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  • #1
  • First Post: Jan 25, 2005 11:35pm Jan 25, 2005 11:35pm
Does anyone have opinions and/or experience with the Market Traders Institute forex trading course or the less expensive Dave Arena #1 Forex alerts? I'm brand new to forex trading, have yet to open an account and looking for guidance.
Thanks!
  • #2
  • Jan 27, 2005 12:15am Jan 27, 2005 12:15am
Quoting Tony
Does anyone have opinions and/or experience with the Market Traders Institute forex trading course or the less expensive Dave Arena #1 Forex alerts? I'm brand new to forex trading, have yet to open an account and looking for guidance.
Thanks!
Market Traders Institute is only a course on tech analysis. You can find everything in their course for free just by searching the internet and reading forums like moneytec where systems and tech analysis are discussed at length. They are NOT trading mentors in the truer sense of the world. I'm sorry I don't actually know about the other one you mentioned (Dave Arena ...) but I'd give this caution. Most mentoring programs are not really mentoring programs but are discretionary systems with a bit of technical analysis that you can learn for free off the internet. The majority of these so called mentors are just teaching tech analysis and not really teaching people to trade or to develop systems that work for them. Big difference.

Try Rob Booker at www.robbooker.com and subscribe to his free ebooks which are excellent. Then talk to him on the phone about what he can provide. You may be surprised. There is at least one thread about him on Moneytec. Rob is a good friend who I can recommend as a solid trading mentor.

FT
  • #3
  • Jan 27, 2005 9:50am Jan 27, 2005 9:50am
Thanks for the tip! I'm off to do my due dilligence.
  • #4
  • Jan 27, 2005 2:07pm Jan 27, 2005 2:07pm
Quoting fijitrader
Try Rob Booker at www.robbooker.com and subscribe to his free ebooks which are excellent. Then talk to him on the phone about what he can provide. You may be surprised.
i concur, the more i learn about this Rob Booker the more i like him.
Relax and be happy.
  • #5
  • Jan 29, 2005 2:58pm Jan 29, 2005 2:58pm
I used Abe Cofnas, he did a great job. www.learn4x.com I took the $175.00 course and was well satisfied. Tell him Mark Adams sent you. (no, I don't get commission ).
Because helping each other is a good thing.
  • #6
  • Feb 2, 2005 2:41am Feb 2, 2005 2:41am
Hi this is my first post on this forum. I trade Australian equities and have been playing around with FX for a little while short term [purely T/A] ... with limited success. Like many others I am attracted to FX by the volatility and the flexible hours. A mentor is what I've been looking for, so I had a squizz at Rob's site mentioned by FT above and it seems good. I've taken the signal trial to dip my toes in but will really think hard about taking the 1 on 1 training once I've looked into it further and have some time available.

This forum seems great and might just be my new home once I learn the ropes.

Cheers with beers
Chop Chop.
  • #7
  • Feb 10, 2005 5:02pm Feb 10, 2005 5:02pm
Hi Fijitrader

Just wondering whether you had actually done the 1 on 1 mentoring with Rob Booker?

I also concur with the comments above about Rob. He does seem like one of the few genuine fx mentors out there.
  • #8
  • Feb 10, 2005 9:49pm Feb 10, 2005 9:49pm
Quoting usdtrader
Hi Fijitrader

Just wondering whether you had actually done the 1 on 1 mentoring with Rob Booker?

I also concur with the comments above about Rob. He does seem like one of the few genuine fx mentors out there.
I tried once to get Rob to mentor me when I was experiencing some trading frustrations while migrating away from a discretionary trading system (if you could call it a system). Anyway after a telephone discussion with Rob he said he didn't want to charge me because he thought we were more or less in the same trading arena and that he'd probably learn as much from me as I did from him. The result was that we spent some time in real time chats as we traded, discussing systems, entries, exits, and compared notes about the market for a month or two -- a couple times a week. I found him to be an engaging and open minded individual who didn't seem to have any kind of personal agenda to promote. Possibly the most lucid trader I've spoken to.

FT
  • #9
  • Feb 11, 2005 1:51am Feb 11, 2005 1:51am
Thanks for your reply FT.

You mentioned moving away from discretionary trading, are you now trading fully mechanical systems?

I was looking at doing Robs mentoring. Does he help with creating a system for you or is it a case of learning his system?
  • #10
  • Feb 11, 2005 5:47pm Feb 11, 2005 5:47pm
Quoting usdtrader
Thanks for your reply FT.

You mentioned moving away from discretionary trading, are you now trading fully mechanical systems?

I was looking at doing Robs mentoring. Does he help with creating a system for you or is it a case of learning his system?
I now trade fully mechanical systems. The one exception is probably EZ trade which is sold as a discretionary system but it really is mechanical with a little bit of discretion but the rules that govern the discretion are clear.

