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  • Suggestions on Forex Course or system.

    Dear Forex mates,

    I need suggestions on whether i should take a forex course that is affordable like hectortrader? or buy the 1minutedaily system? or other course you would suggest to me?

    Basically i have been trading forex for 6 months but i dont seen to get profit and now still down 40% in capital. I went through the worst course www.powerupcapital.com and did very badly after spending my $3k+ of hard earning cash. However, i am still very interested in forex trading and the desire is getting stronger everyday and thus i need to search for a course that really works - least indicators used.

    Hope you guys can give me your honest reviews on which course to take.

    Thanks in advance. =)

    cheers,

    John

  • #2
    I have found that for the most part the majority of courses talk about the same things. Don't trade around news times. Be careful trading on small time frames. Trade in the direction of the long term trend, etc. etc. If you wan't to learn the basics go through the free Babypips.com "school" Checkout some thread on ForexFactory.com (James 16 and Philip Nel seem to be the better more popular ones). If your looking for a strictly mechanical type system ForexDay & ForexProfit Monster found here or on Ebay if you want to purchase a copy that comes with support from the seller. They are inexpensive and have a good track record. I personally like to use the Daymonster on all time frames not just short. The Stealth System is good but a little expensive and can also be found here if you dont want to pay $199 for it.

    Comment


    • #3
      The basics of forex can be learned for free with minimal work. Babypips has a good beginners overview with their babypips school and it is free. If your looking for more advanced indepth stuff ForexFactory and these forums both have some good threads on things like price action and candlestick formations, elliot waves, etc. If all you want is a basic mechanical system that works there are a few that can be bought for under $200 and under $100 and can also be found here. The Forex Profit & Forex Day Monster systems are both profitable and easy to understand. I prefer using the Daymonster myself on the 1H time frame using the 4H settings. The ProfitMonster is for the 4H and Day timeframes but has big drawdowns in my opinion. The Stealth System is also good, i like it on the 15m time frame myself. I think spending thousands of dollars on a course to teach you the basics is a waste when the same and sometimes better information can be found free of charge

      Comment


      • #4
        I found his 3SMA method quite useful for higher timeframes. So i was thinking whether to join the course.

        Thanks for the advice detrader. Any good links to the threads to learn? pm me if cant post.

        Forex Day Monster systems can be found here? or where is the website?

        Thanks again.

        Comment


        • #5
          Hi johnkhoogw,
          U are not alone in this issue. My advise is to know yrself first, what u looking for and what yr style of
          trading, meaing u refer to trade in hourly or day chart or scalping.

          Then look for a system that suit you first, don't suit yourself to suit the system, you will fail in the end,
          coz we are human, our emotion will affect us badly. After that, you need to practise til u get consistence
          result. No need to rush or hurry, you only end up donating to the market.
          Get someone to guide or have some plan to monitor yr progress. Be patient and result will come
          yr way.


          Thank to detrader for his recommendation on the system.

          Comment


          • #6
            Originally posted by learningfx View Post
            Hi johnkhoogw,
            U are not alone in this issue. My advise is to know yrself first, what u looking for and what yr style of
            trading, meaing u refer to trade in hourly or day chart or scalping.

            Then look for a system that suit you first, don't suit yourself to suit the system, you will fail in the end,
            coz we are human, our emotion will affect us badly. After that, you need to practise til u get consistence
            result. No need to rush or hurry, you only end up donating to the market.
            Get someone to guide or have some plan to monitor yr progress. Be patient and result will come
            yr way.

            Thank to detrader for his recommendation on the system.
            Hi learningfx,

            I prefer Hourly chart and hardly look at daily chart. In the past, i thought scalping is the best way to earn quick money but in the end its quick lose. =D. Thus, i have stop looking at 1M & 5M and only look at M15 & M30 just exit at M30 for better profit but enter at H1 chart. I have been looking at some of the great systems that have been developed by some great people here.

            However, i found out alot of indicators lag or repaint, so i prefer less indicators and more towards Price Action.

