Become A Great Trader
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.
Let me tell you about a great experiment in history. This experiment is a perfect example of developing and then implementing a winning trading plan. This experiment was known as Turtle Traders 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.
After short listing only 80 were called for interviews. In the end only 13 traders were selected for the training. The students were called 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.
Then you need to apply those rules with discipline and consistency. Without discipline and consistency, you can never become a great trader! - 23210
Let me tell you about a great experiment in history. This experiment is a perfect example of developing and then implementing a winning trading plan. This experiment was known as Turtle Traders 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.
After short listing only 80 were called for interviews. In the end only 13 traders were selected for the training. The students were called 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.
Then you need to apply those rules with discipline and consistency. Without discipline and consistency, you can never become a great trader! - 23210
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 @ 3:01 PM
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