If you are going to trade forex online, it is essential to have a solid trading system in place in order to be successful. 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 both newbie and experienced forex traders: Dean Saunders's 10 Minute Wealth Builder.
Why is Dean Saunders's 10 Minute Wealth Builder a good forex trading system for newbies?
It takes a simple, conservative approach to forex trading. You will not need to worry about one bad trade ruining your whole account. You will not need to use any complicated indicators or EA's to identify entry and exit points. Dean provides detailed video tutorials on reading charts, determining the trend, taking the trade, money management, and several other key concepts. He provides you with everything you need to know to successfully trade his system.
So how does his system work? The heart of the system is basically trendline and price point analysis. Support and resistance levels are used to determine when to enter and exit your trades. There are rules in place to pinpoint your stop-loss and take-profit levels. The 10 Minute Wealth Builder is geared towards catching the larger market moves, and is not recommended for either scalping or day trading. In fact, if you are trading all major currency pairs, expect to have around 3-5 trading opportunities 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! Although it is impossible to eliminate risk when trading forex, having a reliable trading system in place can reduce your risk of financial ruin and put you on the road to financial freedom.