MoneyTec 2.0 - Online Forex Traders & Brokers Social Networking Community » Trading Talk » Beginners Forum

[LGV]

Hello, everybody!
Who can tell me if Peter Bain's course is any good?
Is it worthy to invest $395.00 for it?
Please explain your approval or disapproval.

Thank you very much!

[matrung]

Originally Posted by LGV

Hello, everybody!
Who can tell me if Peter Bain's course is any good?
Is it worthy to invest $395.00 for it?
Please explain your approval or disapproval.

Thank you very much!

I think PB's course is an excellent way to start off getting info be warned however that the actual course material is pretty worthless. It's the AM reviews he does everyday that is the real gold and really what you are paying for.

Also the countless number of video tutorials on his website after you get membership is huge and has tonnes of strategies and examples of trades which are presented in a step by step fashion.

So I would recommend it. Once again, don't be disheartened if you go through the initial course material because you might think it's a waste of money but once you go through the AM reviews and video tutorials you'll appreciate the value of this course for beginner traders.

[LGV]

Thank you for your advise, Matrung!

[Tequila]

I agree 100% with Matrung, I received the course last wk, but I had
access to the members area while waiting for the course to arrive.

The AM reviews and extensive video library is well worth the money,
although the course material needs some work.

[gaga888]

hey after paying for the 395, how long will i have membership

is it lifetime membership?

[fxkiwi]

I believe you have 12 months access to the members area and after that you can pay to extend it. I'm not sure how much that costs though. After 12 months I think you would have a pretty good understanding of how things work. My friend bought the course and thought it was very good.

fxkiwi

[fxkiwi]

One more thing, do a search on here as there have been a few threads with peoples views on the Peter Bain course - both good and bad. These should answer most questions you have.

fxkiwi

[Tequila]

You get 6 months membership with the course which includes
Daily AM reviews on what is happening in the market and how to
trade the markets. To me that's worth the price of the course.

Peter teaches you a good trading plan that works. Using his techniques
I am consistently making money everyday. The key is to understand
what you are doing and why you are doing it. Peter teaches you that
and reinforces it on a daily basis with his AM reviews. True, it is repeatitive,
but after a while it sinks in, and you become a better trader.

Of course there are those that disagree with me, but that is fine. Everyone
has their own way of doing things. No 2 traders are alike. But for a good
place to start, I believe the course is well worth the money. Especially the
coaching part, as you can email Peter anytime with questions etc. which
I think it's beneficial to the new trader.

I'm not sure about the renewal fee. The way I look at it is if his ideas and
insight can make you xx number of pips per day, what's a x pips/mo or
per yr?

Cheers

[zandu]

yes indeed there are good and bad on all courses ,but his method certainly works and I guess $395 is not a great lot to outlay considering the follow up and all material available

[Honeyharbor]

Basically a buck/day.........well worth it

[WNW]

I'd like to know how some here have determined that Bain's method "works"... it's rules are complicated, subjective, and inconsistent. IT CANNOT BE BACKTESTED. If you've had some success demo trading play-money accounts for a few weeks or months that is meaningless. A system needs to be objectively tested and analyzed over a number of years over a number of markets. The course is WAY too much for a beginner. You can learn something about Forex markets from Bain, but his trading system will do no better than a simple breakout system. His methods are predictive, and markets cannot be predicted. His system is entry-rule intensive, which is backwards. He has little to say about how to exit a trade and THAT is where you make or lose money. He places arbitrary money-stops on trades with no consideration for market volatility. He insists on chart pattern analysis which has been proven to be effectively meaningless. Bain strings his students along with a difficult system so that the fee to the Membership Area keeps getting renewed, all the while pitching his workshops, supplements and seminars. 6-8 workshops a year, 35 people, $1000 a head. Figure it out. Bain insists on using certain "paradigms" as part of his method that by his own admission are less than 50% effective. His "trader's toolkit" consists of up to 20 indicators (???). People fall for all of it because the system is so complicated they think that THEY'RE stupid for not understanding it, and if they just stick with it long enough and pay him enough money someday they'll get it. Bain's course has little to say about trader psychology, discipline, and money management- it is THOSE things that determine success or failure. I've been in and out of the markets since 1990 and yes, have traded live accounts with real money. I have Bain's course. I have also developed and backtested hundreds of systems. My experience has proven to me that the simpler a system is, the better it works. You can do much better than Mister Bain.

[SoundFX]

Hmmm, I have to disagree to a point. I agree that the method is subjective, but it IS a good introduction to general technical market analysis in that he teaches a bit about the interaction of candle patterns, trading certain times of day, divergence, pivots, and MAs. Trouble is, you do have to test this system by doing it in real-time. Its REALLY easy to go back over just about any day's 15 muinute charts and analyze what you WOULD have done at certain points of the day...much more difficult to actually make those proper decisions in real-time. And of course, as you stated, its not really a system at all. Its actually a course on how to analyze the current market state based on a few different paramaters and thus place your trades. That said, I still think its worth it for beginners to get an introduction to market analyses. But don't expect some miracle system.

-S

[WNW]

One more comment and I'll shut up.. if anyone is interested, go here: www.originalturtles.org . Here you will find the original, complete Turtle Trading system rules. This includes money management, trade size allocation, entry, exit, and stop rules. This system does very well if you have the discipline to follow it. I just recently plugged the basic entry/exit rules into my computer and tested all the major FX pairs - it's still held up quite well since it's development in the 1980's. That's a robust system. Much simpler, more concise, and certainly better defined than the Bain strategy. And it's free. If you don't like the rules and insist on the PB method, at least you can employ the MM and trade allocation strategies.

[ForexJuice]

Originally Posted by WNW

He has little to say about how to exit a trade and THAT is where you make or lose money.

Have to agree with you - kind of

I think it's a useful system to a degree, and the techniques work with all currency pairs (sooner or later) as long as you adjust the system to suit your trading style.
But I have to agree that you need to keep an eye on exit points.

I was just using the usual indicators this month MACD, candlesticks etc. and was doing about +29% on the account - until I tried the Bain system. Promptly gave back nearly all of it!

But after looking where I went wrong I pulled some back to +16% on the month. I think it can work - but I am an absolute beginner so don't take my word for it! (this is my first month )

[tntran]

Ok, here's my first post on this forum.

Has anyone ever wondered whether Peter Bain actually puts his money where his mouth is?...............whether he actuallly trades live............rather than do hindsight analysis................IMO.........even my 6yr old sister can make up stories why something happened..............