Turtle Trading Experiment
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.
There was a great experiment conducted in trading history. This experiment is a perfect example of how a winning trading plan can help you become a great trader. Interested, then read on 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 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 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.
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! - 23218
There was a great experiment conducted in trading history. This experiment is a perfect example of how a winning trading plan can help you become a great trader. Interested, then read on 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 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 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.
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! - 23218
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 @ 2:49 PM
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