If you study the way they made money, you can use the knowledge in your own trading strategy to make huge Forex gains – let’s look at this group of super traders in more detail.
Richard Dennis had made millions trading and believed that anyone regardless of age, sex or background, could be taught to trade and be successful so he decided to prove the point.
He advertised in the paper and gathered, a group of people together who all had one thing in common – they had never traded before. The group included – a security guard, an actor, auditor and a young man who had just finished high school and Dennis taught them his trading method in two weeks.
These traders then went on to make hundreds of millions in profits – so the point had been proved, ANYONE could win at Forex trading so what can you learn from these traders?
The Best Forex Trading Strategies are Simple and Long Term
The best Forex trading strategies are simple and this has always been so because simple strategies are more robust and more likely to make money than ones which are to complex.
In addition, despite the obsession most traders have about trading short term moves its the big trends which make the big money and the method our traders used, traded the long term trends via breakouts which is a timeless way to make profits.
The Number of Losing Trades is Irrelevant
The trading system used lost over 70% of the time but still made huge gains and the reason why was simple – the average profit was far bigger than the average loss. A read a lot of rubbish, about people saying they win 90% of the time, who are selling junk systems but its a lie. If you want to make money trading Forex, get used to losing but don’t worry about losses, just keep them small and run your profits and you will do just fine.
Your Mindset is the Key to Success
Every trader who traded the system Dennis devised said learning it was easy, the logic was simple to understand but the hard part was following it with discipline and this is a major problem all traders have. However, trading with discipline is essential, of you want to achieve Forex trading success, you need to keep your emotions out of your trading and if you think of the potential rewards, you will do this.
The above story actually inspired me to trade, as it showed anyone has the potential to win at Forex trading. I hope it inspires you to and helps you enjoy Forex trading success – good luck!