In the last post, I wrote I made $1,806.57 in less than 15 days. Well, here’s the update to the results of trading with the 10 Min Forex Wealth Builder System…

The account I’m trading this in is now +3,322.65 in CLOSED PROFITS. There are still two trades open in the EURJPY and EURUSD, but in both of them the stops have now been shifted to Break-Even.

Here’s the EURJPY Trade:

And here’s the EURUSD Trade:

Here’s the link to the MT4 trading statement:

+$3,322.65 in 30 days trading statement

Trading With the 10 Min Forex Wealth Builder

Trading with the 10 Min Forex Wealth Builder has been exactly what it said it would be. It really takes me less than 10 minutes a day to identify a possible trade, enter the orders, and wait for the market to trigger a trade.

It does definitely require emotional discipline and patience though. When I first started out, I was quite caught up in the emotional excitement of the “potential” of turning $1k into $100k in a year, and then $100k to $1m by the end of the second year… Now I’m smarter… everyone knows it’s not possible to turn $1k into $1min two years… it takes at least three!

Trades don’t come up every day. Although over the past 30 days, I’ve been in the market almost every single day managing already open trades.

Initially, it’ll take you a day or two to steadily identify all the existing support and resistance levels on the pairs that you’ve chosen to trade. And once you’re done, you’ll be trading the same support and resistance levels over and over again.

I set aside about an hour to draw all the major support and resistance levels on the pairs I would be trading, and then over the days that I identified trades in certain pairs, I would recheck if the trade signals formed at significant S/R levels. If they didn’t, I just ignored them.

So far, trading the 10 Min Forex Wealth Builder, there have only been 2 trades that were stopped out for a loss. The rest have gone on to either hit their profit targets, or be stopped out for small profits.

The 10 Min Forex Wealth Builder is not a “High Risk High Reward” type of trading system. It’s something that requires you to be patient for the signal to set up (then again, which trading system doesn’t, eh?). But it follows the simplest rules required for trading success… when you identify a potentially good trade, the Reward must at least be 2x the Risk on the trade. Or in some cases, better.

You could increase the leverage on a Forex Wealth Builder trade for potentially higher gains, but I’m happy enough as it is to do 30% over the past month, trading only 10 - 15 minutes a day or so.

When Does Taking High Risk Make Sense?

On the other hand, if it blows up… hey… it’s only 1% of your entire trading capital. If there was a better than 50:50 chance of making $1m, then it probably was worth it in the “monetary” risk sense. But if it throws you off balance emotionally, mentally and physically as a trader… you’ve lost more than just $1k.

You’ve lost what it takes to be a consistently profitable and stable trader. You know… the type of trader that seems to have ice running through their veins. You’ve lost that inner equilibrium and sense of perspective that all successful traders have.

All said and done, if you need a “bread and butter” forex trading system, then I highly recommend the 10 Min Forex Wealth Builder. If you ask me, I think it’s quite under-rated. Most traders are willing to pass by something that has the potential to consistently generate profits between 5% - 10% a month for something that could either make them 50% a month… (and possibly blow their account out in the process…).

• Read my review on the 10 Min Forex Wealth Builder
• To Own the 10 Min Forex Wealth Builder

Did that catch your attention?

It did, didn’t it?

After purchasing the 10 Min Forex Wealth Builder trading system, it took me a couple of days before I settled down to read it thoroughly. And I have to say, it was very worth it.

Between 10 - 15 minutes a day, the 10 Min Forex Wealth Builder extracted $1,806.57 from the markets. On a $10,000 account, that’s about 18 plus %. On most days, it took me less than 3 mins to scan the 8 plus currencies on my watch list!

And when it took 10 mins, that was only because of trades setting up! Working out the position size, entries, stop losses and profit targets takes me a few minutes… not to mention having to enter the trade orders into the trading platform.

