your traders, so learn about price momentum indicators and also market volatility and standard deviation.

You can then use some tools that help you confirm:

Look up stochastic RSI and ADX.

And for volatility:

Look no further than the Bollinger band.

Well that’s all easy enough – now for the hard part.

Forex trading is relatively simple yet few succeed and this is not down so much to learning a method – that’s easy.

You can easily learn and digest what we have asked you to look at above in a few days – the hard part is applying your method with discipline.

If you can’t apply your method with discipline you really have no method at all.

Trading is probably 30% method 70% mindset.

Its emotions that kill 95% of traders so you need to build a framework to keep your emotions in check and maximize you’re trading profits

You need to be disciplined in money management and this means:

Taking risks when the time is right, holding profits and maximizing them and finally liquidating losers quickly.

This is vital to turn your method into a profitable forex trading system and we will cover – Discipline and money management and risk, in part 2 of this article series.

If you have not heard of the turtles then you will find their story inspiring.

They had no experience of trading yet in just 14 days they were taught to trade and went onto become trading legends and make millions.

How did they do it?

If you want to learn forex trading and be successful then their story will point you in the right direction.

The Debate

In 1984, legendary trader Richard Dennis taught a simple technical trend following system to a group of students, to prove that, trading was a skill that could be specifically learned. Dennis was settling a debate with his friend William Eckhardt, who believed successful trading was a skill that was a gift, while Dennis believed it anyone could be taught it.

Who Were The Turtles?

They were all from diverse backgrounds and the only thing they had in common was that they had never traded before. They included a boy fresh out school, a security guard, some professional card players, a bookkeeper and even an actor.

Dennis believed that anyone who wanted to be a successful trader needed to focus on three specific areas:

1. A simple technical system they could understand and have confidence in.

2. A set of money management rules to preserve equity.

3. A discipline to apply their methods through periods of losses without deviating from their system.

In the turtle trading experiment Dennis gave the turtles a simple system and taught them the RIGHT MINDSET to be successful.

A Simple system & money management rules

The system taught was simplicity itself and was designed to be easy to understand easy to apply, yet one the turtles could have complete confidence in. The system was based on breakout methodology, with just a few rules to confirm trading signals, backed up by strict money management rules to preserve equity.

If you want to learn forex trading, you need to understand that your system should be simple. One of the biggest myths of trading is that a complicated system is more likely to succeed than a simple one. In fact, most of the worlds top trading systems are simple and as a general rule, a robust simple system with just a few indicators will beat a more complicated one.

Why?

Because in the brutal world of trading, simple systems are more robust than complicated ones with less elements to break. In trading you don?t earn your reward from the effort you put in, you earn it for being right about market direction. With any system you need money management rules and Dennis gave them a simple set of rules that would preserve their equity. The knowledge Dennis gave his pupils gave them confidence which is crucial, in that it leads to discipline.

Discipline

If you are confident and understand a system you will follow it with discipline. Most traders don?t have discipline, because they don?t have ultimate confidence in their method, as soon as a string of losses occur they throw in the towel. If you don?t have the discipline to follow a method, you really have no method in the first place.

What can we learn from the turtles?

Quite simply, that anyone can learn to trade and trading success is within reach of anyone with a willingness to learn and apply what they have learned. You may not make as much money as the turtles, however if you focus on developing a robust method you understand, have confidence in and can apply with discipline, you can be a successful trader.

The turtles worked smart not hard to achieve trading success and their story is inspiring for anyone wishing to learn forex trading.

The turtle story is a trading story that will inspire and motivate you. If you want to get some great forex education learn how a group of traders with no previous experience went on to make millions after just 14 days.

The experiment took place over 20 years ago.

Legendary trader Richard Dennis in 1983 set out to prove that successful trading could be learned by anyone who learned the right information and he set out to prove his point – He interviewed 23 people for the test, who only had one thing in common:

None had any previous trading experience, they were also of all ages both men and women and from diverse backgrounds which included:

A security guard, two professional card players, a kid fresh from school and a female book keeper.

He trained the group in just 14 days and then set them off to trade.

The result?

This group went on to be some of the most successful and famous traders of their generation and may are

still trading successfully today.

How did they do it?

Getting the RIGHT Information

Dennis set out to teach them a simple method; they could have confidence in and this was the key to the experiment.

The method had to be simple and logical so the traders could apply strict money management rules with discipline to achieve long term success.

Of course, if a method is not applied with discipline the method is doomed to fail

There was no filler in the material he taught them just what they needed to know to achieve success – he taught them to work smart not hard and this can be seen in how quickly he did it just 14 days!

Trading is relatively simple about 95% of traders lose all their money – and they fail not because they cant learn currency trading, it’s a fact anyone can but they either have methods that don’t work but more often than not, its their mindset that sees them fail.

Dennis focused on keeping the method simple and easy to understand and gave them the mindset to succeed. He taught them to follow the method with discipline and run their profits and cut their losses.

The experiment was a success of course but the question you may ask yourself is:

Is it really that easy to learn forex trading?

Its not easy of course, nothing ever is if there are big profits to be made – but it’s not hard either –

ANYONE can do it as the experiment proved.

You simply need to get the right forex education and get the right mindset to succeed.

Anyone can learn trading – it’s a specifically learned skill not a natural born gift.

Most traders of course don’t succeed but this is down to them, no one else is to blame.

Trading is hard to master because its hard to get the right mindset but there is a big difference between something being hard and not being achievable at all.

You can succeed just as the turtles did if you accept:

Trading success is a combination of the right mindset and the right knowledge.

Most traders learn the wrong type of forex trading information or are lazy and expect some mentor to give them success and they lose. Wining in trading comes from within and you need to take charge of your own destiny success rests on your shoulders.

Most of the systems and e-books sold on the net are junk not from traders at all but from marketing companies who never traded in their lives!

They make their money making claims that have no substantiation and the gullible novice traders fall for it.

There are good courses out there but there few and far between but if you can find a good one then it can be very valuable especially if the people teaching are traders themselves

The Challenge

If you have the desire to succeed and are prepared to learn the right knowledge, then you can achieve currency trading success.

The question is:

Are you up for the challenge, do you have desire and will you work hard?

If you are, forex trading can offer you the opportunity to make big consistent gains

Be inspired by the turtles and set yourself on the road to currency trading success – there is nothing to stop you achieving success – accept the challenge today!