            Any great placed to suggest for more learning is greatly appreciated. =)

            Cheers.

            Comment


            • #7
              Hi johnkhoogw

              Indicators lag but still got great trader who trade successfully using indicators
              and still got great trader who trade well using fundamental analysis.
              In short, FA or TA, it does not matter at all. What matter the most is what your
              own style.

              Be patient, take time to read and learn especially on your own pyschology
              issue. I doing that myself, learning everyday.

              Some site on pyschology, http://www.brettsteenbarger.com/articles.htm

              Hope other guru will give more advise for u

              Comment


              • #8
                Thanks LearningFX. Hope one day i could master it. =)

                Comment


                • #9
                  I find these courses are excellent:

                  Dynamic Trading by Robert C. Miner, also his instructional videos
                  Michael S Jenkins materials; W.D Gann related stuff and his basic instructional video
                  Trading with Median Lines by Tim Morge and his free webinar/ seminar videos
                  Trading to Win Course by Bryce Gilmore and his book Dynamic Time and Price Analysis of Market Trends
                  Elliott Waves with Fibonacci Study including NeoWave by Glenn Neely and Harmonic ElliotWave by Ian Copsey
                  They are great TRADERS as well as educators. I like them because some of them incorporate very important TIME aspect in their trading and they don't use much lagging indicators.
                  I will also look into AstroPhysics/ Astrology

                  Also read these two important books on psychology:
                  Trading in the Zone by Mark Douglas
                  The Daily Trading Coach by Brett N. SteenBarger

                  The Holly Grail = HARD WORK

                  Good Luck!
                  Last edited by anthoniex; 09-01-11, 17:54. Reason: more study materials

                  Comment


                  • #10
                    Thanks anthoniex, i will take a look.

                    All the best to you too. =)

                    Comment


                    • #11
                      just in case you already havent completed the babypips school you should check it out ... its great

                      Comment


                      • #12
                        Hi hermanhess, i did and maybe i will read again in case i miss anything. =D

                        thanks anyway.

                        Comment


                        • #13
                          Originally posted by hermanhess View Post
                          just in case you already havent completed the babypips school you should check it out ... its great
                          yes babypips is important to grasp as first try. don't need to study all at one time. do it when need to regap stuff.

                          Comment


                          • #14
                            Originally posted by anthoniex View Post
                            Hi John, I felt the same way. I blew an account a while ago and now am starting over with demo. I find this two courses are very good:
                            Dynamic Trader by Robert C. Miner and
                            Trading with Median Lines by Tim Morge (one of the largest currency traders in the world)
                            They are great TRADERS as well as educators. I like these two because they don't use much lagging indicators.
                            Also read these two important books:
                            Trading in the Zone by Mark Douglas
                            The Daily Trading Coach by Brett N. SteenBarger

                            Just my 2 cents. Good luck!
                            How did you purchase "Trading with Median Lines by Tim Morge" It is not available anywhere on his website.

                            Comment


                            • #15
                              Originally posted by johnkhoogw View Post
                              Dear Forex mates,

                              I need suggestions on whether i should take a forex course that is affordable like hectortrader? or buy the 1minutedaily system? or other course you would suggest to me?

                              Basically i have been trading forex for 6 months but i dont seen to get profit and now still down 40% in capital. I went through the worst course www.powerupcapital.com and did very badly after spending my $3k+ of hard earning cash. However, i am still very interested in forex trading and the desire is getting stronger everyday and thus i need to search for a course that really works - least indicators used.

                              Hope you guys can give me your honest reviews on which course to take.

                              Thanks in advance. =)

                              cheers,

                              John
                              Hi, there are lots of good resources out there to help us aside from this site.I would suggest finding a site that will train you in their strategies for free aside from what you are using right now. Makemoneycurrencytrading dot co dot uk is good as they run live portfolio so you can actually see if their strategies are making profit live. They send out a daily report each day with the trades.

                              Comment

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