My 10 Min Forex Wealth Builder Trading Results So Far…

To see the trades that I took, and the trading results, here’s the trading account statement:

10 Min Forex Wealth Builder Statement

Of the many trading systems that I’ve purchased and traded over the years, this is one of the few that I most enjoy trading. It takes little time, it has great reward to risk, and it’s very effective in hitting targets for profits.

I’d love to share more, but I’m going to grab some Zzzz now. I still have a couple of trades open, and the account has grown to $12,000+ at this time. My days are filled with things to do, and I for one definitely appreciate it when a trading system requires low maintenance AND offering high potential rewards.

While this trading system has been very effective for me, if you’re looking for action every single second, it’s not for you.

But…

Making Explosive Profits With The 10 Min Forex Wealth Builder

If you’re looking for a steady way to grow your account an average of 10% to 20% a month on a steady and consistent basis, using less than 15 mins a day to manage your trades, and be happy to end up being a Profitable trader rather than being a losing trader, then you definitely want to check out the 10 Min Forex Wealth Builder.

To read more on the 10 Min Forex Wealth Builder:

• My 10 Min Forex Wealth Builder Review
• Own the 10 Min Forex Wealth Builder

In trading, sometimes your trade goes in your favor almost immediately… and at other times, they go into drawdowns almost immediately.

This is why stop placement (if you use stops) is critical. By placing stops far away enough to give the trade wiggle room, you can sit through drawdowns with relative safety and allow it time to “mature” and hit the profit targets.

In trading the 10 Min Forex Wealth Builder System, I’ve seen two of the trades go into profit before moving into drawdown. And with the third trade open, it’s also currently in a drawdown.

The three trades that I’m currently in are:

1. Short on the USDCAD
2. Long on the EURJPY
3. Long on the GBPJPY

Typically, the 10 Min Forex Wealth Builder trades should either be stopped out or hit their target within 2-3 days. But sometimes, the markets want to do their own thing and all we can really do as traders is to wait it out.

With a proper trading plan that has well defined entries, stops, profit targets and trade management, your stress levels as a trader are reduced tremendously. All you really have to do is to execute, execute and execute.

Your trading system (in this case, the 10 Min Forex Wealth Builder) gives you the edge, and your trading plan gives you the parameters for executing that edge and allowing it to work in your favor over the long term odds.

Most inexperienced traders give up once they hit a couple of losing trades, simply because of erroneous trading expectations. No system in the world will give you 100% winning trades, with 100% guarantee of success.

Figure out how much you’re willing to risk, have a trading system (the 10 Min Forex Wealth Builder), execute your trading plan, and give yourself a chance for success.

If you don’t know what the 10 Min Forex Wealth Builder is, you can read it here:

The 10 Min Forex Wealth Builder Forex Trading System Review

In my last post, I talked about the 10 Min Forex Wealth Builder, and what I liked about it. I’m already testing it out, and I’ll be sharing my updates with you on this particular trading system!

How Many Trades Do You get With The 10 Min Forex Wealth Builder?

On average, this Forex Trading System will capture between 1 - 3 trades a week. Which is about just right for an End of Day trading system if you’re watching between 4 - 8 currencies. You shouldn’t be trading much more than that, except for certain weeks in which you get bunches of trades setting up almost at the same time.

This is good because if you get too many trades open at the same time, your account gets exposed to increased levels of risk. And if all of them stop out at the same time, your account may suffer a sudden large drop in equity… which is never good for the emotional state.

Also, markets tend to trend… then go into periods of sideways action… before breaking out into new trends again. Having your trades naturally being spread out over time also reduces the risk of you opening a whole bunch of trades just at market conditions turn unfavorable.

My 10 Min Forex Wealth Builder Demo Account

I’ve set up a demo account to trade the 10 Min Forex Wealth Builder, and will be setting up a trading results page. Don’t expect for it to be updated every day, since it is an End of Day trading system.

The 10 Min Forex Wealth Builder has already triggered two trades, one into the EURJPY and the other into the USDCAD (using the daily charts). There’s really nothing much for me to do right now, except spend 10 - 15 minutes a day scanning through the charts to look for other potential trades setting up.

