Currency Trading Education - 2 Weeks Forex Training and These Traders Made Fortunes How?

The story of "the turtles" has always fascinated me a group of people with no trading experience were taught to trade in just 14 days and went on to become legends piling up hundreds of millions of dollars. It's an intriguing story and one you should make part of your currency trading education.

Trading forex looks easy but 95% lose and 5% win and this story will give you a bit of an insight into how to enter the elite minority.

One day trading legend Richard Dennis was having a friendly debate with his business partner who said traders were born not made - Dennis disagreed. He therefore set out to prove the point that with the right attitude and education anyone could win.

He gathered a group of people who only had one thing in common they had never traded.

They included: A couple of professional card players, an actor, a security card a female auditor and a kid just out of high school to name just a few.

He then taught them a simple trading system based on long term trend following principles, combined with rigid money management criteria and set them off to trade and the result is now well known - they went onto make hundreds of millions of dollars and go down in trading history.

Dennis proved his point - so what did this group do right to make them enjoy such spectacular success?

Here is what you can learn for your own currency trading education.

You only need a simple system and the above was very simple but what you do need is the ability to have confidence in what you are doing, to execute the trading system with discipline and protect your equity.

Here is the difference between successful traders and the losers.

The problem most traders face is, they get the wrong forex education and lose or they cannot obtain discipline.

Most traders cannot accept responsibility and follow others and of course because they don't have confidence in what their doing, they throw in the towel when they take a few losses. Dennis didn't teach his group to follow him or his system blindly - he instilled confidence in them, giving them the discipline to execute their trading strategy, while taking loss after loss in the short term and focusing on the long term.

He gave them the confidence to maintain discipline and money management and stay on course.

This came from inner confidence in what they were doing - they knew their trading edge would come good.

Most traders could win - but they just don't understand the mental discipline that's involved in currency trading and never acquire it.

Today there is a huge industry in telling you forex trading is easy and you can follow a guru, or even more ridiculous use a forex robot with a simulated track record - its all fairy stories and these traders are just simply not prepared for the brutal reality of trading for real.

I think the major point you can take from this piece of currency trading education is:

You have the ability to win at forex trading (anyone does) but you must understand that method is only one part of the equation - confidence, discipline and courage are needed as well and this is down to mindset.

If you like the idea of a challenge and the thought of making a lot of money, study this story in greater depth, it's motivational, very inspiring and of course the experiment worked.

Could you make as much as this group?

Probably not, I have been trying for 25 years but I have made a lot of money and achieved a level of success I never thought possible. The turtle story inspired me to have a go and gave me pleasure and an income I never thought I could achieve and I hope it does the same for you.

Forex Trading Advice - 4 Common Sources of Advice Traders Take and Lose

There are some sources that give forex trading advice and they shouldn't be trusted and here we will look at what may seem good advice but is not, here are 4 examples...

Here they are in no particular order of importance - there all important!

1. Advice in A Forex Forum

The only people who hang around forums giving advice are, losing traders who just want to make themselves feel better, or vendors hoping to sell there products. If you want bad advice, a forum is a great place to go - steer clear.

2. Product Reviews

How can you independently review a forex product when you're selling it and have a vested interest in making it look good to make money?

Click most of the reviews and you see and you will normally go a site, where the writer gets a commission on the sale. There are loads of them on the net and the most popular ones involve the following:

- Day trading scalping courses or systems

Day trading and forex scalping doesn't work by its very nature and you should steer clear of them. You get presented with a track record (simulated in hindsight on paper not real money) but you wont win, ask for a real track record and see if you get one.

- Forex Robots

Again you get a simulated track record and the person normally tells you have to get used to the system, practice it and make it work. Strange that - if it's a robot, shouldn't you just plug it in and make money? Huge amount of these on the net and most will wipe you out.

3. News Stories From Experts

Don't those CNBC and CNN reports sound convincing?

They are and there well put together - but they won't make you any money.

Markets don't move on fundamental news (which is instantly discounted) they move on investor sentiment and future perception. Will Rogers once said:

"I only believe what I read in the papers"

He was joking - but there are huge amount of people, who believe what they hear from so called experts. Don't be drawn in by tempting stories, you will lose.

4. Brokers

Sure they do a good job placing orders etc but if they were any good at trading they wouldn't be brokers. A broker assisted account or broker news and tips, is unlikely to make you any money

So What is Good Advice?

Get down to your local bookstore or Amazon and stock up on some books from traders who have walked the walk, rather than talk the talk. You wnat people who have traded you can learn from, not just follow blindly.

Use the above and free resources online, to build your own forex trading system, based on forex charting.

Get a forex trading strategy you are confident in and this means building it yourself and it's a lot easier than many forex traders think.

At the end of the day, the best advice is your own from your trading signals generated from your system. In fact, it's the only forex advice that can lead you to long term currency trading success.