Everything about forex trading can be learned with the right forex education and here we are going to give you a great example of what can be achieved.
You don’t need to work hard to win at forex trading you just need to learn the RIGHT knowledge.
A perfect example of this is the “turtle” experiment, which is outlined below.
In just two weeks a group of 14 people from different walks of life were taught to trade financial markets, and these traders nicknamed the “turtles” became world famous.
The turtle experiment proved ANYONE can become a successful trader with the right education and everything about trading can be specifically learned.
Traders with no experience learned the tools to make millions in just two weeks, and they represented a variety of different people, from all walks of life including:

· An actor
· A security guard
· Two professional card players
· An auditor
· A boy who had just left school
· A woman who used to be an exchange clerk

They then went on to make annualized 70% returns!

Is Trading a Learned Skill, or is it all Down to innate Ability?

In 1984, Richard Dennis taught a Trend Following trading methodology to the group of students above, to prove anyone, no matter what their profession, could be taught the skills required to trade successfully.
Dennis was settling a debate with his friend and business partner William Eckhardt. Dennis believed anyone could learn to trade and Eckhardt disagreed – the “turtle” experiment was conducted to settle the debate.

The Experiment

The group of 14 traders he taught (the turtles) earned an average annual compound rate of return of 80% proving Dennis right and making him $100 million dollars!

What the Experiment Proved

The experiment with the “turtles” showed that anyone could indeed be taught to trade – all they had to do was learn, and follow a set of rules.

What you can learn from the Turtle experiment

Trading actually looks quite simple, yet few succeed and the fact is 95% of traders lose all their money.
The reason most traders fail is simply they cannot get the right mindset to succeed. The turtle trading experiment taught them the RIGHT MINDSET to trade successfully
The system they were taught was essentially simple, so simple in fact, that anyone could learn it and he combined this with giving the traders not just the system and rules but also the mindset to succeed and trade it with discipline.
Dennis realized that most traders can’t trade with discipline, their emotions get involved and they end up losing.

Why is Discipline so Important?

Quite simply, without the discipline to follow your method, you don’t have a method at all, and are doomed to failure – money management breaks down and losses inevitably follow.
Dennis taught them to have confidence in the system they were trading, and follow it rigidly to achieve success.

A Simple System + Discipline = Trading Success

Dennis knew that complicated trading methods are NOT likely to be more successful than simple ones – as a general rule, a simple trading system is more likely to be successful than a complicated one, as its more robust.
Simple systems are easier to understand as well – this meant the turtles had confidence in the system and could apply it with discipline.

So, What can we Learn from the Turtles?

Well, we know that anyone can learn to trade successfully and it can be do quickly.
We also know that simple systems applied with discipline and strict money management will work over time.
To become a successful trader you need a simple method that you can understand and have confidence in.
Just as confidence flows from understanding, discipline flows from confidence and it is the discipline to follow your method through losing periods which, is the key to long term success
You may not be as successful as the turtles but you can become a successful trader and you can make a lot of money.
Trading offers ANYONE the chance to build wealth – all you need to do is have the right mindset and learn the right knowledge.
Are you prepared for a challenge that could change your financial future forever? If you are, trading offers you the route to financial success.

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If you are trading Forex and making mediocre or average gains and want to improve your overall profitability, then this section is for you.
The ways to improve profitability enclosed in this section are simple and they have worked for us and will work for you. These are simple yet powerful tips any Forex trader should consider.
A good place to start is with a timeless classic investment book – the Zurich Axioms by Max Gunther it’s a book any trader should read.
The wisdom is simple, timeless, unconventional, funny, exciting, and is one of the most inspiring investment books ever written.
The 12 major and 16 minor Zurich Axioms in the book are a set of principles, providing a philosophy, to incorporate in your Forex trading strategy to help you manage risk and increase profitability.
Several of the Axioms fly right in the face of accepted investment wisdom – however the Swiss investors who wrote them became very rich, while most investors who follow conventional wisdom do not and keep in mind 90% of speculators lose so being in the minority is not such a bad thing!

“Resist the allure of diversification”

Diversify your investments is accepted as a way to make money longer term and reduce risk – but all it does is dilute your potential profit and in many instances increase your chances of losing.
You will read a lot about risking 2% per trade and spreading your trades – but if you are like most Forex traders and trading a small account of under $10,000 you won’t make much risking $200.00!
The Zurich Axioms encourage you NOT to diversify for small gains, but to look for the big potential winners and risk more. This does not mean you are being rash – far from it, you are simply risking more on the high odds trades and ignoring the ones that don’t have good profit potential.
Many traders simply trade to much but in Forex trading you don’t get paid for how much effort you put in – you get your reward for being RIGHT with your trading signals – PERIOD.
So cut down the amount of trading signals you execute and only focus on the really good trades that have the best profit potential.
The Pareto 80 / 20 Rule
The above philosophy is related to famous the 80 / 20 rule or Pareto principle.
The rule states that 80% of your results come from 20% of your activities – and this is true in many areas of life in sales, business and trading Forex.
The rule postulates that by concentrating on the best investments, and ignoring the others, you can improve your profitability dramatically – by simply searching and acting on the 20% of “good trades” that yield the really big profits.
By only focusing on this 20%, you will see bigger gains. This is really a common sense rule, yet very few Forex traders know it or use it.
Most Forex traders are obsessed with trading to often, they think if their not in the market they will miss a move. Other traders try trading in ways that simply offer them no chance of success like Forex day trading.
I know traders that make triple digit annual gains and only trade once a month and I know other traders who trade all the time and lose.
Keep in mind – the aim of Forex trading is to make money nothing else matters, so don’t trade often and when you trade the best opportunities and risk more.

Accept and Enjoy Risk!

The major reason traders don’t win is they are so frightened of risk; they actually create it and lose. Does this mean you should take unnecessary risks, or act in a rash and cavalier manner?
No it doesn’t – but to make big gains you have to take calculated risks when the time is right and a good trade presents itself.
The Zurich Axioms show you how to confront risk in a positive way, manage it, and enjoy the challenge – the speculators who wrote the book enjoyed risk and the challenge of making money – If you don’t enjoy the challenge of risk, then you will lose.
Lets look at two of the Axiom’s on risk which compliment the one above on diversification – which tells us why most traders lose.

1. “Worry is not a sickness but a sign of health…If you are not worried, you are not risking enough”.

How often are you told only to risk what you can afford to lose in investing – when you know you should risk more?
You then see the gains you could have made – but you didn’t have the conviction to go for the trade and then you were left wondering about what might have been?

2. “Always play for meaningful stakes..if an amount is so small that its loss won’t make any significant difference, then it isn’t likely to bring any significant gains either”.
If you don’t risk much, you won’t gain much as we have already stated. If however you load up the high odds trades then you will increase your profitability.
If you have a sound Forex Trading strategy you have confidence in then the above tips are common sense and will increase your FX profits.

Risk Reward & You

The major mistake most Forex Traders make is they think that they can restrict the risk of Forex trading to minimal levels and still win – this is simply not true.
If you try and restrict risk to much by placing stops to close you will simply guarantee you will be stopped out by normal market volatility. It may look like it’s less risky but its guaranteeing you will lose so it’s actually very risky!
Volatility and leverage creates both risk and opportunity in online currency trading, you need accept this risk and then spot the trades that offer the best odds of success and go for them.
If you do, you will actually decrease your risk and increase your profits dramatically.
If of course you don’t like taking risks then you shouldn’t trade currencies as you will lose.

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