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Which FX Trading Course/System is Good for newbies?

  • #1
  • First Post: Jun 3, 2004 1:01am Jun 3, 2004 1:01am
Hi Everybody

I'm very new in FX trading, could someone advise which course/system is better - Beau Diamond's 5Minute FOREX or Peter Bain's Pivot Point or any other courses/system??

I really don't wish to learn, then unlearn, learn again....till the end.....still confuse & losing money.

Cheers!!!
  • #2
  • Jun 4, 2004 12:29pm Jun 4, 2004 12:29pm
Quoting alextmj
Thanks for the site.

Being new to FX trading, I realised somthing very, very unusual !! Most of these sites selling systems/strategies don't provide any 'REAL' physical contactable address.
thats because Forex is the wild west of trading...and there are alot of bad guys out there!
Relax and be happy.
  • #3
  • Jun 4, 2004 7:29pm Jun 4, 2004 7:29pm
Yes,

And we all here are waiting for Merlin to write a book on his strategies and bring all of us newbies to the promise land (full time traders).

Paint the fence.............sand the floor............wax the car..............But Merlin, what does this have to do with trading?

I'm still waiting for my TYWFF from Van Tharp, I bought it used from Amazon. I went with a guy who lives in my state because I thought I would get it quicker, 9 days now, guess I was wrong. Just like my last 2 trades.

I can back test an EMA cross over system in AmiBroker now! WooHoo But I need good data, and the search continues.

Scott
Still haven't found what I'm looking for...
  • #4
  • Jun 4, 2004 9:25pm Jun 4, 2004 9:25pm
Quoting merlin
thats because Forex is the wild west of trading...and there are alot of bad guys out there!
Perhaps we should bring back the hanging tree!
slick 60
  • #5
  • Jun 4, 2004 11:43pm Jun 4, 2004 11:43pm
What they are offering are products/systems.

LOU
  • #6
  • Jun 5, 2004 7:54am Jun 5, 2004 7:54am
Quoting alextmj
Hi Everybody

I'm very new in FX trading, could someone advise which course/system is better - Beau Diamond's 5Minute FOREX or Peter Bain's Pivot Point or any other courses/system??

I really don't wish to learn, then unlearn, learn again....till the end.....still confuse & losing money.

Cheers!!!
Alextmj
For what it is worth I too am relatively new to forex trading and decided to do it right. I took the FX Power Course over a 1 month period. This course sets up the forex market as per fundamentals and technical trading. Tells you about what influences currencies and was quite informative. Course cost is $500.00 USD. I was somewhat disappointed but it did fulfill info about forex background. I do not know where you are on your learning curve. I found that I could find more information on any given subject simply by searching it on the internet. (no cost) Blew my mind away with the vast amount of information out there. Simply type what you are looking for and Schazam, more information than you could possibly read. Technical indicators descriptions are great. Learn candle stick charting (this is a must for turning points). Keep abreast on several different forums on forex and learn from everyone out there. You will find most people very helpful.
I think you have to be out there and DO IT to find what works for you. I do not believe there is a PHD available in forex trading anywhere. If you find it let us know. Stumble around in your demo account, take your time, get some confidence and try the real deal. Then like the rest of us pick yourself up after getting kicked in the teeth and try it again. Lesson #1 complete.
Good luck on your quest for knowledge and happy trading.

slick 60
P.S. to Merlin. *Note* not one word about EWT, ha ha
  • #7
  • Jun 6, 2004 8:11pm Jun 6, 2004 8:11pm
Is the elliot wave system still viable to this day for forex trading?
  • #8
  • Jun 6, 2004 11:07pm Jun 6, 2004 11:07pm
Quoting mvitachi
Is the elliot wave system still viable to this day for forex trading?
MV
It is really up to the individual about use of the Elliott Wave. I love it and follow it dearly just to try and let me know where I am in the market. (Maybe that is not important if you have a system of some sort) Nevertheless I like to be able to know at what stage the market is. To answer your question. Yes, more than ever because this is one of the most liquid markets I have ever seen. These are the conditions that set up the wave the best in my humble opinion. Others here in this forum will disagree calling the wave "subjectiove and and and". I say to each his own. DO NOT TRADE from the EWave alone. Back it up with other indicators and charting tools. It is not easy and does take a lot of time to learn the little wrinkles.
slick 60
  • #9
  • Edited 7:23pm Jun 7, 2004 7:19pm | Edited 7:23pm
The biggest problem I'm finding (not really applicable to fire and forget systems such as the Beau 5 minute and others ) is being around the computer at the right times to trade when all the action is happening--the macds are criss crossing, atxs rising so on and so forth.

The dubbed BunnyCross sytem as described in moneytec is easy enough to understand and follow for noobs but like anything else, drawing, painting, swimming, artilliery firing, there needs to be "time on target." That is practicing the systems and the best time for it tends to be prime work and or sleep hours (NY opening 8am-4PM EST, London 3am to whatever EST). Some do get something out of the 11pm to 2EST so thats worth exploring.

Other times the action is slow , trade openings and exits just don't develop. If the surfs not up, the board is just going to be another raft in the water.

