Millionaire FX Traders – Lessons from Them for Forex Trading Success!
In this article, we will look at some lessons from a group of ordinary people, who learned how to trade in just 14 days and then made hundreds of millions of dollars. You can learn a lot from this group of people, so let’s see how they achieved amazing success in Forex trading after just a few weeks of training.
The forex trading paradox is easy to learn, but very few are successful. In fact, the number of traders who make money is a minority of only 5 percent. If you learn how our group of super traders learned to earn, you will understand how they made money and how you can too.
The story began when a famous trader named Richard Dennis decided to teach a group of people who had never traded before to trade. he selected some people and they were men and women, of different ages, of different levels of intelligence and the group included:
A boy who was fresh out of school and had never worked, a security guard, an accountant and an actor, and Dennis set out to teach them how to trade.
They learned to trade in just 14 days and the rest is history – they racked up hundreds of millions of dollars in trading profits and many are still trading successfully today. So how did they manage to achieve success quickly, when so many traders fail? Let’s take a look in more detail.
The trading method was not complex or overloaded with indicators, it was simple! The trading method followed the price action on a chart, blocking big trends through breakouts, which is a proven way to make money.
The system focused on the long term!
Most traders like scalping and day trading, they put in a lot of effort and lose money. The group of traders Dennis taught did the opposite and focused on big trends that last for many weeks or in some cases months and held them for big profits.
The system lost most of the time and about 70% of the trades lost money, but the ones that made money made huge profits. This allowed traders to rack up long-term triple-digit profits and still lose most of their trades.
The method was easy to learn, but following it was difficult, as many of the traders have since said in interviews and books about the experiment. However, they knew they had to stay disciplined and cut losing trades quickly and execute their profits to win and they did so with spectacular success.
No one likes to lose, we all have egos, but if you want to win at Forex trading, you need to learn to take losses and keep them small.
Most traders can’t do this and lose. To enjoy success in forex trading, you must learn to cut losses or you will end up losing too. Be smart – lose your ego and take losses and take profits and you can achieve success.
Why You Can Achieve Forex Trading Success
If you have understood the article, you will see why most traders lose and how you can win. Learning an FX trading system that can make money is easy, but you need to have the right mindset to win and this is why most traders fail.
However, the right mindset for success is a choice and if you want to enjoy success, make the right choice and you will be on your way to long-term trading success in FX.