Can You Become A Great Trader?
Can you become a great forex trader? Surely you can. Only, if you have a good trading plan: based on a winning trading strategy. Entering the forex markets without a well thought trading plan will get you crushed in no time.
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 saying that great traders could only be born and not made. Richard had the opinion that great traders could be made through good training. To settle the argument, both agreed to select and then train a few traders to see the trading results after training.
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 students were trained and given a complete trading plan alongwith the rules how to apply it. Richard always would say: I give these rules to anyone. But as long as that person is not consistent in applying those rules no matter how tough the situation, they are 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.
Then you need to apply those rules with discipline and consistency. Without discipline and consistency, you can never become a great trader! - 23221
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 saying that great traders could only be born and not made. Richard had the opinion that great traders could be made through good training. To settle the argument, both agreed to select and then train a few traders to see the trading results after training.
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 students were trained and given a complete trading plan alongwith the rules how to apply it. Richard always would say: I give these rules to anyone. But as long as that person is not consistent in applying those rules no matter how tough the situation, they are 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.
Then you need to apply those rules with discipline and consistency. Without discipline and consistency, you can never become a great trader! - 23221
About the Author:
Mr. Ahmad Hassam is a Harvard University Graduate. He is interested in Investing, Stocks and Forex Trading. Download Turtle Trading Rules.
posted by X - Men @ 3:12 PM
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