If you're a beginner to forex system trading and you want to be able to hit the ground running, you first need to learn about the essential principles of trading in this market. If you're like me, you don't want to have to learn a lot of challenging theory or confusing chart indications. Just tell it to me straight and plain. Show me what works and what I need to look out for.
Well, that's exactly what you get, and more, from Dean Saunders' 10 Minute Forex Wealth Builder system training. The course is written in a simple, to-the-point style. It comes with a PDF manual along with several illuminating video tutorials. You learn how to discover and choose profitable currency pairs, what the bid and the asking price is all about, as well as valuable information about the foreign exchange market itself.
Once you understand the basics, Dean recommends a specific foreign exchange broker who offers free charting software based on the MetaTrader 4 charting platform. In addition, this broker offers narrow spreads between the bid and the ask. The spreads that brokers provide can vary from one broker to the next, sometimes as much as three times the amount, depending on the broker. Working with a broker who allows narrow spreads can have a great influence on your final profit.
Another purpose why Dean recommends this specific broker is because they allow trading in micro lots. This can be a big advantage for a newcomer to foreign exchange trading wanting to test the waters before jumping headlong into the market. Of course, educating yourself with paper trading is advisable before putting any account capital at risk. Even so, being able to use micro lots can allow someone without a large account balance to build on that balance while also getting some invaluable trading experience at the same time.
The important area of money management in forex trading strategies is also covered in detail in addition to risk calculation and how to cultivate a successful trader's mindset. Dean also touches on a realistic approach for helping you to determine what your long and short term trading goals are, which helps to focus you on their accomplishment.
Finally, the course covers two systems of forex strategies: the breakout system and the swing trading system. Dean shows you what indicators to be apprised of to enter your trades, where to place your stops, and when to take profit. You don't have to think about anything, just follow the system he recommends and you should do very well indeed. By following the strict trading rules he lays down, this takes the fear and greed out of the trading picture, while allowing you to live your life without becoming a forex market junkie tied to your computer all day.
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