Are Great Traders Made?
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 partners, great traders and commodities speculators. Both were arguing one day in the year 1983 whether great traders were made or were born.
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.
An advertisement was made in Wall Street Journal, Barrons and The New York Times. 1000 applications were received. The great Turtle Trading Experiment had begun in history.
Only 80 were called for interview after shortlisting. 13 were selected for the experiment in the end. They were known as the Turtles.
The students were given a complete trading plan that contained exact rules how to trade. Richard used to say that he could teach his rules to anyone. But as long as someone was not consistent in applying those rules and sticking with them during rough stormy water, they were useless.
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.
In the end, it is discipline and consistency that will make you a winning forex trader in applying your trading plan. Who says, you cannot become a Great Trader! - 23222
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 partners, great traders and commodities speculators. Both were arguing one day in the year 1983 whether great traders were made or were born.
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.
An advertisement was made in Wall Street Journal, Barrons and The New York Times. 1000 applications were received. The great Turtle Trading Experiment had begun in history.
Only 80 were called for interview after shortlisting. 13 were selected for the experiment in the end. They were known as the Turtles.
The students were given a complete trading plan that contained exact rules how to trade. Richard used to say that he could teach his rules to anyone. But as long as someone was not consistent in applying those rules and sticking with them during rough stormy water, they were useless.
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.
In the end, it is discipline and consistency that will make you a winning forex trader in applying your trading plan. Who says, you cannot become a Great Trader! - 23222
About the Author:
Mr. Ahmad Hassam has done Masters from Harvard University. He is interested in Investing, Futures and Forex Trading. Download Turtle Trading Rules.
posted by X - Men @ 3:12 PM
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