what's a good forex training course/book?

[dozer]

Originally Posted by superfly404

I'm brand new to forex, though I've been reading up on it the past few months, so I have some basic knowledge.

I'm at the point that I would like to learn some trading strategy. Can anyone recommend a good forex training course or book?

I've heard about Peter Bain and Beau Diamond...


Thanks
Jacob

Those of you new to fx as I am,I suggest Peter Bains course and yes I am currently taking it,its a great course you wont regret it,one year of mentoring well worth the money!!!!!!!!!!!!!!!!

[suzanne]

Dozer, I would be impressed if you were recommending the course, after being consistently profitable for a year without your mentor. After all, that's the real test of a course. Even then, before acting on a recommendation, each person must decide whether a course's method fits his\her own learning style. (There are many out there, including myself, who have promptly taken advantage of the moneyback guarantee, after looking at Bain's material.) Hope you get all you need from the course to be highly profitable, and be sure to let us know of your satisfaction level down the road... Suzanne

[Rogerthat]

Originally Posted by suzanne

Tekunda, Like many traders, I started out using a combination of trend-following and momentum-based indicators. But, over time, I've simplified my system and moved to using support\resistance levels shown by fib-based moving averages and pivot points. Sometimes, I still use the Directional Movement indicator for confirmation. I'm not sure whether I'll ever use time and price exclusively. We'll see... Suzanne

Dear Suzanne,
Thanks for your input. I'd be very interested to know the times you use to calculate your pivot points: e.g. midnight to midnight GMT? Does it vary according to the pair you trade? Do you have a favourite pair(s)? Do you also use the P. Bains 'M' levels, too? Also, what are fib-based MA's?

All the best..
R.

[suzanne]

Hi R., First, let me say I don't use Bain's system. (Maybe you got that impression because I said I use pivot points. But, they have been used long before he found them.) As I've said before, books and courses are only starting points. I used my observations of price on the charts to let the market show me which recommendations I found in there, were valid. Then, I put together a system that works well with my own personality (including its many quirks). I am comfortable with it and have the confidence to trade as soon as it gave its signals, in spite of, simultaneously, being exposed to a lot of distracting "noise". I feel it's necessary to keep an objective attitude, so my "favorite pair" is whichever one gets the best signal from my system, at any given time. I use midnight GMT for pivot point claculation because significant price action occurs most often in London and\or NY markets and, (when I am doing my version of "daytrading"), I am alert to exit, in the first-half of the latter, if a limit entry order has been filled earlier. Fib-based MA's is a term I use to mean that the number of periods used to construct the averages are taken from Fibonnacci numbers (0,1,1,2,3,5,8,13,21,34,55,89 etc.). By putting them on the charts, I have found certain ones show me turning points as well as basic and accelerated trends. Do the same and you'll see what I mean...Suzanne

[suzanne]

Tekunda, Just after you asked if I was trading on price alone, I found J-Chart. The real value, as I see it, is in the target prices it gives! Now, I know what Newton probably meant about being able to see far by standing on the shoulders of giants. I haven't decided whether to subscribe directly or go through Gain. (Each has pluses and minuses.) The J-Chart site (www.J-Chart.com) has some great video training clips that you can review over and over. I liked that. Tuesday, there's a live on-line training seminar. After that, there's a 10 day free trial. It looks like it might be just what you're looking for - no indicators... Suzanne

[Rogerthat]

Dear Suzanne,
Thanks very much for your response and apologies for my late reply. I've been reading all your posts which have been very helpful -it seems our approaches to forex share certain similarities, though you're somewhat ahead of me. I'll be in touch again..
Happy Easter.. Bob.

[jasperforex]

Developing your own system must be the best route but for those that can't you have to look at other people's systems. The copperchip exhaustion one I'm using gave 3 seperate buy trades this week for the euro and each one made money with an hour or two. Its remarkable since the euro actually fell hundreds of points this week. I've been using it for about a year now and it never fails to work, but one drawback is that you average about 20 trades per year per currency. So far this year I've had 7 buys and 1 sell on the euro.

[tim_nn]

Originally Posted by jasperforex

The copperchip exhaustion one I'm using ...

Is it a system that involves that involves continually adding to losing trades until they turn around?