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Elliott Wave International
Review Of How To Trade Currencies Like The 'Big Dogs'
Sun, 06/02/2011 - 19:52
When I first became interested in trading FX, I had little or no idea of where to begin or who to ask. There were several seminars on offer costing several thousand pounds and promising me that I could become rich just by limbering up my mouse-finger and being happy to spend my extremely short working days in my pyjamas.
As they say, if something sounds too good to be true, then it almost certainly is. The fact of the matter is that trading the FX market is HARD WORK.
In 2004, a colleague recommended a course to me called The Pivot Forex Trading System by Peter Bain. Back then, it came on three video CDs with a printed manual. It was relatively inexpensive so I figured that I had nothing to lose and ordered it.
It is probably one of the best trading-related investments that I have ever made as it started me out on my path to becoming a full-time FX trader.
Since then, there have been several updates to the course which has now been renamed as How To Trade Currencies Like The Big Dogs.
The course has been expanded to contain:
- 12 video CDs
- 2 DVDs
- 2 Printed Manuals
In addition, the package includes a three-month membership to Peter Bain's Mentorship program and several other bonuses. Check the ForexMentor website for the current offers.
The greatest eye-opener that I got from the original course was being introduced to pivot levels, which is a truly predictive indicator widely used by the major FX players; the 'Big Dogs' of the course title. I realise that it is something of a cliche but just the section on pivots levels was worth the price of the package alone.
An understanding of pivot levels helps the trader to avoid trading areas which Peter Bain refers to as No Man's Land. The pivot levels themselves represent high probability support and resistance zones that are watched daily by thousands of professional currency traders and computer trading systems. When price approaches these levels, something almost certainly WILL happen.
In addition to an exhaustive explanation of the pivot level concepts, the updated course also includes:
- A comprehensive introduction to the FX market
- The fundamentals that drive the FX market
- Defining support & resistance
- Using DeMark trendlines
- MACD divergence trading techniques
- Early heads-up on imminent big moves with the Commitment Of Traders report
The main part of the course takes the form of a videographed seminar. In many ways, I prefer this format to being at the live seminar because anything that is not 100% clear first time around can be replayed and you can even repeat the whole experience should you wish to.
I still use many of the techniques that I learned from the original course in my trading today. I would strongly recommend this course as an excellent introduction for beginner and intermediate FX traders alike without the need to spend thousands of pounds to learn half as much as that which is included here.
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Comments
I am not new to the trading area but I had not traded FX before. Therefore, I was looking for a FX course when I came across Kevin’s recommendation. Based on Kevin’s above recommendation I purchased the course and I did not regret it, indeed! It is excellent!
Peter Bain does an excellent job explaining how to trade currencies, based on chart patterns, Pivot Points, MACD divergence, 5 reversal bar patterns, trendlines and times of day. It may seem complicated, but it is such a well explained step by step approach with numerous video examples that it is not difficult to grasp. Moreoever, in addition to the course Peter Bain’s website www.forexmentor.comoffers a Video Tutorial Library with some 300+ videos on all kind of topics which fall into the categories:
- Basics
- Core indicators (candles, MACD, Pivot Points, TD trendlnes)
- Secondary indicators (COT, price projections)
- Additional indicators (Fibonacci, moving averages, RSI, Stochastics)
- Additional techniques (position trading, scalping)
- Nuts & Bolts (exit strategy, psychology, risk mgmt)
- Tool box (checklists, etc.)
- Member contributions (examples and trading strategies)
- Protrader techniques (Carry Trade)
All in all, I give this course a 5 star rating and recommend it to anyone who would like to enter the FX arena. Thanks, Kevin, for writing your very helpful review which nails down what is essential about this course.