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Auckland, New Zealand,
Sep 29, 2007,
The course that started it all for me 2 years ago.
Only works during the London Session and is not always right but right enough most of the time to be profitable.
In saying that I've done a bit of modifying to suit my trading style.
My suggestion is to forget MACD except on higher timeframes and always assess the bigger picture before your trading session using 1hr/4hr+ timeframes.
The only thing I disagree with is 20 pip profit targets using a 20 pip stoploss (don't know if this has changed or not) as this equates to a 1:1 risk/reward ratio.
This is not the best money management because if you're right 50% of the time (a very good strike rate) and wrong 50% of the time you're only at breakeven whereas if you use a healthy 1:2 ratio (ie: 20 Pip stop/40 Pip profit), with that same winning percentage you are in a healthy profit.
Homerun trades can be made to great effect using the 1hr+ timeframes and weekly pivots.
Also an excellent tool to use to add to position trades in direction of the medium/long term trend.
Aug 31, 2007,
Earlier this year I was trained by someone who was using Chris Lori's Pro Trader Advanced FX Course. Chris's style of training exactly suits my temperment. His emphasis was on the technicals but he also gave much weight to the fundamentals that drive the technicals. Chris includes in the course a section on equity management and always talked throughout the course how the successful trader needed to be patient and disciplined. I give forexmentor.com 5 stars because Peter Bain(whose course I have not taken) had the foresight to include Chris Lori as part of his mentoring staff.
Aug 24, 2007,
I purchased forexmentor a couple of yearsago and had really good success with it, but i also was able to do the morning hours starting at 3am, then i switch jobs and was no longer able to get up at that time and his system works best on the london time run ny is iffi. I would have to say is course is the best i have seen as to how to trade and how not to get lost with all the jargon. my 2 cents
Aug 11, 2007,
I've subscribed to Peter Bain's service for 2 1/2 years now. I also attended one of his sponsored seminars conducted by Chris Lori--an excellent investment of time and money. So far, my account is up as I navigate my way through all of the information and strategies presented on Peter's website, as well as thru Chris' class. For anyone getting into Forex, I would highly recommend. But it's only the beginning. The knowledge is available there, but the hardest part is actually determining how to use it in a live account!
Jul 29, 2007,
Peter Bain's course is relatively affordable $600 or so dollars and his daily AM Reviews are enjoyable. The pivot system he teaches is defineately a system which can make you some money. Patience is the key! Can't just jump in on the 1st trendline/pivot break. Have to wait for a retest of these levels, MACD divergence, candle formations, ect. (all taught thoroughly in course and recorded messages on website). If your new to trading, I say this course is worth the money, but don't expect to get rich overnight. Paper trade, then start with mini acct., find success with these, and then go to the standard acct. Happy Hunting!
Jul 26, 2007,
Good and bad. It is not bad at all to get started in forex. Sure you can get the same info through some good books (cheaper), but there is something to be said to get access to a person talking. It is not the same as reading a book (at least not for me). The course leaves you with a lot of points, but it will be up to you to really piece them together to create a system. I guess that is fair, even though I wish Peter would have gone a bit furter. I like listening to the AM reviews, but as somebody pointed out in another review, he used trades sent in by other people. Naturally those trades will normally be successful. It would be more honest if Peter would try to forecast the development in the coming day as he sees it at a certain time. Overall, expect to learn some stuff if you are new to forex.
Jul 22, 2007,
I really enjoyed the information from Peter Bain's course, and felt the education on technical analysis and the forex market in general was worth what I paid for it, that was a while back, when I really knew nothing about trading in forex. However, I tried applying his principles and saw very inconsistent results. Now I trade without listening to any analysts and only look at charts to get my bearings. I still use some of the education I got from his courses,which are full of interesting information, but I have devised my own trading system that is consistently profitable, but a little too conservative ( I only make 2-4 pips per trade when I trade.) This does make me profitable, so I have gained in the end, just not greatly yet. However, over time, if my luck holds, I could build my account and a few pips on a large amount can add up! I have been trading since October 2006 to April, 2007 (had to stop for awhile due to other obligations in my life)without a loss, making about 80 trades during those months. I think it is better to be consistently profitable above all, conservatively, than to take risk that you are not comfortable with.
