I've spent the last couple of weeks looking over various forex trading systems, trying to find a strategy that would work for a complete forex newbie. Although I like "automated" (or robot) trading systems, I think they can be too dangerous for a new investor. You should really understand how the forex market works before relying on a script to trade it for you. That being said, I believe I have found an excellent forex trading system for newbie (or experienced) forex traders: Dean Saunders's 10 Minute Wealth Builder.
The heart of the system is basically using trendlines, support, and resistance to determine when to enter and exit your trades. There are rules in place that determine your stop-loss and take profit points. The system is geared towards large market moves, not for day trading. Trading all major currency pairs, you can expect to have 3-5 trades per week. Dean claims his system wins 60-70% of all trades, with the average winning trade being twice as big as the average losing trade. This means that over the long term, the 10 Minute Wealth Builder should definitely make you some money! Please note that no system produces 100% winning trades, and trading the forex market can be risky. Do not invest money you cannot afford to lose!
Why is Dean Saunders's 10 Minute Wealth Builder a good forex trading system for newbies?
It takes a simple, conservative approach to trading. Dean provides detailed video tutorials on reading charts, as well as money management. You don't need to use any complicated indicators or EA's to identify entry and exit points. Everything you need to know to successfully trade forex is covered in this course.
Friday, October 10, 2008
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