As far as I know Rob teaches two or three systems but mostly helps you to develop or find your own. However I did not take Rob's program so I'm not entirely sure what he does for people who sign up for it. Rob is the best person to ask that of -- especially since my last visit to his web site shows lots of new things since I worked with him.

FT
  • #11
  • Feb 16, 2005 7:50pm Feb 16, 2005 7:50pm
fiji how long ago was it that you worked with Rob?
Relax and be happy.
  • #12
  • Feb 16, 2005 9:57pm Feb 16, 2005 9:57pm
Quoting merlin
fiji how long ago was it that you worked with Rob?
It was about a year ago or perhaps a bit more. Since then we have kept in touch on a very sporadic basis. Why do you ask?

FT
  • #13
  • Feb 17, 2005 2:48pm Feb 17, 2005 2:48pm
FT

Slightly off topic, but like yourself I was using a discretionary system but am looking at trading a mechanical one.

Did you develop and test your own mechanical system or are you using someone elses? I've heard good comments about Joe Krutsingers system. I notice that GFT Forex offers facilitated trading using some of Joes system (http://www.gftforex.com/products/sys...lon-eurusd.asp )
His Echelon EUR/USD system returned 40% last year although the performance thus far in 2005 has not been so hot.
  • #14
  • Feb 17, 2005 7:15pm Feb 17, 2005 7:15pm
Quoting usdtrader
FT

Slightly off topic, but like yourself I was using a discretionary system but am looking at trading a mechanical one.

Did you develop and test your own mechanical system or are you using someone elses? I've heard good comments about Joe Krutsingers system. I notice that GFT Forex offers facilitated trading using some of Joes system (http://www.gftforex.com/products/sys...lon-eurusd.asp )
His Echelon EUR/USD system returned 40% last year although the performance thus far in 2005 has not been so hot.
I spent considerable time evaluting some of Joes systems but not the echelon system. Joes systems typically run about 3000.00 and Joe has a good reputation. He was very helpful and introduced me to some interesting and useful tools for system evaluation and development. The systems I evaluated in out of sample data had pretty significant drawdowns (30 percent was not uncommon) over notable time periods (like three to four months).

My take on dealing with Joe is that his systems were a bit volatile for me. In every situation where I ran his systems through out of sample data I found that there were protracted flat or drawdown periods. Also based on a single contract and assuming a 10,000 account balance the largest drawdowns were often around 30 percent in backtesting. I'd expect possibly up to 45 percent in out of sample data. I think you'd have to trade three or more of his systems to smooth out the equity curve.

Anyway my take on it was that investing in Joes systems would have to be more about the support than the systems. Joes systems are fully disclosed and he explains every line of code in his systems until you understand how they work. His designs are very clever and I think the education is probably worth the 3000.00. I kind of put everything on hold with his systems though because he seemed kind of impatient like "either buy something and then I'll answer all your questions or don't waste my time kicking tires'. He never said that but it is the general impression I got. Unfortunately for these guys that sell systems I'm pretty thorough and sometimes it pisses them off a bit. The way I figure it if you don't have good business rapport before you buy it'll proabably be worse after your money is spent. I suspect Joe may be the other way round. He is doing well and probably doesn't need the business enough to spend time with people that don't buy quickly.

I don't write people off just because I don't see some kind of chemistry with them. It may just be a personality thing getting in the way. It's just that the larger the dollars I spend the more I prefer to deal with people with whom I don't have personality barriers to overcome.

FT
  • #15
  • Feb 26, 2005 11:23pm Feb 26, 2005 11:23pm
Quoting usdtrader
Thanks for your reply FT.

You mentioned moving away from discretionary trading, are you now trading fully mechanical systems?

I was looking at doing Robs mentoring. Does he help with creating a system for you or is it a case of learning his system?

I've been trading for about 6 months now with not so much success. I've blown half my account! I've been doing my homework, all kinds of reading and research but it's so much information that it's been difficult to put it all together into a solid trading plan. My experience is that although courses give you lots of valuable information, they don't teach you how to put it into practice. That's when i decided that perhaps a 1 on 1 mentor could help and joined Rob Booker's program after hearing many good things about him. I am very pleased thus far!

The good thing with Rob is that not only does he teach you the basics of technical and fundamental analysis, he also teaches you to put it to use. He's very available and has always been quick to repsond to any e-mails. Anytime i'm considering a trade, he asks me to send him the charts with my reasoning behind the trade and analyses it. He tells you wheter or not he would have taken it and why, along with alternatives and why. It's been a very good experience so far and i feel confident that he will be able to help me gain back what i've lost.

