Currency Trading Lesson - Tips From a Group of Millionaire Forex Traders for Bigger Profits

Currency Trading Lesson - Tips From a Group of Millionaire Forex Traders for Bigger Profits

In this article, we will look at a currency trading lesson which involves a group of super traders, who managed to learn Forex trading in just two weeks and went on to make millions in profit. These people were not nerds or geeks, they were ordinary people who learned quickly how to trade FX markets for huge gains and there is much you can learn from them which can help you enjoy currency trading success.

Richard Dennis was a trading legend, who believed that anyone had the potential to learn to trade and he set out to prove his point. He gathered a number of people from diverse backgrounds which included - an actor, a security guard and a female accounts clerk, to name just a few of the group and set about teaching them to trade. The training took just two weeks then, Dennis gave them live accounts and they ended up making hundreds of millions of dollars.

You might be wondering, how this group managed to do so well so quickly, when the majority of Forex traders lose money, so let's look at what they did right and the majority of traders don't do.

- The traders were taught a simple method which traded price action via breakouts and focused on, trading and holding long term trends. Most traders, like to try and predict lows and highs and not trade the confirmation of price action and lose. Furthermore, most traders like to scalp and day trade which simply means they trade the noise of the market, take low odds trades and lose.

- Simple methods also work best and the method was so simple anyone could learn it yet, there are a vast amount of traders who think the market can be beaten with a complex system and they make very clever systems which lose. The reason simple systems work best is - they have fewer elements to break, than complex ones.

- What will surprise many traders about the above system is - it lost far more trades than it won (it lost over 70% of the time) but the system still made triple digit gains because, it kept its losses so small and ran its winning trades. In Forex trading it's a fact that most traders simply cannot keep their losses small and don't understand losing the majority of trades is simply what happens in Forex trading.

- All the traders in interviews, commented learning the system was easy but trying to follow it was hard because they had to take so many small losses and wait for the big trends. Of course they were taught to do this and followed the system with discipline and made huge gains. The majority of traders can't trade with discipline and lose but if you can't trade a system with discipline, you simply don't have a system!

So can you enjoy currency trading success? Yes you can, in fact anyone can with the right education and a disciplined mindset. If you learn the above currency trading lesson, you will soon be making a great second income, in the world's most exciting investment - trading global Forex markets for profit.

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