This is a lesson any trader who wants to be successful should read and involves ordinary people, being taught to trade and make millions in two weeks, by trading legend Richard Dennis. There is much you can learn from this experiment, so let's look at it...
Take a female auditor, a boy just out of school, a couple of professional card players, a security guard to name but a few and teach them to trade when they know nothing to start.
Richard Dennis took up the challenge and his aim was simple - to show that anyone regardless of age, sex or educational achievement could be taught to trade successfully.
Dennis taught them a simple long term trend following system, based on breakouts and some money management rules. He knew however that the real challenge was not learning the system - but learning the mindset to apply it.
You only need a simple system to win and this has always been true, make your system to complicated and it will have too many elements to break and that is a lesson any traders should learn.
What most traders don't learn and Dennis placed great importance on is having the mindset to apply the system with discipline and keep going through a losing period, until you hit profits again.
Of course if you don't have the discipline to apply a system, you don't have one.
Dennis didn't just tell his pupils to follow the system blindly, he taught them how and why it worked, so they would have the inner belief and confidence to trade it properly.
Most traders' think that losing periods don't last long - but they can last for many weeks, this happens even to the best traders and you need to learn to take them cheerfully and keep them small.
In interviews with the traders over the years they al made the comment that it was the discipline to apply the system which was hard not learning the system itself and if you think trading discipline is easy, think again its not. The market will wrong foot you and give you loss after loss, for long periods and that's hard to take.
Trading success is based on not just the system but the inner belief that it will succeed long term. A trader needs to learn that you can't get success from anyone else, it comes from within. You need to have the right knowledge, which gives you confidence, which transmits into discipline.
This lesson shows that anyone can win and OK, you may not be as successful as the group above - but the opportunity is there for all to become successful traders.
Always remember, the market doesn't beat the trader the trader beats himself due to his own failings. If you want success and you understand the message of this article, you can get it and enjoy great Forex trading profits.
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