Forex Education - A Free System That Made Hundreds of Millions of Dollars
How would you like to get a free system, that proven and that's made hundreds of millions of dollars for traders in real time? Well you can and that's the subject of this article.
The system I am referring to is the original rules, Richard Dennis devised to give to a group of traders, a system to trade, who he taught to trade in a couple of weeks. These people were called "the turtles" and they have gone down as trading legends. In just a few years, they piled up hundreds of millions of dollars in profit and proved Dennis right in his aim which was to show anyone could make money at Forex, with the right education.
The system available free online and while the system is well over 20 years old it still works, although markets have changed in terms of volatility making it less effective than it was - but what I like about the system, are the three cores upon which it's based which are timeless, in terms of making money in any trending market.
Firstly, the system was based on long term trend following and it always amazes me why people try and scalp a few pips when the big trends are the ones which make the really big profits.
Secondly, it's based on breakout trading which is the simplest and best way to get in on any trend. Most traders like to predict but that's hoping or guessing trading breakouts, trades the reality and is far more profitable.
Finally, the system had great money management and trade weighting rules and as we all know money management is the key to any systems success, the rules may be simple but they work.
The system lost far more trades than it won and this is true of most systems ( don't believe what the vendors of cheap software programs say about making money with no drawdown - its simply not true) but if you cut your losses and run your profits, you can make a great long term income.
If you want to know more about the system you will find it free online and also check out the excellent books "Way of the turtle" by Curtis Faith, the most successful turtle and the interviews, with Richard Dennis and his disciples in Market Wizards and the new Market Wizards.
I always found the turtle experiment inspiring, in terms of my education and if you look at the original rules and read about how a group of novices learned to trade in a few weeks, it might inspire you to become a successful trader too, as it showed anyone with the right education and mindset could win.
The system I am referring to is the original rules, Richard Dennis devised to give to a group of traders, a system to trade, who he taught to trade in a couple of weeks. These people were called "the turtles" and they have gone down as trading legends. In just a few years, they piled up hundreds of millions of dollars in profit and proved Dennis right in his aim which was to show anyone could make money at Forex, with the right education.
The system available free online and while the system is well over 20 years old it still works, although markets have changed in terms of volatility making it less effective than it was - but what I like about the system, are the three cores upon which it's based which are timeless, in terms of making money in any trending market.
Firstly, the system was based on long term trend following and it always amazes me why people try and scalp a few pips when the big trends are the ones which make the really big profits.
Secondly, it's based on breakout trading which is the simplest and best way to get in on any trend. Most traders like to predict but that's hoping or guessing trading breakouts, trades the reality and is far more profitable.
Finally, the system had great money management and trade weighting rules and as we all know money management is the key to any systems success, the rules may be simple but they work.
The system lost far more trades than it won and this is true of most systems ( don't believe what the vendors of cheap software programs say about making money with no drawdown - its simply not true) but if you cut your losses and run your profits, you can make a great long term income.
If you want to know more about the system you will find it free online and also check out the excellent books "Way of the turtle" by Curtis Faith, the most successful turtle and the interviews, with Richard Dennis and his disciples in Market Wizards and the new Market Wizards.
I always found the turtle experiment inspiring, in terms of my education and if you look at the original rules and read about how a group of novices learned to trade in a few weeks, it might inspire you to become a successful trader too, as it showed anyone with the right education and mindset could win.
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