Here’s the trade on the USDCAD…

USDCAD Sell Trade

And here’s the trade on the EURJPY…

EURJPY 10 Min Forex Wealth Builder Buy Trade

The best thing is that it took only 10 mins or less for me to identify these trades, because I’m looking for very specific price patterns…

Will these trades turn into profits, or will they turn out bust?

Does it really matter…?

If you really want to know, read page 29 of the 10 min Forex Wealth Builder Manual. When you understand the facts on this page, you’ll instantly reduce the amount of stress you go through as a trader. It could be that “Aha!” moment that you need as a trader!

I’ll look at setting up the results page once I have some results from trading the 10 Min Forex Wealth System.

Read more about the 10 Min Forex Wealth Builder Trading System Here

If there’s one thing in any forex trading manual or system that I’m looking for, it’s always about keeping things as simple as possible, but not any simpler than that.

The 10 Min Forex Wealth Builder is one of those systems that I really like, because it keeps the entire process of forex trading as simple as possible, but not driving the forex trader insane. I’ve purchased and gone through quite a few trading systems in my time, and while I’ve come across quite a few good ones (and some really atrocious ones), they generally require already existing experience and background knowledge to implement.

When it comes to trading, you need a “bread and butter” trading system on which you can always fall back on to provide you with consistent profits. From that foundation, you may then decide to expand your repertoire of trading systems for diversification as well as keeping in touch with what may be happening in the markets. If you don’t already have one, or are still searching for one, then give the 10 Min Forex Wealth Builder a chance.

You don’t really need that sophisticated a trading system to consistently pull pips from the market.

There are few systems that are simple enough to implement and still give you a good chance of long term success.

What is the 10 Min Forex Wealth Builder?

It’s an End of Day trading system that uses price action to determine your entries and exits. Inside the manual, Dean Saunders goes through 2 separate trading systems.

The first Forex Trading system is a simple trend trading End of Day system that anyone can implement. It utilizes the fact that the Forex Currency Markets trend for extended periods of time, and all you need is a simple way to identify the trend as well as determine a clear cut, no guesswork entry and exit into the trend.

And that’s what you get in the first trading system. A simple, clear cut entry into an existing trend, as well as when to stay out of the market when there isn’t one.

To help you understand not just in words, Dean Saunders has created several very easy to understand videos that last between 1-2 minutes at the most to illustrate the key concepts within the manual. I like that, especially since it’s much easier to see in action how to identify entries and exits than to try “guessing” what the author is saying through text.

Read more on the 10 Min Forex Wealth Builder

The second Forex Trading system is based also on price action, but this is a system that allows the trader to trade off Support and Resistance levels with a very specific type of price action. He goes through to share with you a unique method of entering into the market, and lower your trading risk at the same time.

There’s a little bit of discretion here in the second system, but that relates more to identify support and resistance levels than spotting the type of specific price action for entry into the market. It does complement the first system very well, because markets don’t trend all the time. There are times when the currency markets go into trading ranges, bouncing off these support and resistance levels.

What I like best about the 10 Min Forex Wealth Builder

What I really like best about the 10 Min Forex Wealth Builder is that you know your trading entries and exist 24 hours in advance. And it really takes only 10 minutes or less to go through your charts to identify if a trade opportunity exists.

And you don’t have to sit in front of your computer the whole day watching for entries, because once you identify a trade setting up, you enter your entry order, your Stop Loss order, and your Profit Target order. That’s it.

In fact, here’s a trade that took me less than 10 mins a day to find, enter and manage for a stress-free, totally mechanical, practically automatic +100 pips!

Once you find the trade, you set the orders and then leave the market to fluctuate around and do its thing! Come back 24 hours or so later to check your trade. Usually, you’ll be pocketing the profits within 2 - 3 days or less.

With the 10 Min Forex Wealth Builder, You Get A Stress Free Forex Trading System…

The 10 Min Forex Wealth Builder Trading System has all the nuts and bolts to truly give you a lifestyle of true freedom with trading.

