Quote from Golflyer:
Thanks Morty for the feedback. It is much appreciated. Do you know anyone who has actually taken the course?
I attended a FOREX convention last Nov/Dec and think one of the full time traders I met said he used FOREX Mentor and gave the name of the instructor...and I thought he might have said Peter Bain.
I was so new to FOREX at the time (and taking as many notes as I could on just about everything) that I did not get the name of the mentor program or specific course name. The thing that leads me to belive it might be Peter Bains course is that at the end of the conversation, the gentleman said ..."it was the best $500 he had ever spent."
Anyway, thanks for your feedback.
I have seen posts further down. There is no doubt that your final strategy will be shaped by your financial objectives and your trading pysche.
There is only one single truth in FX trading: little guys don't move the market - the big dogs do. All you have to do is second guess the big dogs. Some big dogs use chart patterns. If you have some idea what these might be you will make money. Some just place sell and buy orders at the previous day's high and low. Others use fib retracement. Many use a combination of all them. Some plays are not speculative. Some plays are non-technical like 'defending the figure'.
So you have to find out what the big dogs do. That's it. You can do this by trial and error, or you can get a leg up from a training company. If you can second guess the big dogs most of the time you will be profitable (with proper money management).
Fibonacci is probably very important. The market doesn't behave like a living organism. It can't be modelled mathematically. The big dogs use fibonacci ratios and so it becomes a self-fulfilling prophesy that the market moves according to these ratios. If they decided that the market goes up 1.5% on Wednesdays and down 0.2% on Thursdays then that would be the new reality.
If the big dogs weren't there, there wouldn't be a market. In the OTC environment, price moves are seen without any associated buying or selling. An insider told me this may happen 50% of the time.
I think of this as a street lined with market stalls. The customers walk between the rows of stalls and the market traders call out the price of their wares. All the traders can hear each others calls (Electronic Banking System). One trader hears a rumor that a customer might be interested around price x. The market as a whole is somewhat above this so he gradual calls out lower prices trying to tempt the customer but not alert the rest of the market to the rumor he has heard. The market moves down but there is no buying or selling .
The market makers and institutions move price around trying to find orders and stops. The BoJ is very adept at moving the USDJPY around without entering the market itself.
The current reality (most of the time) is a combination of fibs, trendline breaks, moving averages and chart patterns. Peter Bain's course delivers on this.
Best regards
Morty
