Are Great Traders Born?
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.
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 partners, great traders and commodities speculators. Both were arguing one day in the year 1983 whether great traders were made or were born.
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 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 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.
So, the actual success in trading whether forex, stocks, commodities or futures lies in having a good trading plan; You need to have a trading plan that is exact. In other words is mechanical and ruled based does not depend on your emotions. Learn to control your emotions in trading.
In the end, it is discipline and consistency that will make you a winning forex trader in applying your trading plan. Who says, you cannot become a Great Trader! - 23212
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 partners, great traders and commodities speculators. Both were arguing one day in the year 1983 whether great traders were made or were born.
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 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 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.
So, the actual success in trading whether forex, stocks, commodities or futures lies in having a good trading plan; You need to have a trading plan that is exact. In other words is mechanical and ruled based does not depend on your emotions. Learn to control your emotions in trading.
In the end, it is discipline and consistency that will make you a winning forex trader in applying your trading plan. Who says, you cannot become a Great Trader! - 23212
About the Author:
Mr. Ahmad Hassam is a Harvard University Graduate. He is interested in Investing, Stocks and Forex Trading. Download Turtle Trading Rules.
posted by X - Men @ 3:02 PM
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