Here we are going to look at a group of super traders and how they made several hundred million dollars and if you learn how they did it, you can use the information yourself and get on the road to Forex trading success...
The group of traders we are going to look at, took part in an experiment which was arranged by trading legend Richard Dennis. Dennis wanted to prove anyone could win at trading with the right education, so he got a group of people together, who had never traded before and decided to teach them to trade in two weeks.
After the two weeks of education, he gave them trading accounts and money and watched them trade and they rewarded his confidence in them, by making hundreds of millions of dollars.
It is important to stress that the group were just normal people; in the group were a security guard and a lady auditor for example so regular people with regular jobs. Now these people succeeded and learned quickly but we all know, that 95% of Forex traders fail to win - so how come the group Dennis taught did so well?
Dennis taught the traders a simple method and it was long term trend following by nature, based on trading breakouts and had strict money management parameters and was very easy to learn. Dennis knew that learning the system was the easy part of the experiment, getting his pupils to trade the system with discipline, was the major challenge they would face.
In most instances traders don't lose because they can't learn a system, they lose because they can't apply the system with discipline and if you can't do this, you don't have a system.
Taking losses and keeping them small is bad for the ego and also knocks confidence and when losses occur, most traders start to get angry and let them run and this leads to a wipe out. These traders simply refuse to take a loss and it's one of the commonest reasons for traders losing.
All the traders said that learning the system presented them with no problem but trading it through losing periods did however they stuck to the plan and were rewarded. They actually had far more losses than profits but that didn't stop them making a huge amount of money.
The real secret you can learn from this group of millionaire traders is to pay attention to your mindset and make sure you trade with discipline. Learning a method is easy, getting the right mindset is harder but you can do it if you want to and if you do get the right mindset, Forex trading success can be yours.
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