Millionaire FX Traders - Lessons From Them for Forex Trading Success!
In this article, we will look at some lessons from 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 lets look at how they achieved stunning Forex trading success after just a few weeks training.
The paradox of FX trading is easy to learn yet very few succeed. In fact, the amount of traders who make money is a minority of just 5 percent. If you learn how our group of super traders learned to win, you will understand how they made money 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 some people and they were from both male and female, of different ages, of varying levels of intelligence and the group included:
A kid just out of school who had never worked, a security guard, a lady 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 so many traders fail? Lets take a look in more detail.
The trading method was complex or over loaded with indicators, it was simple! The trading method followed price action on a charts, locking in to big trends via breakouts which is a proven way to make money.
The system focused on the long term!
Most 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 big trends which last many weeks or in some case months and held them for huge profits.
The system lost the majority of the time and around 70% of trades lost money but the ones that made money, made huge profits. This allowed the traders to pile up triple digit long term profits and still lose the majority of their trades.
The method was easy to learn but following it was hard, as many of the traders have since said in interviews and books on the experiment. However, they knew they had to hold their discipline and cut losing trades quickly and run their profits to win and they did with spectacular success.
No one likes to lose, we all have egos - but if you want to win at Forex trading 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. Be smart - lose your ego and accept losses and run profits and you can achieve success.
Why You Can Achieve Forex Trading Success
If you have understood the article you will see why the majority of traders lose and how you can win. Learning a FX trading system which can make money is easy but you need to 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 success, make the right choice and your on the road to long term FX trading success.
Source by Kelly Price