In this article, we will study a group of novice traders, who had two weeks of training and then made millions in profit. You may not make millions, but if you see how they made money, you will see how you can enjoy Forex trading success.

Richard Dennis was a well-known trader who had made millions, but he was very modest and claimed that anyone could be a successful trader as long as they had the right method and mindset, so he set himself a challenge:

Teach a group of inexperienced people to trade in just 14 days and these people would be of both sexes, all ages, and of varying intelligence. The group was a good mix and included an actor, a security guard, and an accounting clerk, to name just a few.

After their training, they started trading and began racking up triple digit profits and continued over a period of 4 years to make hundreds of millions of Forex profits. So what was the secret to its success? I have summarized the key points behind their success below and some of them may surprise you, so here they are:

The best Forex strategies are always simple

The best strategies are simple and use technical levels to enter trades. The trading system taught was so easy to learn that it took only a couple of weeks. Being smart or working hard on a trading system doesn’t guarantee success, so keep it simple and you can win.

No prediction needed to win money

Despite what many gurus will tell you, Forex prices cannot be predicted! If you want to make money, simply trade the price action and watch for confirmation of trend changes. The strategy used was based on trading breakouts and long-term trading trends that will always make money.

Money Management: Losses No Matter the Size of Them!

The system lost over 70% of all transactions made, but strict money management rules meant they were always small. On the other hand, big profits would run for weeks or months and cover losses, giving traders big profits in the long run.

Forget people who tell you that you can win more than 90% of the time, it’s a lie. Most of the successful traders in the world win less than half of their trades, but that doesn’t matter, because use proper risk control to cut losses and make profits.

The key factor for success: your mindset

It’s simple: if you don’t trade with discipline, you won’t make any money. Let your emotions get involved and you will incur losses that will end with the deletion of your account. The traders in the group had no trouble learning the system or understanding why it worked, but all found that following the strategy with discipline was the hardest part. However, they knew that this was what they had to do to win and their discipline was rewarded.

Can you become a successful Forex trader?

Yes, you can, as you can see from the story above, but the only key point to keep in mind is not to learn a method that can beat the market, which is the key to forex trading success, but to adopt the right mindset. .

Simple sounds?

It is and is the real secret to success in forex trading: understand it and you can make a lot of money trading global Forex.