Forex is also known as foreign exchange trading or currency trading, it is by far one of the largest businesses in the currency exchange system at 3.98 Trillion in the year of 2010 alone. By buying and selling currency actively, you can make a profit or many profits.
It is also a risk taker business, it can cost some profit losses as well. The primary goal of the Foreign Exchange Market (Forex, FX or Currency Market) is for the commencement of international trade and investment, by allowing one form of currency( ex. American USD) to be exchanged for another form of currency ( ex. France currency in the past was the Franc, which is now the Euro).
| "I came across your blog this afternoon whilst casually surfing the various forums in lieu of watching rubbish on TV. |
I find your search for trading success an interesting one as in many respects it mirrors my own experience in many ways.
I spent well over two years, pretty much full time, searching for automated solutions to trading, having been in the process automation business for 25 years. To summarize, I have concluded it is a futile exercise with the technologies currently open to the average retail trader.
I have yet to find any expert that is reliable enough to be left trading on it¡¯s own and have pretty much concluded that most are really curve fitting solutions. I have seen no strategies posted anywhere that is consistent or reliable and capable of being automated without significant risk.
I see some that pertain to be profitable (Artemis would be an example) but it needs constant adjustment and tuning which makes it akin to semi automation, not full automation.
However, there are manual strategies that are available that are profitable; they just do not lend themselves to automation due to the ability of the human brain to make decisions based on price movement that are pretty much impossible for any expert to make.
So I abandoned my search for full automation solutions a year ago and concluded semi ¨C automation was probably the right route. I trade manually today, with a few automated aids.
Linked with that, money management and certainly trading psychology are massive keys to success, the first to ensure you are alive to trade tomorrow and the latter because it takes time to get your mental state right to be able to trade at all, and that is what takes the time Rich. Sure, you need to understand the basics of trading, but without the right mental state, you¡¯ll never be consistently profitable."
Review: "His stuff if a compilation of technical analysis tools that you can get for free online. That being said, it is well packaged and professionally put together. That being said, I don't think Peter Bain makes money off of his trades. He is one of the gurus who will go over the perfect set up, but then completely ignore the three other times where the trade did not work out. When he discusses candle patterns, he tells you to basically just take a hammer anytime you see it. He will show you numerous examples of the times it worked out, but then completely ignore the preceding candles that looked exactly the same, but did not work out...It¡¯s frustrating and hypocritical..."
*Review by Mark K, August 29, 2008
"Peter Bain provides the best bang for your buck if you are brand new to Forex trading. Once you have mastered the basics of Forex I recommend looking into the Advanced Forex which Chris Lori and Vic Noble have put together.
Remember that like anything worthwhile you need to go through the information and put in the time and effort to get the rewards. I have spent several years of participating in the AM reviews and also made pips in a short period of time using the Confluence of events part of the mentoring.
I have read quite a few reviews relating to Peter Bain and his Forex Mentoring some of them quite negative ¨C but if I can make pips using the educational material that he has provided then logic would say that he would also be making pips using his own program.
It is disappointing that people have posted negative comments about this program on some website blogs as this may discourage people who would really benefit from Peter Bain¡¯s material. It is important to remember that Forex trading is an active pursuit that requires some amount of discipline it is not something that just happens in front of you.
Most of the various myths about trading have been dispelled by the Forex Mentor team and I would recommend this program to novice and advanced traders."