Lesson 1 – Why Forex: “The Turtles”

Required for the forex course

Forex account: free account at Markets.com

Duration per lesson: about 10 minutes

The best forex course for beginners ever was given by Richard Dennnis. In 1983 this speculator – with the illustrious nickname ‘Prince of the Pit’ – recruited and trained 13 persons to trade in raw materials. Among them were a few professional card players, an accountant and a postman. None of them had any background or experience with trading.

The reason for the recruitment was a discussion with friend and fellow trader William Eckhardt. Dennis had continuously argued that he could teach everyone to be a successful commodity trader. The result was a bet that seems to be taken right out of the movie Trading Places: two rich men who test their theory in practice on unsuspecting souls – undoubtedly for the symbolic amount of 1 dollar.

The 13 unsuspecting souls – who later became known as ‘The Turtles‘ – earned $ 100 million in four years. The secret? Dennis educated his ‘turtles’ for 2 weeks, taught them a relatively simple and straightforward trading strategy, and above all the trust and the discipline never to deviate from the strategy. These were all requirements to turn 13 complete beginners into some of the most successful traders ever.

Freely translated this is the recipe for success:

  • Knowledge about the subject
  • Discipline
  • Resilience
  • A good strategy

The message? If they can do it, why can’t you?

In the upcoming lessons you will learn what the world of forex looks like, how currency exchange rates are determined, how to open a forex position yourself, and what you need to aware of when trading forex.

Lesson 1 – Why Forex: “The Turtles”

Lesson 2 – What is Forex

Lesson 3 – Interpreting Forex prices

Lesson 4 – How to open a forex position

Lesson 5 – News and rumours

Lesson 6 – Fundamental and technical analysis

Lesson 7 – Forex and psychology

Lesson 8 – Ten trading tips for beginners