2Bull Forex Blog

I have been teaching forex trading for some years and forex trading tip to anyone is to study the story of “the turtles” if they want to succeed at currency trading. Why?

Because it covers a group of traders that learned to trade in just 14 days and went on to make $100 million in 4 years! If you want to know how to succeed in forex trading, then read and learn how “the turtles” did it.

One day trading legend Richard Dennis decided to prove that trading was not a gift it was a skill anyone could learn if they wanted to do so and he set out to prove his point.

He gathered a group of people together - men and women, young and old and with varying levels of education and set about teaching them to trade in just 14 days.

The group included a couple of professional card players, a female auditor, a security guard and a kid fresh from school - Dennis then went to work and taught them to trade in just 14 days and gave them accounts.

The result?

They made him $100 million in just 4 years and many of this group went on to become trading legends.

This story is the one that inspired me to trade back in the eighties and it should inspire anyone, because it just shows that anyone can learn to trade currencies and your age, sex or educational background, are no barrier.

Sure you may not become as rich as “the turtles” life simply isn’t like that but the opportunity is there and you might! I have traded professionally for 5 years and I am no rocket scientist and you can to and earn a great income.

So what are the lessons you can learn from the turtles?

Firstly it’s how quickly they learned the method - 14 days.

Dennis knew that simple forex trading methods worked best and he taught them one.

It’s a fact that a simple method is more robust in the face of ever brutal market conditions and is more robust than a complicated one - but Dennis taught them something more:

To have confidence in the trading system, so they could execute it with discipline through long periods of losses to hit the big trends and big profits.

This really is the key of this forex trading tip:

You can have a great method - but if you don’t have the confidence to follow it with discipline then you have no method!

Most traders simply do not understand that they will get periods of losses (despite what some vendors may tell you) and you must stick with your method to enjoy currency trading success.

Don’t believe discipline is easy - its not. The turtles had far more losers than winners yet they made huge profits as they stuck with their method.

Dennis drilled into them that they must play great defence first, before anything else and gave them strict money management rules to apply.

So it’s a simple method, strict money management and discipline and these keys were valid in the eighties and there still valid now.

You can read more about the turtles in Jack Shwagers excellent book Market Wizards and a book by one of the most successful turtles ( Curtis Faith ) called “Way of the Turtle” It’s a fascinating story and there is much to learn from it.

This story inspired me to trade back in the eighties and I hope that my forex trading tip has inspired you, rather than listen to some self proclaimed guru who only talks the talk, spend $50.00 or so and get the real story from traders who have walked the walk.

I hope you enjoyed my forex trading tip and it encourages you to trade the most exciting and potentially lucrative investment medium on earth - global forex markets.

If you want to learn currency trading then you may think that developing your own forex trading system is hard - but its not here we will show you how to put one together in a couple of days and it works! Read on and see for yourself.

This system is based on timeless logic and all you need to do is to look at forex charts spot important levels of resistance or support and time your trading signal with some momentum oscillators and that’s it.

Here we are going to use a breakout methodology as a basis for the system.

It’s a fact that most big trend start from new market highs or lows and accelerate away from the breakout. This is obvious if you look at any forex chart, yet most traders never take advantage of this phenomenon- why?

Because they wait for the pullback to get in at a better price and it never comes! If the breakout is of a valid support and resistance level it sails over the horizon and their left watching it.

To win and enjoy currency trading success you need to spot valid breakouts check momentum and go with them - so how do you do this?

1. You need a support and resistance level that has been tested several times (easy to spot on a forex chart) and know that the participants consider it valid.

2. You need to watch for a strong move above or below resistance.

3. Finally you need to check momentum supports the move, (we don’t have time to talk about momentum oscillators here simply check our other articles) but if momentum supports the move go with it.

4. The stop remains behind the breakout point.

5. Don’t move your stop t quickly as if you do, you will be stopped out by the market noise - hold it back and let the move unfold.

Now that sounds simple and it is.

You can easily learn a breakout method in a few days and make forex profits with it - but most traders fail to do this, as they are obsessed with buying low and selling high. Of course with a breakout you miss a bit of the move - but you should not be obsessed with market timing, just realise you have the odds on your side and you should just grit your teeth and do it.

Always remember forex trading is about making money NOT trying to buy a high or sell a low, with your trading signal - that’s impossible anyway so don’t try!

If you caught just 50% of every big forex trend, you would be very rich.

If you want to learn currency trading always remember a breakout method is timeless and most traders will never do it - if you do and you’re selective about the trades you take, you will enjoy forex trading success.

We can only give you the basics here but as part of your forex education, you should look at this method of trading in more detail. It will be time well spent and you will soon have a forex trading strategy that works, you have confidence in, an best of all - can make you huge gains!

In choosing the right time frame to trade in, you should consider whether you enjoy the immediate (and sometimes instant) profit and loss consequence of trading in the short term, or if you prefer to establish positions and see them unfold over the next few days or weeks.

Trading In Short Time Frames

Trading in short time frames requires substantial time and your total attention because timing is of the utmost importance. Opportunities are created and lost in a manner of seconds, and a distracted trader will often find himself entering or exiting into positions at the wrong time. If you do not have the inclination to devote your exclusive time and energy in monitoring minute and hourly charts, you may not wish to consider becoming a short time frame trader.

Short time frame traders typically trade at a higher frequency with a lower profit expectation and risk per trade. As the trading time frame increases, medium and long time frame traders typically have lower trade frequencies with higher profit expectation and risk per trade.

Does Short Time Frame Trading Fit You?

An inappropriate trading time frame can cause a joyful trading experience to turn into a highly-stressful, frustrating event. Not every one is comfortable with trading like this. However, keep in mind that something stressful for one person may be an exciting challenge for another. There is no right or wrong answer, as choosing a trading time frame is a very personal decision.

Remember, you are making a crucial decision about the business of trading that you will be establishing. Life is too short to be in a position where you are constantly stressed and unhappy. Choose a time frame you are most comfortable with, and that is in line with your long term goals and aspirations.