Peter Bain Forex Mentor. Anyone who has even a passing interest in learning to trade the Forex market will eventually find Peter Bain's Forex Mentor course. In fact Peters course is how I started trading Forex, and Peters Pivot system is at the heart of my trading strategy. The BIG difference between the Forex mentor course and other courses is the mentorship offered. There is a 6 month subscription to Peter's Daily AM review, which sets you up for trading that day, and gives you pointers on the predicted currency movements for that session.
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I did the Peter Bain course last year. Peter is a likable bloke who demonstrates a genuine desire to help traders succeed. Peters system is not mechanical, and does require thought, I would say that his "system" is not a system much at all but an education to make you a profitable trader.
You get a lot of stuff for the money, perhaps too much info. The website is packed choc-a-block with information which muddies the pool a bit. When you are a beginner the last thing you need is to have too much information but as a beginner you are keen and want this info. So be warned, try and get the basics of his system and work from that alone.
The way I look at is "Show Me The Money". His AM Reviews were helpful. It got me back on track with technical analysis. I was able to take some of his ideas about pivots and 123 bottoms and tops and MACD and I made much more in real dollars than the course cost. I do not care if he still trades, only if the information he provided worked. It did.
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 a valid trendline break? Is there an outside bar or other reversal candle pattern? - 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. 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.
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Peter has long been known for his passion for commodity and currency trading. He learned trading in the early days of his career from some of the top traders in trading houses. Over the years, he has developed his instincts for a simple yet powerful trading system based on his pivot program which is continuously being refined over the years. His forex trading system is the same system used by many trading houses today. Peter teaches his system to account and fund managers, bank traders and individual investors.
Here is the real question... How much money is traded based on fundamentals, and how much money is traded on the technical analysis? As far as I know, most big banks, hedge funds, and other big financial institutions trade mostly fundamentally. Obviously those financial institutions have most of the world's money, so when they place their trades, the market moves accordingly. With fundamentals, it's pretty clear cut, if a report is better than expected for a specific country, that currency goes up, if its worse, that currency goes down.
It's pretty obvious that most of technical traders and individual traders don't have a whole lot of money, even altogether. It's also pretty obvious that there are more than 100 different indicators, and at any given time, some are showing up and others are showing down. How do you trade that? I guess look at the most popular indicators, and look for confluence of events, only sell when most of them show sell, or mostly buy when most of them show buy. And only do it, when there is no important news coming out. That's what Peter Bain teaches, and I think he is one of the very few mentors out there, who recognizes this confluence of events among popular indicators, and that's why he still produces traders that actually make money, using technical analysis. Most other technical analysis gurus, try to impress you with some fancy new indicator that they developed themselves, and obviously most people who trade with it lose money, simply because nobody else is using that indicator, so the market doesn't respect what that indicator says.
As mentioned above, Peter Bain is providing a lot of information and materials for people to get going. Even if you pick up his system and then leave it for something else, you may find that a lot of the ideas he teaches stick with you and will be of benefit to you. The main problem I have with his system is what others have said as well. He talks about things in hindsight and the reviews are prepared by Peter Bain in such a way that he never gets an analysis wrong. The good points, though, are that he insists on market discipline through placing of stops and he gets you to focus on pattern recognition for trades.
I just recommend, you continue your education once you've learned the basics through someone like him. Too many, me included...walk out of those courses thinking "now, I know what to do...time to make money. And lose their shirts...
One course is NOT all you need. So don't end your education, or start your "real money" trading...as soon as you end some course. It's a much longer, and harder road, than those courses lead you to believe. But, they can be a good place to start, for some. Bain is probably better than most.
If you follow his system, which is essentially the same system all commercial traders use, you will make money. The key things I think are studying hard to get all the basic concepts ingrained in your head, discipline and not being greedy. There have been plenty times where I could have jumped into a trade that turned out to be "false" but has been saved by pivots. Also there have been many a time where I wanted to exit trades too early but held on to the pivot targets and made more profit.
Would I recommend it? Yes. Once again, don't be disheartened if you go through the initial course material because you might think it's a waste of money but once you go through the AM reviews and video tutorials you'll appreciate the value of this course for beginner/intermediate traders.
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By ordering Peter Bain's Forex trading course, you will get 7 hours CDs, DVDs, and books that reveal his Forex trading secrets. More over, you are going to get 6 months free unlimited access to Peter Bain's Mentorship Website that give you daily video Q&A session, daily trading examples, daily streaming video lessons, daily pivot data, position trade alerts, pivot calculators, and connection to other Forex traders!
For limited time offer, if you order now at here, you can get one month of Peter Bain’s phone consultation for free! Order Peter Bain's Forex trading course and get free one month phone consultation at here!
In brief, here are what you will be learning from the course:
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Nick says - Why would anyone who really knows how to trade wanna teach you anything, you have better chance (1%) to teach yourself?
Peter is very respected as a teacher. He is approaching the end of his trading career and therefore the desire to teach is understandable.
His course is very good. What a course does is order and structure the knowledge you already have. This is like college: you hit the books and then go to a tutorial to get a mentor to organize what you know.
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