If you want to get some great Forex trading education, then you want to learn from the best and there are no two better traders to learn from than Richard Dennis and Richard Donchian and here we will review their strategies which have made hundreds of millions of dollars – lets take a look at them…
Both Richard Donchian and Richard Dennis are true trading legends and they have both left free trading strategies, you can use in your own Forex trading strategy for bigger gains. We have written frequently on both the systems below in our other articles so look them up, here is a brief introduction to each.
The 4 Week Rule
Richard Donchian’s simple one rule system is so simple yet so profitable – it catches all the big trends and profits and will never go out of date. You can learn the system in under an hour and if you apply it with discipline, you can make a great income for around 15 minutes work per day. The rule is objective and all you need to do is follow it.
The Turtle Trading Rules
Dennis decided to devise a system for novices and gave them the above rules to use, his novices learned them and then went on to make $200 million dollars in under 4 years! Dennis proved that with the right system and the discipline to follow it, any one could win and he was proved right. The rules are worth looking at for the money management parameters alone and the strategy has all the basics any good strategy should have to make big gains.
A Word of Caution!
Both systems require a long term approach and discipline to follow and have periods of draw down which can last a long time today, traders think that they can trade with no drawdown which is a myth, put around by all the cheap software packages sold online but its not true because, with risk goes reward and you must take short term draw down to get a long term gain – its as simple as that.
So before you buy a robot or other sure fire system which can only make money in simulations going backwards, get two systems which have made hundreds of millions of dollars going forwards and both, are from two true trading legends. There both free so you have everything to gain and nothing to lose by studying them.