We got free demo forex accounts, now we need a "forex simulator"-- a program that runs several days of random simulated prime time currency data that we can practice our strategies Saturday night on.
  • #10
  • Jun 8, 2004 3:22am Jun 8, 2004 3:22am
Quoting Scooter

Paint the fence.............sand the floor............wax the car..............But Merlin, what does this have to do with trading?
you must find the system within yourself, daniel son.



about my writing a book...i pretty much suck at writing, BUT i have started talks of a colaboration with a NY firm on putting together a strategy club of sorts. if it happens, it will be unlike anything out there. many of the top FX strategy developers would be involved in the project...we shall see where it goes.
Relax and be happy.
  • #11
  • Jun 8, 2004 3:27am Jun 8, 2004 3:27am
Quoting mvitachi
Is the elliot wave system still viable to this day for forex trading?
absolutely viable. it is a great tool to assist your trading. just ask my man slick!

(btw slick, i do think EWT is a good tool, i was just yankin yur chain )
Relax and be happy.
  • #12
  • Jun 8, 2004 7:34am Jun 8, 2004 7:34am
Quoting Merlin
you must find the system within yourself, daniel son.
I finally got my Van Tharp book, TYWTFF! So far from what I've read, I understand your above quote.


Quoting Merlin
about my writing a book...i pretty much suck at writing, BUT i have started talks of a colaboration with a NY firm on putting together a strategy club of sorts. if it happens, it will be unlike anything out there. many of the top FX strategy developers would be involved in the project...we shall see where it goes.
Cool, will this be open to forum members, will it be a pay type club or is that getting to far ahead?

Scott
Still haven't found what I'm looking for...
  • #13
  • Jun 8, 2004 11:16am Jun 8, 2004 11:16am
im not even sure of the exact format for this project (i havent agreed to even participate yet). from what i am told, it will be a high level strategy club for advanced traders, where strategies are shared amoungst the users and new strategies are put to the test every month. i do know that it will require that all memebers know how to use one of the advanced backtesting platforms, like TradeStation or MetaTrader. its an interesting concept. like i said, this project is just in the initial stages, i will let you guys know if things progress...
Relax and be happy.
  • #14
  • Jun 8, 2004 12:06pm Jun 8, 2004 12:06pm
Quoting merlin
absolutely viable. it is a great tool to assist your trading. just ask my man slick!

(btw slick, i do think EWT is a good tool, i was just yankin yur chain
)
That makes me feel much better. Good luck with your endeavours.
slick
  • #15
  • Jun 16, 2004 11:35pm Jun 16, 2004 11:35pm
Quoting alextmj
Hi Everybody

I'm very new in FX trading, could someone advise which course/system is better - Beau Diamond's 5Minute FOREX or Peter Bain's Pivot Point or any other courses/system??

I really don't wish to learn, then unlearn, learn again....till the end.....still confuse & losing money.

Cheers!!!
Hi,

I am also new to forex and playing with Demo accounts, these days I am studying about technical analysis, following site is I think a good source to learn technical analysis,

http://www.investopedia.com/university/technical/

At the same time can anyone tell me how to obtain historical forex data on USD/CHF,USD/JPY, USD/EUR and USD/GBP..... I greatly appriciate if anyone could point me to a site............


Regards,
TGLK
  • #16
  • Jun 22, 2004 6:46pm Jun 22, 2004 6:46pm
Quoting alextmj
Hi Everybody

I'm very new in FX trading, could someone advise which course/system is better - Beau Diamond's 5Minute FOREX or Peter Bain's Pivot Point or any other courses/system??

I really don't wish to learn, then unlearn, learn again....till the end.....still confuse & losing money.

Cheers!!!
Hi alextmi! If you have Peter Bain's course you have a very good course, just reread and study it. I'm new also, but I really like his course better than any i've seen. I'm doin better and better with it. But if the trade is not set up you MUST wait until it is. The more I watch the example charts that members send in and watch realtime charts and the way the markets react to the numbers the better I am getting it. God Bless and have a good day!
  • #17
  • Jul 1, 2004 2:15pm Jul 1, 2004 2:15pm
Any good books/websites that I can learn more about elliot wave?
  • #18
  • Jul 1, 2004 2:32pm Jul 1, 2004 2:32pm

Quoting mvitachi
Any good books/websites that I can learn more about elliot wave?
Try http://www.elliottwave.com/club/ . Look in the lefthand column, there is a place where you can join and get some free lessons.

  • #19
  • Jul 5, 2004 4:45am Jul 5, 2004 4:45am
Quoting merlin
you must find the system within yourself, daniel son.

Merlin, I still dont have Van tharp book yet, but I try to read many thread as much as I can in several forex forum. I try to find a system that fit for my trading type. Thanks for your guidance.
  • #20
  • Jul 6, 2004 2:17am Jul 6, 2004 2:17am
Quoting firedave
Merlin, I still dont have Van tharp book yet, but I try to read many thread as much as I can in several forex forum. I try to find a system that fit for my trading type. Thanks for your guidance.
FireD...its good you are reading the forums, but i promise you that you will learn 10 times more from books. Forums have bits and pieces of info...some good, some bad. but when you read books you really start to fully understand the more complex ideas. i read the forums a ton, but i could never decipher the good info from the bad info had i not read a pile of books first. if you are not a big book reader, you should at least read one of the Market Wizards books and Van Tharps book. once you read these books, you will understand why i always encourage traders to read them ...
Relax and be happy.
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