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Are Forex Traders Born or Made | Ep. 008

Are Forex Traders Born or Made? The Forex Warrior
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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About the author, Jason Gospodarek

Dr. Jason Gospodarek has successfully managed several forex related websites for nearly 14 years, has been a mentor and daily live forex streamer on a leading forex educational website, and has helped to launch two forex brokerage firms. He has been involved in the money management side of the business as well as the back end and setup of metatrader liquidity pools over the years. Although he manages his own funds in the currency markets, he also helps lead new and seasoned traders down their path to trading success. While all his trading is done live currently, he has worked to create and have his own automated trading robots (EAs), as well as fully customized trade copying software, created. He is also the founder of the popular podcast "The Forex Warrior".

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