You can read more about the 10 Min Forex Wealth Builder on the site, as well as watch some of the videos in which he shows how he extracts 300+ and more pips from trades that require less than 10 minutes to identify.

Check out the videos on how Dean Saunders pulls 300+ and more pips from the market. You’ll have a better idea of the 10 Min Forex Wealth Builder System!

Read more on the 10 Min Forex Wealth Builder

There’s a new forex trading software that has been garnering quite good reviews. It’s a totally automated forex trading system, with the option for you to trade manually. The only question that needs to be answered is how good is this particular forex trading software, and can a newbie trader learn how to use it?

I’ll run through what the Forex Raptor Forex Trading Software is, before I share my thoughts and comments at the end of this post…

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Introducing the Forex Raptor Forex Trading Software

Forex Raptor is a Forex Trading Software released by Steven Lee Jones that totally automates your forex trading activities. There are a few forex trading software programs in the market, but most of the time they leave you wondering if you’re actually using the program correctly. But with the Forex Raptor…

• Automated software that can be followed and successfully implemented by complete newbies and professional traders…
• Potentially make over 200-300 pips per week, that’s a healthy second income of $2000 to $3000 a week…
• Forex Raptor will show you exactly how to trade and automate the whole process for you, a child could follow this software and profit…
• No more losing months… Forex Raptor has NEVER had a single losing month so far…

One of the biggest issues that traders have with Forex Trading is that it’s a 24 hour market. Trying to trade every move is simply impossible because you have to rest. And even then, people make errors of judgment when money is involved, especially in trading.

To succeed in forex trading, you need consistency and the discipline to follow a trading system that has a good chance of making you money.

So how do you remove the human error factor…?

Automated Forex Trading with the Forex Raptor Software

Forex Raptor allows you to totally automate your trades by using it on the MetaTrader (MT4) platform. It can continue to run while you’re sleeping, watching the TV, or even if you’re away from your trading desk!

While I’m all for automated Forex Trading systems because they reduce the tedious workload of trading, you do still need to at least test out the Forex Raptor system on a demo account for you to get comfortable with what it can do.

However, no matter how good a forex trading system is, always use proper risk management. For example, if you have $10,000 to start out with, allocate perhaps 5% - 10% to the Forex Raptor. If it should blow up in your face, you’d still have 90% - 95% of your trading capital to come back and make money with. And if you only have a $1,000 to start with, use a mini-account and risk $100 on the system.

With a fully automated trading system, it makes it much easier to run multiple trading systems that have different drawdown characteristics, and thus reduce the volatility of your overall portfolio.

Read more on Forex Raptor

But it’s likely that once you’ve tested it out, you’ll be raring to let the Forex Raptor loose on your trading account and start raking in profits!

Here are some examples of the Forex Raptor at work…

USD/CHF - $20,000 Profit in One Day

USDJPY - $12,500 Profit in ONE Day

There are many more examples of Forex Raptor at work, but there’s only one way to truly find out… and that’s to test it for yourself. Forex Raptor automates your trading and gives you the best chance of of securing the maximum profit from each trade…

Does The Forex Raptor Software Really Work?

If by “work” you mean shooting lesser traders out of the market every single day, and watching them crash and burn while we sit back counting our winnings… then I’d say, yeah it works.

You will be using a revolutionary, accurate, proven wealth creating software used by professional forex traders and built on time-honored principles kept solely in the realm of the pro-traders, never released to the public, until now.

There is NO confusion over entry and exit rules, you will be left in no doubt from the criterion over exactly when the software enters and exits a trade. Forex Raptor will spot the entry signal, open the trade, see the exit signal and close the trade for an easy profit. Its as an automated and mechanical a process as that.

You will quickly learn to see if the price is going to trend, stall or reverse and enter markets just before the next big rise for extra trading profits. The forex market is incredibly volatile and produces massive price swings regularly, and the software will automatically ride these trades for superb profit.

