Forex Powerband Dominator Review

Posted on 22. Apr, 2010 by Moderator in Random Noise, Review

Some time ago I wrote a short preview of Dean Saunders new trading system called Forex Powerband Dominator. As I promised back then, I would write a review of this sometime in the future. Well now I have been playing around with this system for some time, and I think it is about time that I post my honest review of Forex Powerband Dominator. Back when I posted my preview I also send an email to Dean Saunders asking if I could get a free copy of his system in return of a review here at TradeProfits. A few minutes later I got an email back from Dean and he was kind enough to provide me with a free copy. So here goes:

As most of you guys probably know, I have been testing other trading systems from Dean Saunders in the past, and I think he makes some pretty decent products. His trading systems are not cheap, but certainly more affordable than many others (Delphi Scalper for instance). I really liked his LMT Forex Formula, and his 10 Minute Wealth Builder as well. He is good at keeping thing simple. Although I don’t like to trade after a very specific set of rules, this is certainly good for many traders who might have issues with overtrading and the psychological aspects of trading. Dean Saunders trading systems are easy to follow and you can get started pretty much right after payment, as everything is to be downloaded. The only thing I don’t like about Dean Saunders is his landing page design. I have written about this I don’t know how many times before, so this should not be a surprise to any of you. However, his is pretty fair about everything. He is not promising rags to riches, but gives a pretty good indication of what you can expect from his trading system.

Forex Powerband Dominator

Forex Powerband Dominator is a trading system which is priced at $129. This is somewhat expensive but considering that you get a pretty good system which works rather well, this all depends on a couple of things; namely if you put the system to use, and if you have a decent account size. If your account size if $50, it´s obviously going to be hard to make back the money spent on the system. However if you are trading standard lots and uses the system in the right manner, you should be on the right way.

Included

After you payment has been accepted you will instantly be taken to the download page. Here you will have access to the manual which is a 49 paged pdf file with all the information you need to know. However, if you don’t like to read, you can get all the information from the included videos. There is a total of 20 vides split into the following 7 modules:

1 – Platform & Charting
2 – System Mechanics Part 1
3 – System Mechanics Part 2
4 – The System
5 – Position Management
6 – Live Trades
7 – Tips for Success

In these videos, everything you need to know in order to trade the system will be covered. Finally you also get access to two “cheat sheets” which is basically a very rough guide you can use in order to determine if the criteria’s are met, in order to enter a trade. I have read the manual, watched all the videos and looked at the cheat sheets. Everything is explained in details and nothing is left out. It is easy to understand the explanations and the system is very easy to trade. Even if you don’t have much experience with forex trading, you can get started pretty fast. However, having a solid understanding of money management is definitely a must. Dean will teach you the basics of support and resistance levels, candlestick charting, indicators, stop losses and take profits, etc. All of this will be combined into one single trade system. The system itself does not come with any custom indicators or templates (like there was in LMT Forex Formula). It simply uses a combination of indicators which can be found in MetaTraders, and some other elements from technical analysis.

The System

As mentioned above, the trading system itself basically is a combination of several different elements, including some indicators, and aspects from technical analysis. The system can be traded pretty much on any timeframe but 15 minutes and above is recommended. It seems like Dean prefers to trade the 4-hour timeframe, which is not really a surprise when you think about the mechanics of his other trading systems. However it is definitely applicable to other timeframes. Obviously you get more fake signals when you drop to lower timeframes but you also get more action. Another positive element with Forex Powerband Dominator is that you don’t need to be in a trending market for this system to work (which was a necessity for LMT Forex Formula). You can easily use short timeframes and use this as a scalp trading system (which obviously would require some small modifications).

Overall

Overall I like this system. Some people might be disappointed in that it comes without any custom indicators and templates, and simply relies on freely available indicators. I know that you can find many free trading systems like this on forums and other places, but I think the main issue for people is that if it is free, they simply won’t take the action required to test it. However, if you paid for something, you are more likely to put an effort into it. With that being said, Forex Powerband Dominator is a decent system, and I have had some good trades with it. It does require patience in order to get the best setups and you need to know what to look for. However, everything is easily explained and you will be ready to trade a couple of hours after you buy this. As mentioned above, this is not my style of trading as I like to have some intuition blended into my trades as well. But I am pretty sure that for the majority of traders out there, this is a good way to start out.

Related posts:

1. Forex Powerband Dominator – Dean Saunders
2. ForexMentorPro – Review
3. Review of LMT Forex Formula from Dean Saunders
4. Investimonials – A Review Site from Timothy Sykes
5. Learn Forex Live – Hector DeVille

Tags: 10 Minute Wealth Builder, Dean Saunders, ForexPowerbandDominator, LMT Forex Formula, Trading Forex