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.
There was a great experiment conducted in trading history. This experiment is a perfect example of how a winning trading plan can help you become a great trader. Interested, then read on 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 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 13 applicants were selected after shortlisting and interviewing 80. Those selected were known as 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.
You cannot succeed in forex trading without a good trading plan and training. Your trading plan should be ruled based and purely mechanical. It should never ever be based on emotion. As long as you dont learn to keep your emotions out of trading, you will never succeed.
After that comes, the discipline to apply that plan in reality. Without discipline and consistency; you can never become a great trader!
There was a great experiment conducted in trading history. This experiment is a perfect example of how a winning trading plan can help you become a great trader. Interested, then read on 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 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 13 applicants were selected after shortlisting and interviewing 80. Those selected were known as 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.
You cannot succeed in forex trading without a good trading plan and training. Your trading plan should be ruled based and purely mechanical. It should never ever be based on emotion. As long as you dont learn to keep your emotions out of trading, you will never succeed.
After that comes, the discipline to apply that plan in reality. Without discipline and consistency; you can never become a great trader!
About the Author:
Mr. Ahmad Hassam has done Masters from Harvard University. He is interested in Options, Futures and Forex Trading. Download Turtle Trading Rules.
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