Everything has been packaged into the Forex Raptor Trading System to make it as SIMPLE, EASY and NO-BRAINER as possible so that anyone from a newbie to trading veteran can start trading after ONE Day…

Read more on Forex Raptor

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My Comments on the Forex Raptor Trading System

These are my personal comments on the Forex Raptor Trading System, and there may have been improvements since I last wrote this.

So what are my thoughts? I was initially quite enthusiastic about the Forex Raptor Trading software, but after purchasing it, I realized that there are quite a few bugs that have yet to be worked out. There isn’t a proper trading manual to educate you on the use of it, problems with installation, and generally this product wasn’t well thought out before it was released into the market place.

While the concept is great, the execution isn’t so fantastic. I do hope they improve on their product because with quite a few other things to do in my life, I don’t really have the time or energy to sort things through and figure out what the product is all about and how to use it to any good effect.

If you’re looking for other Automated Forex Trading Systems that have potential to pull cash into your trading accounts, you can check out:

1. The Forex Auto-Pilot Trading System
2. The Forex Killer Mathematical Trading Software
3. Automated Forex Cash Trading System

Until there are further improvements on the Forex Raptor trading system, I suggest you look at other automated trading systems instead.

The GBPUSD broke out above resistance since I last highlighted the trade. With a decent forex trading system, you should have made profits on this trade.

The move that took place from the breakout point was about 400 pips… did you make any money on this trade?

The GBPUSD Breakout Trade

Although the GBPUSD did fall back into the trading range, a decent breakout trading system would have helped you capture some of the 350 - 400 pips.

And if in the current market you’re finding it tough to trade, that’s because the major pairs have basically gone sideways in really tight trading ranges. Almost any trending system would be caught out and going through a drawdown right now.

This is the part they didn’t tell you about trading… the patience and ability to sit through drawdowns with a proper risk management plan. This is the phase which separates the winners from the losers. Unfortunate, but true.

Any system that you purchase must be tailored to your risk management levels. Otherwise, it’ll be tough for you to go through drawdowns wondering if you should *not* take the next trade, or throwing your hands up in disgust and self-loathing…

Yup… this is the part that almost nobody talks about!

Educate yourself to realize that trading successfully is not just having a good system, but having a good temperament as well. And being able to keep your cool is a function of knowing exactly how much risk you’re taking in the trading game, and knowing that it’s all within your risk threshold.

The GBPUSD has formed a trading range over the past month or so. It’s currently hitting the resistance level of the trading range, and this gives us a potential breakout trade happening.

The GBPUSD: Potential Breakout Trade

There are many good trading systems available in the market place, but one of the most consistent, robust and proven trading systems available is the 5EMAs Forex Trading System.

I tend to favor end of day trading, because it gives me time to move around and do my stuff during the day. That doesn’t mean it’s right for you though. You still have to find your own “space” in the trading game, and make it your own.

While the 5EMAs Forex Trading System can be used to trade end-of-day, it was primarily designed for intraday trading. The 5EMAs Forex Trading Systemworks well for day traders who prefer to trade the smaller intraday waves.

If you do want a good trading system, I recommend that you get the Advanced 5EMAs Forex Trading System as a complete package.

As you get more familiar with the nuances and rhythms of the market, you start to realize that cycles repeat themselves and patterns repeat themselves. With a solid trading system, you can capture consistent profits from the forex markets over the long term.

To read my review of the 5EMAs Forex Trading System:

1. The Standard 5EMAs Forex Trading System
2. The Advanced 5EMAs Forex Trading System

Wishing you Good Trading!

After some nice moves at the end of 2007, the forex markets have moved into a trading range that would have caused trend traders some grief! But for the more nimble traders able to recognize the market changing, trading reversals at support and resistance levels would have brought in some nice profits!

The EURUSD Daily Chart

The EURUSD has been consolidating since the beginning of January 2008.

