On today’s podcast, Dr. Jason Gospodarek talks are Forex traders born or made.
Richard Dennis and the Turtle Traders
Around 1983, Richard Dennis, a wealthy investor, got together with his investor friends and tried to answer the question of if successful traders are born or made.
They took 21 men and women, gave them 2 weeks of training and 1 month to actually trade. A few of the people in the group actually made it through and he let them trade anywhere from $250,000 USD all the way to $2M USD of his own company’s money.
Are Forex Traders Born or Made Results
What’s exciting, over the next 5 years the traders who made it through the training that he taught right off the street, went on to make over $175M USD in profit!
There were some low points along the way, it wasn’t all roses. But what Dennis’ experiment showed was that anyone could become a successful trader with no background experience.
They took a survey on Baby Pips
of 468 people if they thought traders were genetically predisposed to be successful traders or they could be taught. 25 said they were born and 443 said they could be made.
Psychology is Key
You have to be able to ask yourself if it’s possible to become a successful and consistent trader. The answer is yes if you have the right mindset. Does this mean you need to be genetically predisposed to handle the flight or fight response?
It’s common knowledge that the mind can be challenged and expanded. The more effort, the more time, the more dedication you put into anything you are going to become better at.
To hear what Dr. Jason says about the stress of trading and what it takes to be successful in the long-term, download and listen to Are Forex Traders Born or Made.
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