Peter Bain – Currency Trading Seminar
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You are taught a solid plan and a trading system based on pivot points. However, the most valuable thing the course gives you is a 6 month membership for Peter Bain’s daily reviews at forexmentor.com. Each day, Peter Bain does a 20-30 min voice/flash review on price action, long term overview, etc…he also answers emails, presents strategies members have contributed, etc…I have learnt a wealth of information from these.
There is also the database, which is a library of all past reviews, member contributed strategies and input, etc…etc… I would say that the AM reviews and extensive video library is well worth the money, although the course material needs some work.
Peter has also set up an excellent Forum where his prodigies learn and discuss strategies with each other.
The pivot points you can calculate yourself using the “camarilla equation”. Peter won’t give out his mathematical formula for pivot Points or M levels, I can’t understand why, so I’ve prepared a spreadsheet with the embedded formulas here. Back in the 80’s and 90’s, guys would sell these to locals on the floor for the various markets they traded.
Whilst Peter’s course is based on pivot points there is a lot more to it. He talks about looking for a “confluence” of events before “pulling the trigger” i.e. is the trend up or down? Is there divergence to price on MACD?
Is there an outside bar or other reversal candle pattern?
On that site you can follow up with more live commentary and streaming video lessons. This provides great back-up as you put the trading system into practice because you can go back and compare how you traded a particular day with how Bain (or even other students) traded it. As a bonus, you can also have a free telephone consultation with the man himself. I’d recommend waiting until you’ve covered all of the material before taking advantage of this phone call, to ensure you get to ask all the questions you might have.
– and finally yes where is price in relation to the pivot points? Peter’s course will teach you to trade Forex successfully but it will not give you an evaluation about yourself. With a demo account and some hard homework you should be able to apply some if not all of his knowledge. ForexMentor will not spoon feed you answers on what to trade (Signals to Buy or Sell) but will feed you enough to ask the correct questions from his network to have a solid foundation. Bain also offers six months access (the number six comes up a lot in this course) to his mentorship website.