The famous Turtle Experiment in Forex market

  • Many times, traders who have been losing in Forex market like to think is this market only exclusive to the best traders? Is there are no chances that new traders can also make money in this market? Fortunately for you, this had been thought more than decades ago by famous Forex trader Richard Dennis. This experiment was a testament that anyone can be a successful a trader if they are given the right education.

    The Turtle Experiment

    Richard Dennis was a successful Forex trader and a legend in this industry. He had an overwhelming success in this industry.  He made a fortune of more than 100 million dollars with only 5000 dollars as investments. He and his partner William Eckhardt sometimes used to talk about their success. It was there when Dennis said that people given the right education about Forex market can be a successful trader if they follow rules while William believed Dennis was a prodigy in Forex industry.

    To select the traders, Dennis had no problem as he was the foremost trader of Forex world at that time. He published an ad in Wall Street journal where thousands of people applied. Dennis selected the turtle by himself and give them a taste of his training. Thousands of people applied to be in the Turtle Experiment and learn Forex trading with one of the most famous traders this industry has ever seen. Dennis gave them 2 weeks of training at the end of December in 1983. They started their trading in January with a small fund. In February, Dennis gave them 1Million dollar to trade the market. It was all his money and Dennis gave it to them because he trusted his dream. He believed that anyone can become a success in the exchange traded funds community, after learning the proper method.

    Dennis called this traders turtles because he had just visited a turtle farm in Singapore where they grow turtles. He believed traders can also be made in Forex if they are given the right education. It was not long that his vision was no longer a dream. It was only a time of four years when all these turtles made more than 100 million dollars in Forex market.

    This experiment is the most famous experiment in the Financial and investment world. It proved the world that anyone can be a good trader if they are given right strategy and education. Dennis only trained them for weeks and they made millions in Forex. If you think you are not made for Forex, just think this Forex experiment and you will know your answer.

    Knowledge is the key

    If you want to become a successful trader then stop wasting your time and start learning. During your early stage, you should never look for potential profit. Your concentration should be on learning all the details of this market. Since this market is traded based on three major analysis, you need to develop your own trading system based on those. But being a complete beginner you should spend some money on paid trading courses and in the long run, it will save a huge amount of your money. Many traders in the United Kingdom are now making millions of dollar in every single month. They were very smart from the beginning of their trading career since they spend some money on quality education.

    Trading is an art and you can really make any decent income without mastering all the trading skills. You need to have the capability to control your emotion in every single stage. Every time you open a trade, you need to ensure that you are not risking too much on any single trade. Always stay on the safe side to protect your investment.