The GBPUSD Daily Chart

The GBPUSD has also started consolidating on the daily chart, making it tougher for trend traders to pull profits out of the market.

The USDJPY Daily Chart

While the USDJPY has also been consolidating, it appears that we might have a breakout on the daily chart if prices close above recent Resistance levels.

The USDCHF Daily Chart

From the daily charts, the USDCHF definitely shows a choppy market that doesn’t have strength in either direction yet. Perhaps we might get a “heads up” from other correlated pairs like the USDJPY, EURUSD or GBPUSD.

Summary

At times like these, it’s tough to catch profits as a trend trader on the daily charts. But the fact is that all markets go through such phases, which is why patience and knowing when to stay out of the market is such a tremendous asset to being a successful and profitable trader.

If you are still blindly following trading signals without understanding how and why they work, you might already have chopped your account up somewhat. Coupled with bad money management and taking on too much risk, inexperienced traders would already have blown up their account twice over.

No matter what system you trade, be it hourly or daily, trend trading or reversals, good risk management is what will keep you in the game. You might lose some profits initially as the markets move into consolidation, but you would know when to stop trading to save your capital.

Just like life, markets go through cycles. And eventually the trends will return again.

The only question is will you still be trading, or will you have been already blown out of the trading game?

Along your trading journey, you will learn several trading ideas and concepts that seem to work every so often, but fail to work again almost every other time. It can be difficult and frustrating when you have done your “homework”, paid your dues in time, energy, discipline, review and continual studies but you still can’t seem to make consistent profits.

When you view the trading concepts in isolation, it is very difficult to see how all these little bits and pieces fit into the overall trading picture.

You have to learn the skill of being able to zoom out to see the big picture (longer term charts), then zoom in to the small picture (more recent candles, bars, etc). After you spend enough time observing the charts, you will start to realize that certain market behaviors repeat themselves over and again.

When you see a certain chart pattern forming, you will be able to recall from your memory that this pattern most likely can span out in 2 - 3 ways. And you start to be able to anticipate what could happen in the market, yet giving leeway because you know there are more than just one possible outcome.

This ability and feel for the market doesn’t come overnight. It’s developed from time spent in front of the charts, dissecting trading systems, theories, concepts and putting them together in different ways to see if they make sense.

The Study of Technical Indicators

Each class of technical indicators were essentially designed to tell the trader similar results. Some came in faster, others came in slower. But if you wanted to get the slower indicators to be more sensitive, a trader could manipulate it by decreasing the time periods captured in the technical indicators.

Did studying technical indicators help?

It took me a while to realize that each class of technical indicators told me the same story. Chasing technical indicators wasn’t going to improve my trading, because they were based either on price or volume.

What was more important was combining different indicators that told me the current story from different angles.

• Some indicators would tell me if the trend was getting stronger or weaker.
• Some indicators would tell me if markets were currently overbought or oversold.
• Other indicators would tell me what the current trend was.
• Some patterns of technical indicators would help me identify if the current trend had a strong possibility of reversing.

Technical indicators certainly helped, because they are useful tools to capture past market behavior on the charts. But alone, they will not be able to help you become a consistently successful trader.

Expanding Your Trading Toolbox

It takes time to expand your trading toolbox. Various concepts from Elliott Wave, Fibonacci, Chart patterns, candlesticks and so on do require time and experience to develop the skill necessary to use them. Just like any other high level profession.

There are several trading systems that work in trading the forex markets, like the 5EMAs Forex Trading System. As you learn to trade these systems, don’t just trade them blindly. Ask yourself why do they work? Why don’t they work?

As you take apart these systems, you come to realize that there are many trading systems that can and do work. But just as each are suitable for specific market types, they fall apart in other market behaviors.

To be a good trader, you do require experience to have the discretion of knowing when to trade, and when to stand aside. And as you steadily expand your trading toolbox, you become more proficient, more nimble and you increase your ability to trade in almost any and every market in the world.

The trading world truly becomes like your personal cash dispensing machine.