Are Great Traders Made?
If you dont have winning forex trading plan, you will be crushed by the forex markets in no time. When you start forex trading, first you need to choose a good strategy. Then you need a method to implement that strategy. This is in nutshell what we call a trading plan.
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.
An advertisement was placed in New York Times, Barrons and The Wall Street Journal. 1000 applications were received in response to that advertisement. The Turtle Trading Experiment had started.
Only 13 applicants were selected after shortlisting and interviewing 80. Those selected were known as Turtles.
The turtles were given training and a complete trading plan based on rules on how to apply it. Richard would always emphasize to the turtles that he could give these rules to anyone but these rules were useless unless they were applied consistently.
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.
After that comes, the discipline to apply that plan in reality. Without discipline and consistency; you can never become a great trader! - 23159
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.
An advertisement was placed in New York Times, Barrons and The Wall Street Journal. 1000 applications were received in response to that advertisement. The Turtle Trading Experiment had started.
Only 13 applicants were selected after shortlisting and interviewing 80. Those selected were known as Turtles.
The turtles were given training and a complete trading plan based on rules on how to apply it. Richard would always emphasize to the turtles that he could give these rules to anyone but these rules were useless unless they were applied consistently.
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.
After that comes, the discipline to apply that plan in reality. Without discipline and consistency; you can never become a great trader! - 23159
About the Author:
Mr. Ahmad Hassam has done Masters from Harvard University. He is interested in Investing, Stocks and Forex Trading. Download Turtle Trading Rules.
posted by X - Men @ 2:44 PM
0 Comments
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home