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January 2010 Update: Read my full 10 Minute Forex Wealth Builder Review here.

During this week I made contact with Dean Saunders, author of the popular 10 Minute Forex Wealth Builder system and he agreed to answer a few of the questions that I had about his product. See his responses below.

• Are the techniques taught in 10 Minute Forex Wealth Builder effective under all market conditions, including the current economic crisis ? In other words – is 10 Minute Forex Wealth Builder a good long term strategy that can withstand the type of volatility we are seeing in the markets today? Answer: Yes it is performing better than ever right now, especially the swing system. Stops have to be larger at the moment but it’s just a case of controlling the risk on each trade by using the correct lot size.
• What are the advantages of using a manual trading system like 10 Minute Forex Wealth Builder over an automated system like Forex Autopilot? Answer: One thing a Trading robot will never get is experience and a feel for the markets. Nothing can substitute real trading experience, it gives you a further edge on your trading system.
  
• Do you still personally trade with the techniques taught in 10 Minute Forex Wealth Builder on a daily basis? Answer: Yes, I have been trading them for many years.
• Besides the 10 Minute Forex Wealth Builder, do you use any other trading systems on a regular basis? Answer: Apart from the 10 Minute Forex Wealth Builder strategy, I also do day trading with my Blade Forex system.
• Lastly, do you have any advice for new Forex traders? Answer: Make sure you demo trade until you are consistent for at least 3 months. Focus on daily time frames and stick to only the best setups.

I did some trades with the 10 Minute Forex Wealth Builder system this week and so far this really looks like a very solid system. I’m only about 20 pips in profit at the moment, but I made some mistakes and really should have been up by at least 150 pips.

I’ve done 2 Breakout trades and 2 Swing trade so far and I have to say that the swing trade is my favourite so far..it occurs lesss often, but it seems to be a very accurate trading technique and the logic behind it makes a lot of sense. The mistakes I’ve made so far have been with my money management – Dean suggests spesific stop loss and take profit values for each currency pair, but I’m already learning that common sense should always prevail.

For example, in a Breakout trade on the USDCHF, I placed my take profit target 100 pips away at 1.2001. The price moved up by 99 pips to 1.2000 and then hit strong resistance, because 1.2000 is a signififcant round number that the USDCHF hasnt broken since 2007. Instead of expecting the price to break through 1.2000 to hit my target at 1.2001, I should have just put my target below 1.2000 at maybe 1.1999, but instead I was later stopped out by my trailing stop and made 50 pips profit instead of 99.

The 10 Minute Forex Wealth Builder system definitely requires a bit of practice before you go live, but after working with it for a week I really have high hopes that this is a very effective part time strategy. Next week I will start posting some trading logs and results for this system.

January 2010 Update: Read my full 10 Minute Forex Wealth Builder Scam review here.