Here are Secret of Forex Trading Success that you must known.
The group of traders we are going to look at were called "the turtles" and taught by trading legend Richard Dennis. His mission was to teach and ordinary group of people, to trade in just two weeks and the rest is history - they made fortunes and became trading legends - so how did they succeed when 95% of all traders fail?
The system they used was simple and was so simple anyone could learn it, the rules are public now and anyone should look at it. The system was based on breakout methodology which is a timeless way to make money, it was looking to make money from the big trends ( rather than trying to scalp small profits) and it had extremely robust money management which all successful trading strategies have.
It maybe a simple strategy but all the best ones are, as they are more robust than complex ones with fewer elements to break.
While anyone can learn a method which can make money, few traders have the discipline to succeed. The reason for this is all trading systems suffer losses and when these losses occur, traders get frustrated and angry. When emotions come to the fore the trader changes systems, run losses, or trades to much to claw losses back and this lead to a wipe out of equity.
Dennis knew that his system would have long periods of losses, so he focused on getting his traders to have the right mindset to apply it and he did this by giving them confidence in the system, the system had far more losing trades than winners but made huge gains and he gave the traders the confidence to trade through these losing periods.
Most of the traders said learning the system was easy - but following it with discipline was and this is true for all traders. We all have emotions and if you think keeping discipline is easy, you probably haven't traded.
You can get trading discipline and its based on a good Forex education, confidence and the attitude of not seeing losses as failure but seeing keeping them small as the route to Forex trading success.
Read more on the turtles or any other successful trader and they will all tell you, success is down to mindset as much as method - the good news is if you want to get a winning mindset you can and if you do, a huge second or even life changing income awaits you.
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