education

please excuse and move post to more appropriate location, if needed. I looked for Trader education but couldn't find a specific forum.
I am looking for any opinion/advice/reviews on Market Traders Institute?
I just attended a 'webinar', and the host very convincingly went on a live trade (long EUR/USD), and the chart was kind of going south.
The thing is they are asking for big $$$ (6K), so any help would be appreciated, I hope you understand.
Thanks in advance

Peter

Peter,

Education is VERY valuable. I have not heard of this organization, but if the system is so good, why does the salesman not trade it and forget trying to sell you something for 6K?

Just my opinion, but this site (Forexfactory) is a wonderful place to learn and there are many awsome traders who will help you for free....save your money for trading. Read, read, read.....then practice with lots of "screen time".

You can be your own guru .

But what do I know?

thanks so much! looks like you have a wonderful hobby!

Skygod is right.
Look around, take your time. There's so much info right here at FF.
After you feel cumfortable put the 6K in an account that offers micro lots at first and before you know it you'll be on your way with mini lots.

I wish I had found FF before I started trading live!

How long have you been trading Forex?

Choices.
1) Pay the fee and {hopefully} Learn what You Bought.

2) Open a micro account and fund it with $6,000.00 and see what you learn from there.

Your Choice, Your Money, You Decide.

hi all! and thanks for replying.
Kihi, about 2 months. I actually have a positive account on my demo on Oanda, but I think I am still in my 'bably steps' phase. Any big people running by is bound to impress the ... out of me...
Thanks for the encouragement, I will work on the patience and perserverance side. Everyday is a lesson, ;0)

Peter

Hi there, from personal experience i would advise you to:

Trade win very small lots until you have a strategy/plan and are making money consistantly.

Read everything you can on the currency market, you can get a lot of good stuff from forex factory and off the net by googling what you want.

DONT buy systems that people are selling. You are much better off developing your own system that suits your psychology and trading strategy.

Just some advice.

Peter,

I took the MTI course a few years back. I bought the entire course, but didn't attend the classes in Florida. My best friend did attend the class though. I was able to negotiate a price of $2,200 for the entire course back then while my friend paid about $4k. I thought it was a good deal, but in hindsight I now know it wasn’t.
I guess when you're an absolute beginner it may seem worthwhile because you don't know any better, but I can tell you after 5 years of doing this that it's a waste of money. I'm not saying what they teach is a waste though.

They teach basic formations and call some of them different names to make it seem "better" or whatever term you wish to use. For example, they call a Head and Shoulders pattern a "King's Crown". That's bullshit in any form.

They teach Fibs. I've been using Fibs for 5 years now and I can say that Joe DiNapoli is hands down the best I've seen at using and explaining it. You can buy his book for $170 and I guarantee you'll know more about fibs after reading it than you would if you sat in MTI's classroom for a year.

Ok, I just pulled out the box of books. Here’s the syllabus:

Book 1: What is Forex? This describes the market.

Book 2: Support and Resistance.

Book 3: Equity Management.

Book 4: Trading Indicators. At this point I want to point out that the first 48 pages of this book is a review of the previous 3 books. The final 24 pages are review of all material to date. The meat of the lesson consists of 40 pages covering how to use the MACD and Stochastic.

Book 5: Trends and Trendlines. All books now use the first 50 pages for review along with the last 25+ pages.

Book 6: Buy and Sell zones.

Book 7: Price swings and Fibonacci numbers. Again, Joe DiNapoli is the best at this stuff.

Book 8: The Reversal: The King’s Crown. An entire lesson on the Head and Shoulders pattern.

Book 8a: Traders Rule Work book. This probably one of the best things in the course in that it shows you how to organize your trading and how to record almost everything.

Book 9: Sideways Movement, Consolidation, and Fundamental Announcements. Because it was written some years ago, they actually teach you how to straddle the news. That shit ceased to be effective a couple of years ago…regardless of the zillion threads here and elsewhere that claim otherwise.

Book 10: Trading and Trending days. One of the better lessons.

Book 11: Trading Japanese Candlesticks. Nison’s work is seminal; it’s what anyone should look at if they want info on candles.

Book 12: Fibonacci Numbers and Convergences. To be honest, only DiNapoli and MTI teach this stuff as far as I know. It works very well, but DiNapoli does it much better at a fraction of the cost. There are two current threads here on FF about Fibs. They’re seriously lacking in some areas, convergence and extensions being the main areas. (They’re trying hard though, you’ve got to give them that.)

Book 13: The Gartley. It’s a pattern using fibs, nothing more.

Book 14: Harmonic Vibrations and Beats. Interesting stuff, but you can find it elsewhere.

Book 15: Trading Pennants. Again, just a pattern.

Book 16: Trading Strategies. One of the better lessons because it puts the whole thing together. It’s one of the biggest problems for new traders, but with enough effort and time, anyone should be able to put the package together.

Now, with the exception of the Fibs, all of this stuff is available here on FF and throughout the net. I’m sure some will say all you need to know about Fibs is also available, but I disagree. As I mentioned, the two current Fib threads have proven that to me, at least. But for 17 pips you can get DiNapoli’s book and you’ll be light years ahead of everyone else when it comes to Fibs.

As to the rest, it’s all out there for free. Selling a package like this is somewhat enticing because one thinks all they have to do is follow it precisely and they’ll be successful. But there’s a lot of stuff in this course and you don’t need all of it to trade successfully. It certainly helps to know it all, but you don’t need it all.

I can think of a few books you’d be better of buying, such as DiNapoli, Nison, Demark, and maybe Murphy and you’d learn everything about Technical analysis that is offered in this course for 6k. The books above will cost you about $300 max. Throw in a few others about money management and psychology and you’re out about $500. That’s a hell of a difference. The rest of the stuff is here in many forms, some of it quite good. It’ll take some time, a few years probably, but there’s no need to spend 6k on this course.

For those of you whose panties get bunched up easily, I signed a non-disclosure agreement with MTI, which has long expired so keep your comments to yourself. I’m sure if the mods think this post is a problem, they’ll take care of it.

Thanks Dopey,

Don't know why you picked that user name, but after I read your posts, I usually feel a bit like Goofey!

I haven't read many books with much 'technical beef' to them yet. DiNapoli's sounds like a good place to start.

Thanks again, Dopey and everyone else.
[off to google DiNapoli...]

M-MM,
Dopey is his last name. First name is Not-So.

Dopey,
Always look forward to your posts!

Best to both of you
Bill

Peter,

I like Dopey took the course, and like Dopey, never went to the live event or did the online accompanying program.

I agree totally with Dopey that it is not worth the money. I have learned more through reading through this site and others and from hooking up with some traders through the forums which has been by far and away my best source.

MTI promises you can make ALL this money, yet what they taught on the CDs did not seem to work as easily in real life as they made it appear, giving you an unrealistic expectation.

Actually the best tool I have seen for learning is a program called VHandsTrader that actually replays the market for you (the candles actually form as they did in real time) and you can place trades on it. It can be sped up or slowed down, and allows you to get the market "inside" you a lot faster than watching charts in real time. It runs off you MT4 charts.

I have not put a dime into the live market yet, but was consistently going backwards on my demo accounts. On VHands I have gotten to the place where I am running a little over 70% winning trades with the systems I have developed. To do this in real time the way I was going would have taken months instead of weeks. In fact probably would have about opened a live account by now if my J-O-B had not gotten in the way recently time wise!!

Hope this helps.

Mac