There are many top forex traders in the world.The two legends are known as Richard Donchian and Richard Dennis among the top forex traders in the world . These forex traders had systems they developed and are widely free in the internet to use. Those systems have made millions in profits. Richard Donchian system was founded on one simple rule while Richard Dennis system was based on a set of rules.
Richard Donchian system is popularly known as 4 Weeks Rule, on the other hand Richard Dennis system is known as Original Turtle Trading Rules. The following are detailed information of both systems. The two systems usually have a timer that senses the closing prices. In forex term it is not known as a timer rather it’s called a stop loss. Meaning that if the trend hits the stop loss, the trade stops and the profit is banked into your account
4 Weeks Rule:-
It has made a lot of money although many forex traders despise it because they think it’s too simple to be used in a busy, risky forex market. It has been in existence for about 25 years now and will continue performing if the market trend continues. The system is free, so you can either use it like that or rather employ some programmers to restructure it a bit more advanced so that it can increase its profit.
Original Turtle Trading Rules:-
This is a system developed by one of the best forex traders. It is usually formulated by compiling many different rules and compiling them together to see how they work. Initially it was given to a specific group of people who had no experience on trading, for about 2 weeks. Amazingly after they studied it they made over $200 million dollars in a span of 4 years. If you want to use this system, you must study its money management rules first before using it. It is also designed in a way that it may take sound management on board too. Its proficient rules help you not to lose your equity
The two top forex traders also advice people that as much as they need systems, they also need to put their mindset in trading. They discovered that most people lose their trade because they lack great trading systems, sound money, risk management, principles and lastly they lack discipline trading approach. For example some even do not understand the trend of the forex market, which is a vital concept. It is highly recommended you trade with the trend if you want to increase your profits and succeed.
Another thing you need not to forget according to those two legends is your discipline approach. They say it is the solution to your success. You need to have established and settled on the trading method to use whether in buying or selling. Then you are supposed to come up with the discipline trading method. You also need to acknowledge that you are fully responsible and not others.
Finally,if you follow the advice and strategies of the top forex traders in the world noted above,you are going to enjoy quicker trading success!