Another aspect i like is that he spends considerable time preparing for trades via live chart analysis with his students every day. I never realized how truly powerful and effective support and resistance could be until i started following this daily analysis. He makes recommendations based on that analysis and it really is encouraging to see how accurate he is. I could go on and on but the bottom line is that i would recommend Rob to any aspiring currency trader. The end result of his program is a written trading plan, that you have traded profitably along side with Rob.
  • #16
  • Feb 26, 2005 11:26pm Feb 26, 2005 11:26pm
Just to add to my previous post. Rob's program emphasizes that trading is more a mental process than anything else. No plan will work without good self-discipline and emotional control, which is exactly what i've been struggling with!!
  • #17
  • Feb 28, 2005 2:33am Feb 28, 2005 2:33am
Quote
Just to add to my previous post. Rob's program emphasizes that trading is more a mental process than anything else. No plan will work without good self-discipline and emotional control, which is exactly what i've been struggling with!!

Well said. Discipline is definitely one area that I’m working on.

Quote
Another aspect i like is that he spends considerable time preparing for trades via live chart analysis with his students every day.

I know that Rob teaches people from all over the World, but as he is located in the US does the chart analysis or 1-on-1 teaching occur during the day US (EST) times? I guess I want to get an idea of how much time is required if I was do to his mentoring, and also what his hours of trading are.

I also noticed on his website he mentions team trading. So along with the 1-on-1 do you also team up with other students to trade?

Quote
I never realized how truly powerful and effective support and resistance could be until i started following this daily analysis

It’s interesting you should mention that as I have been looking into using a combination of trendlines and channels to spot areas of support and resistance. The trick is knowing where to draw these lines.

Quote
The end result of his program is a written trading plan, that you have traded profitably along side with Rob

That’s good to hear. How far through his course are you? Let us know how you get on.
  • #18
  • Mar 1, 2005 9:48pm Mar 1, 2005 9:48pm
Hi ustrader

Rob does his chart analysis at different times. He sends his students a schedule every week and alternates times. Sometimes he will go over the charts as early as 0700 EST, sometimes 1000EST. He also does some in the evening, around 700PM EST or later.

His goal is to help you set up a system that works for you, taking into account your schedule. Many of his students have full time jobs, which he acknowledges. Rob has suggested to me that i do my chart analysis during the evening to plan for trades in the morning (sometimes very early morning, when EUR markets open and are most active). The amount of time you spend analyzing charts depends largely on you, considering your level of experience. Rob says that some feel as little as one hour a day is enough. But you have to do it every day!

This is powerful stuff and it really helps you understand the psychology of price movements! Knowing where to draw the lines is tricky at first. I know i have mentioned that concern to him a few times, especially when you see him drawing several over several time frames. Rob's always encouraging and any time you doubt something you just have to e-mail him and he will explain. After a while it just clicks!

Team trading is great and he will set you up with other traders. The whole premise of team trading is that it helps keep you disciplined. You have to justify all of your decisions to your team, and that helps you stay more rational and less emotional.

I'm in my second month now and i will let you all know how it goes!
  • #19
  • Oct 28, 2005 3:13pm Oct 28, 2005 3:13pm
Quoting fijitrader
Market Traders Institute is only a course on tech analysis. You can find everything in their course for free just by searching the internet and reading forums like moneytec where systems and tech analysis are discussed at length. They are NOT trading mentors in the truer sense of the world. I'm sorry I don't actually know about the other one you mentioned (Dave Arena ...) but I'd give this caution. Most mentoring programs are not really mentoring programs but are discretionary systems with a bit of technical analysis that you can learn for free off the internet. The majority of these so called mentors are just teaching tech analysis and not really teaching people to trade or to develop systems that work for them. Big difference.

Try Rob Booker at www.robbooker.com and subscribe to his free ebooks which are excellent. Then talk to him on the phone about what he can provide. You may be surprised. There is at least one thread about him on Moneytec. Rob is a good friend who I can recommend as a solid trading mentor.

FT

**********************

I started the 1:1 course with Rob Booker one month ago. It is all and more of what you read on these threads.. Rob is a very capable, flexible and resourceful, funny and successful trader..The guy post the charts he's looking at almost daily and he picks his trade set ups. Then the next day or few days..... you can look at the charts and they show a profit most of the time..no tricks. For anyone willing to do the work and immerse..this is the way to go
  • #20
  • Dec 28, 2005 1:12pm Dec 28, 2005 1:12pm
Thanx for the advice guys. I see that someone has also opened a Rob Booker thred on this forum. He seems like a good guy to me. I have read a bunch of his stuff and like his style and flair. It looks like he does a lot of speaking at confrences with some big names tool!!
Nolite dormiens pungere ursum. -- Latan Proverb.
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