Mentorship isn’t just a one-way street. You, as the student, stand to gain knowledge and wisdom under a mentor. But what’s in it for him if he decides to put in the time and effort to teach you? For many, it’s the joy of seeing a student grow, and I think many share DoubleEcho’s sentiment that a good mentor would only invest their limited time and resources into a noob who shows the potential for success and that they would work very hard for it.
For example we have 2 really popular free systems (3 Pigs and PAST). Many people are successful using them adapted to their own style of trading. It is highly likely not one of them would ever have the exact same entries as we (the authors) do but they can and will be as successful by using and applying the principles in a manner suitable to them. E.g. one of the strategies is a 4 Hour MTF strategy where the original system states a Trailing Stop based on an MA with an open Target. One trader is now using this very successfully (and reports the trades on Babypips) us...
For this strategy, we will use the Exponential Moving Average (EMA) indicator. The previous week's last daily candlestick has to be closed at a level above the EMA value. Now we have to look for the moment when the previous week's maximum level was broken. Next, a buy stop order is placed on the H4 closed candlestick, at the price level of the broken level.
Strategies that retain some uncertainty and cannot be easily formalized into mathematical rules are called discretionary. Such strategies can be backtested only manually. They are also prone to emotional errors and various psychological biases. On the bright side, discretionary trading is very flexible and allows experienced traders to avoid losses in difficult market situation, while offering an opportunity to extend profit when traders deem it feasible. Newbie currency traders should probably stay away from discretionary trading, or at least try to minimize the extent of their discretion in trading.
This strategy is employed by forex traders as a long-term plan to make the trades profitable. The indicator mainly uses the ‘Pullback’ and the ‘Trend’, both of which are fundamental in nature. In order to have a complete understanding as to how this strategy works, traders must be familiar with the more fundamental concept called ‘the trend’. It is very difficult to explain each individual price change and determine a pattern as there will be many of them. Traders need to look at the bigger picture in order to see trends. The three key Fibonacci numbers that traders should always remember are 0.382, 0.5, and 0.618. They should also keep in mind 0.764 and 0.236.
Forward testing is performed either on a demo account or on a very small (micro) live account. During such tests, you trade normally with your strategy as if you were trading your live account. As with backtesting, forward testing can also be automated. In this case, you would need to create a trading robot or expert advisor to execute your system. Of course, with discretionary strategy, you are limited solely to manual testing. Forward testing results are considered to be more useful and representative than those of the backtests.
Forex Mentor is an outrageous fraud. The company was founded by a former futures broker with a very shady past of selling get rich quick, Forex trading educational programs. After 5 separate CFTC reparations cases alleging financial fraud, and 3 NFA violations and fines totaling nearly $300,000, he finally left the futures brokerage business in 2013.
For many years, Vic has been very passionate about helping our members, and now, with the addition of Darko to the team, you have two mentors who are 100% dedicated to providing the best Forex training on the internet. The Pre-Market Analysis videos that Darko records every day are second to none, and when you hear the confidence and conviction in his voice, you can’t help but be very inspired. We’re very confident that the Coach’s Corner is the last training resource you’ll ever need!
find forex brokers that have offices in reputable countries like in UK, US, Canada, and Australia because the regulatory compliance of these countries are much better than others..that’s why I say that. In the US, a reputable forex broker will be a member of the National Futures Association (NFA) and will be registered with the U.S.Commodity Futures Trading Commission (CFTC) as a futures commission merchants and retail foreign exchange dealer. In the UK, forex brokers are regulated under the Financial Conduct Authority(FCA) and in Australia, forex brokers are regulated under the ASIC.
Peter, himself, learned how to trade in the early days of his career from some of the top traders in reputable trading houses. Peter spent an 18-month period learning anything and everything he could about trading the Forex. Over time, he developed his instincts for a simple yet powerful Forex trading system based on his Pivot program which has been continuously refined over the years. His system consists of the same techniques used by many trading houses today.
Locating the trend: Markets trend and consolidate, and this process repeats in cycles. The first principle of this style is to find the long drawn out moves within the forex markets. One way to identify forex trends is by studying 180 periods worth of forex data. Identifying the swing highs and lows will be the next step. By referencing this price data on the current charts, you will be able to identify the market direction.
But the supposed educational programs and private mentoring continues to be sold. A hotbed of “get rich quick” Forex trading indicators and magical trading methods. The marketing showpiece is a supposed professional trader named Shirley Hudson. She provides a spreadsheet of “100% real trades” as marketing bait. The spreadsheet contains nearly 7 years of non-stop, continuous winning day trades. Pure marketing chicanery. It turns out that Shirley Hudson is nothing more than a hardscrabble Realtor operating out of Washington State.
Admiral Markets Cyprus Ltd is registered in Cyprus – with company registration number 310328 at the Department of the Registrar of Companies and Official Receiver. Admiral Markets Cyprus Ltd authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC), license number 201/13. The registered office for Admiral Markets Cyprus Ltd is: Spyrou Kyprianou 20, Chapo Central, 1st floor, Flat/Office 102, 1075, Nicosia, Cyprus
I live in Vancouver and met some of the folks who run this (its not Peter). The 2 people who run it don’t trade forex and think its “crazy risky”. They’ve made a LOT of money selling this sh*t. Its really frustrating for real traders who invest not only their money but their time and hard work (+ hopes & dreams) into education that doesn’t deliver.
While many forex traders prefer intraday trading, because market volatility provides more opportunities for profits in narrower time-frames, forex weekly trading strategies can provide more flexibility and stability. A weekly candlestick provides extensive market information. It contains five daily candlesticks, and changes which reflect the actual market trends. Weekly forex trading strategies are based on lower position sizes and avoiding excessive risks.
Risk warning: Trading Forex (foreign exchange) or CFDs (contracts for difference) on margin carries a high level of risk and may not be suitable for all investors. There is a possibility that you may sustain a loss equal to or greater than your entire investment. Therefore, you should not invest or risk money that you cannot afford to lose. Before using Admiral Markets UK Ltd, Admiral Markets Cyprus Ltd or Admiral Markets PTY Ltd services, please acknowledge all of the risks associated with trading.