Traders in Forex have always heard about some experiment like Turtle Experiment. You do not have to Google it to find out what is that as we are going to tell you what this famous experiment is all about. But before we do that, remember that this experiment will change your perception about Forex market forever. Many traders have greatly transformed their career after reading about this experiment and many have regained their lost hope about trading. This is not called a famous experiment without any reason.
Dennis Richard was the founder of this famous experiment that would take its place in the history. He was the investor miracle who had turned a small 5000 us dollar into more than 100 million US dollars of profit. Dennis partner Eckhardt believed that Dennis had a gift of miracle while Dennis bellied anyone could be a successful trader if they were given the right education. This debate among these traders was set by the Turtle experiment where 14 people were selected by Dennis. There were not only Forex traders in these 14 people, but there was also a game designer, an accountant and also a financial consultant.
Dennis only gave this trader two weeks of education of Forex. He gave them capital from his own money to start trading g in Forex and to the world’s surprise, these people made more than 100 million in the next 4 years. Some of them also founded their own companies. They were regarded as the turtle of the Forex industry by what Dennis Richard himself called them. He got this idea when he visited a turtle farm in Singapore.
Why is it so famous in Forex?
The reason this experiment takes his ground in the investment world is that of its proof that anyone can be a successful by trading CFDs. Eckhardt believed Dennis was successful not because he had rules but because he had a miracle. Dennis did not agree and thanks to them disagree, the world has seen the famous turtle experiment which is a proof anybody can be successful as Dennis Richard. Today many traders are losing their hopes and believe they could not be successful in Forex. Dennis Richard proved many years ago that success is not gained by miracle but only practicing of some hard and fixed rules. If new traders can follow their rules and strategy, it is proven they can make money in Forex.
History repeats itself
The Forex market is always making its movement with a specific pattern. Most of the time the price of certain asset always respect the key levels and provide a unique opportunity to the traders. However understanding the nature of currency pair movement is one of the most difficult tasks. You need to learn all the basic details of this market from the scratch. The starting of your trading career will not be easy since you won’t understand many things. But nothing is complex in Forex trading education. If you love this profession then it’s just a matter of time to realize how easily this market can be traded. Instead of developing a whole new trading system, you should learn to trade the market from the historic price data. Develop your trading system by using a demo account and see how you can deal with the live price feed.
Life of a trader is a little bit different. You need to always keep yourself tuned with the latest market news to trade the market. To be precise you should have a strong reading habit or else it will be nearly impossible for you to pace with the changes in this market. Always remember the 2% rule of money management when you trade the market. Think to trade as your business and develop a solid trading system to place quality trades.