Jul 14, 2007,
I bought the full Forexmentor course at the end of 2005 for the first time in the world of forex. The course is very simple and comprehensive. Also, I enjoy the Am reviews because I can learn the way the big players trade. Six months ago, I found new pivot trading system. It is very accuracy and hard to apply. It calls a pivot profile related to market profile. But I am always listen to AM reviews of Peter Bain because it give me more informations aboutcurrencies pairs trading
Jul 4, 2007,
I bought the full Forexmentor course at the beginning of 2006 after trying to spread bet the equity market and indices for over 2 years. I managed to keep my capital over that period but failed to make any "real" money. I always felt out of control of any trade and generally uncomfortable. I took a couple of courses at around the £200 region and felt that they were really a waste of money. After studying the Peter Bain course I started to spread bet the FX market and have, over the last 9 months had consistent success. I only spread bet part-time in fairly small amounts, usually £1 to £5 per pip and have therefore not made huge amounts of money but am consistently ahead and am about to start trading full time, having recently retired. I found Peter Bain's course to be very well presented and can honestly say that it is totally responsible for all the success I am having. I have done a great deal of study outside the course, all recommended reading by Peter Bain, and have learned a great deal about my own psychology, the fact that trading is a "game of probabilities" and numerous other facts that I genuinely believe are all necessary to have any hope of long term consistent success. I have read the other reveiws under this heading and cannot agree with the negative comments that are being made. One specific posting deals with the USD/CAD. Peter forecast the huge rise in this pair weeks before it began basing his ideas on the inter-trade relationship between the countries and on the charts. He advised all his site members to "bet the farm"..(His actual words) stating that he had long positions and that he was adding to them. He then called the top over a couple of weeks, eventually getting it right. He is rarely exact but who is the the FX market. I rode the pair up from 11264 to 11775 and then rode it down from 11750 to 10600. That trade alone made me far more than the cost of the course and has paid for my next 5 years subscriptions with plenty left over. His forums are excellent and the information available in past recorded webinars and other material is oustanding and vast. His morning discussions on the previous day's action are designed to point out and explain to beginners to patterns etc to look for. I would give forexmentor an top rating and beleive that any person who studies and applies his simple ideas cannot fail to make money, PROVIDING.. they have a broad understanding of the FX market and are fully conversant with all the trading and psychological principle involved...AND THEN.. they have to consistently put all the above into regular, consistent practise. I think that too many people expect courses to be the "Holy Grail" of trading and have no concept of the huge amount of hard work, study, commitment and psychological awareness that is needed to succeed. Peter Bain and his associates stress these facts continually. We all have our own idea of the value of any course but any postings that consider Peter Bain and/or his courses are a scam are clearly not involved in FX trading in any real way and have not given his course a fair chance.
Jun 20, 2007,
I have been a forexmentor.com member/subscriber since January 2006. I have been consistently profitable using the simple technical analysis (MACD divergence/ trend line breaks) coupled with price action in and around pivot points as taught in Peter Bain's course. I also have Chris Lori's Protrader course, which adds support & resistance, chart patterns, and fibonacci techniques to the mix.
Yes, all the information included in the course materials can be learned for free or in less expensive books, websites, etc. The benefit here is that Peter and Chris show how these relatively simple concepts and tools can be used together to help find and place high probability trades.
Yes, the AM reviews are always done in hindsight. Those who criticize Peter Bain for this have missed the point of the AM reviews and of the forexmentor program - forexmentor.com is not a "forex signal" or "Trade alert" service (though I believe these services are now offered as an additional service). The AM reviews simply show how you would have applied the technical analysis tools to the prior evenings price action.
Two main criticisms I have are 1) the almost absolute absence of any discussion of what is the most important aspect of any trading endeavor - risk management and position sizing.
2) The shameless recommendation of FXSolutions as the forexmentor.com forex broker of choice. I do not know why anyone serious about tradsing forex would trade anywhere other than Interactive Brokers. I'd rather pay a small commission but trade 1/2-2 pip spreads than get clipped for 2-5 pips in and another 2-5 pips out, but that's me.
I would say that for both the beginner or the full time trader of forex who has not enjoyed the success he or she has hope to find, forexmentor.com offers a reasonably priced education that will provide a foundation for a profitable approach to trading the forex market. For those who think it pricey - I paid $415 (it is now $495, I believe) for the original course and about $560 for the Chris Lori's forexmentor Protraders course. I also renewed my annual subscription at a cost of $295. If $1300 is too much money for you to invest in learning how to risk your capital in a speculative endeavor, then you probably should not be trading forex. If the $495 that it will cost you to get started it too much for you, then you definitely should not be trading the forex. I do not mean to imply that you must buy this course to trade the forex - only that you must be willing to invest some money and time in acquiring the information necessary to keep from getting eaten alive in the market. Forexmentor is a good place to go to acquire that information. I'm sure there are others, but this one has worked for me.