Dean saunders forex mentor

Developing Your Trading System Once you have selected the strategy that you think will give you the results that you want, you need to convert that strategy into a system. A trading system is a set of rules that tells you when you are going to trade and when you are not going to trade. Your trading system in essence gives you the rules that you will follow daily to enter and exit the market. Developing a trading system will start once you have identified the right trading strategy for yourself.

Many new traders waste thousands of dollars on buying expensive software and systems in search for the holy grail. There is no holy grail. Trading is a game of probability. You will win some trades and you are going to lose some trades. If you can develop a trading system that wins 7 trades out of 10 on average, you are on the right track.

Rest is the game of risk and money management. All these things will have to be addressed at the system development stage. The simpler your trading system, the higher the chances of it working. Simple things work well in life. This applies to trading as well. Dean Saunders and Marc Walton are two professional traders.

Their trading system is very simple. Developing your trading system can take some more months. In the end, it is your system that is going to take you to your financial goals. So be very careful in developing your system. Try to make it very low risk. Now it is not necessary to have a system with a very high win rate. He had a simple trend following system.

He taught that system to his students whom he used to call the Turtles. His system became famous as the Turtle Trading System. How did it do that? Turtle Trading System was designed to catch big moves in the market with low risk. Months would pass before a signal would be generated.

So it became essential to keep an eye on many markets so that you have enough signals generated by the system. As said above it won only 4 out of 10 trades but the winners would be so big so as to wipe out all the losses. As said above, trading with the Turtle Trading System required you to keep an eye on many markets. In the same manner, you need to keep an eye on many currency pairs instead of just sticking with just 1 or 2 pairs.

This is what we do. We also take help from a few signal services. This way we know what is happening to the different pairs. It is time consuming. By using a good signals service, we shorten the time required for analysis. We analyze the chart using our own trading system. If we are satisfied, we enter into a trade otherwise we skip it.

Once you have started to understand the basics of Forex, it is a good idea some might say essential to join some kind of Forex mentor program. It never ceases to amaze me how many people put enormous amounts of real money into trading accounts without really understanding what they are doing.

As a result, most lose their trading capital in a very short period of time. The problem I found when I started trading Forex over seven years ago was that I suffered from information overload. There were too many experts, products, forums and systems. I bought thousands of dollars worth of products and they only served to make me confused and, consequently, disillusioned.

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