Become A Great Trader
The question is can anyone become a winning forex trader? Yes anyone can in my opinion. The only thing that is required is a winning trading plan. If you have not developed a good trading plan than dont enter the forex market. First develop one. Forex markets are not going anywhere. These markets will be there next year and after that. Enter only when you are prepared.
I want to tell you about a great trading experiment that was conducted by two great traders. This experiment will teach you the importance of getting a good training in developing a winning trading plan. Read on to know about the Turtle Trading Experiment.
Richard Dennis and Bill Eckhardt were two great traders and partners who were arguing one day on whether great traders are born or made. This was the year 1983. Both were commodities speculators.
Bill was of the opinion that great traders are only born while Richard believed that great traders could be made through a process of good training. In order to settle the matter, Richard suggested that they recruit and train a few novice traders. Train them. Give them accounts to trade and see how they perform.
The Great Turtle Trading Experiment in history was born that day. An ad was placed in the Barrons, Wall Street Journal and the New York Times. 1000 people applied for the experiment.
Only 80 were called for interview after shortlisting. 13 were selected for the experiment in the end. They were known as the Turtles.
The turtles were given training and a complete trading plan based on rules on how to apply it. Richard would always emphasize to the turtles that he could give these rules to anyone but these rules were useless unless they were applied consistently.
Success in forex trading will only come if you get good training. Then use that training to develop your trading plan that is based on rules that are mechanical in nature and do not depend on emotional decisions. The key to success in trading is controlling your emotions. A good trading plan just does that.
After that comes, the discipline to apply that plan in reality. Without discipline and consistency; you can never become a great trader! - 23204
I want to tell you about a great trading experiment that was conducted by two great traders. This experiment will teach you the importance of getting a good training in developing a winning trading plan. Read on to know about the Turtle Trading Experiment.
Richard Dennis and Bill Eckhardt were two great traders and partners who were arguing one day on whether great traders are born or made. This was the year 1983. Both were commodities speculators.
Bill was of the opinion that great traders are only born while Richard believed that great traders could be made through a process of good training. In order to settle the matter, Richard suggested that they recruit and train a few novice traders. Train them. Give them accounts to trade and see how they perform.
The Great Turtle Trading Experiment in history was born that day. An ad was placed in the Barrons, Wall Street Journal and the New York Times. 1000 people applied for the experiment.
Only 80 were called for interview after shortlisting. 13 were selected for the experiment in the end. They were known as the Turtles.
The turtles were given training and a complete trading plan based on rules on how to apply it. Richard would always emphasize to the turtles that he could give these rules to anyone but these rules were useless unless they were applied consistently.
Success in forex trading will only come if you get good training. Then use that training to develop your trading plan that is based on rules that are mechanical in nature and do not depend on emotional decisions. The key to success in trading is controlling your emotions. A good trading plan just does that.
After that comes, the discipline to apply that plan in reality. Without discipline and consistency; you can never become a great trader! - 23204
About the Author:
Mr. Ahmad Hassam has done Masters from Harvard University. He is interested in Investing, Stocks and Forex Trading. Download Turtle Trading Rules.
posted by X - Men @ 2:51 PM
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