Some one now the "Turtle Trader sistem" and "Russell Sands" is this another FOREX Scam?

Question

Some one now the "Turtle Trader sistem" and "Russell Sands" is this another FOREX Scam?

Answer 1

Are you familiar with Richard Dennis' Turtles?

Richard J. Dennis, a former commodities speculator known as the "Prince of the Pit," was born in Chicago, in January, 1949. In the early 1970s, he borrowed several thousand dollars and reportedly made $200 million in about ten years.

Mr. Dennis wanted to prove that great traders are made, not born. So he placed an ad in a newspaper looking for people that he can teach, to trade using his money. He was to teach them his trading methods, then trade the market using his own money.

Dennis believed that successful trading was an activity that could be learned, rather than an innate ability. To settle this dispute with William Eckhardt, a friend and fellow trader, in 1983 Dennis recruited and trained 13 people who became known as the "turtles." The program with the turtles ended in 1988. Many turtles have gone on to successful careers as commodity trading advisors.

Reportedly, these 13 former turtle trader apprentices include Curtis Faith, Russell Sands, Jerry Parker, Liz Cheval, and Paul Rabar.

Russel Sands was one of the Turtles that Dennis trained.

I am assuming that you saw Sands forex website (http://sandsforex.com/) and money back guarantee and wanted to get feedback on this.

Considering his trading background, and add to that his money back guarantee--he has a sure fire way of getting clients to his managed forex business.

Hope this helps.

- Jim http://jsforex.blogspot.com

Answer 2

Focus more on fundamentals than technical analysis. Economic news analysis is what moves the markets.

Here is a free site that shows what has happened after economic news releases:

http://www.forexnewspatterns.com

Answer 3

Don't listen to him.  Beating the market isn't hard at all.  There are thousands of people who beat the market by a lot every year and anyone who tells you differently is just ignoring that fact somehow.

Answer 4

Turtle Trading, Trading Systems, and most forms of technical analysis in general, are bogus.  

You are very unlikely to "beat the market" in any scenario, and any trading you do is likely to just incur costs and thereby decrease your returns.  

Buy index funds.  If you want to be "clever," you can try to decide how much to allocate to commodity index funds vs bond index funds vs emerging market funds vs S&P500.  But once you've decided, you should avoid rebalancing more frequently than once every 6-12 months, and even at that rate the transaction costs are likely to hurt your returns.