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Suggestions on Forex Course or system.


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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

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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.
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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
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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.

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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.

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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.

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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

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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!

Edited by anthoniex
more study materials
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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.

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  • 1 month later...
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.

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  • 5 months later...
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

 

That’s really good decision you have taken, to opt for Forex trading course. I am sure that it will really take you forward in life. Forex courses are really very helpful for people who are looking to make a career out of Forex trading. It is a great platform to earn good money. I would suggest you to search online for good and quality Forex courses.

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  • 4 weeks later...

Hi johnkhoogw, strikes me that you know enough about the basics if you have done Babypips. What you are looking for now is a method or system.

Assuming that you have grasped the need for not risking more than 2% of your pot, then it is practice that you need.

Take a look at Kraven's systems a search will find them.

Look at 4x4noobes another free site. They show how to trade 4H charts, a bit safer than lower TFs.

 

I came to the conclusion that it is all a gamble and that price will go where they send it so I look at the London Breakout. See my old threads.

 

There is also a NY breakout and a London PM move.

 

Whatever you do, don't waste money on a course. All they teach is their way with indicators or EAs. But if you still feel the need for a course Search the video threads here.

 

Just my opinion usual disclaimers apply!!

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