Education For All People – Forex Education – The Way of the Turtle
Several years ago, I read the turtle story in the book "Market Wizards". I was fascinated to read how legendary trader Richard Dennis formed a group of novice traders in just 14 days – and how these novices later became legendary merchants.
Now we have a book written by one of the turtles themselves. "The Way of the Turtle" by Curtis M. Faith. This turtle and author made $ 30 million for Dennis – and now shares his perspective on the turtle's experience and achievements
In 1983, Richard Dennis bet with his friend long time William Eckhardt. They had a friendly argument about whether traders were born, or could be taught to succeed. Dennis thought that we could teach them, but Eckhardt thought that they could not.
The turtle experiment took place – and Dennis won. Turtles have achieved a collective compound rate of return of more than 80%. This group of 23 traders had never traded before, but they were taught to trade a system in just 14 days.
"Way of the Turtle" reveals the reasons for their success, and covers areas such as:
. The rules of the system and methodology
. Why, even if they used the same method, some turtles were more successful than others.
. How to extend the rules used by turtles – in order to find basic strategies that work for any tradable market.
. How to apply Turtle methods to your own trading strategy.
. Ways to Diversify Your Business Risk
The "Turtle Way is a good book – be easy, and fun to read." The book throws a key fact that all forex traders should note in their forex education: Simple Trading Systems but it is psychologically difficult for most traders to follow these systems and take advantage of the advantage that the system can bring them, as evidenced by the fact that the results of the turtle have varied (despite the fact that They all learned the same methodology).
There is also a discussion about the difficulty of running a system that has some big winning deals, in order to get a globally positive ROI.
If you learn a key fact from the book, it's not enough to learn an effective trading system: you need the mental discipline to run the system properly – to maximize your profits .
I've always found the inspiration experience, and I'm sure other traders who read this bo ok will be thinking about it, "they did. – it's possible! "
It is possible to become a successful trader if you acquire good knowledge – but you also need courage and discipline, in order to properly execute the knowledge.
You may not be as successful as turtles, but the book will point you in the right direction for successful currency trading. The book does this by highlighting some key areas that you need to apply in your own forex trading strategy, in order to become a successful currency trader.
"Way of the Turtle" is worth being bought – and you should consider it as an essential reading, and a part of your forex education.