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Thread: forex mentoring progr

  1. #1
    Does anyone have experience or opinions with all the Market Traders Institute forex trading course or the costly Dave Arena #1 Forex alerts? I'm brand new to forex trading, have yet to start an account and looking for guie.
    Thanks!

  2. #2
    Thanx for the advice guys. I see that someone has also opened a Rob Booker thred on this forum. He appears to me like a great guy. I have read a bunch of his stuff and enjoy his style and flair. It looks like he does a lot of speaking at confrences with some huge names instrument!!

  3. #3
    Quote Originally Posted by ;
    FT

    Slightly off topic, but like yourself I had been employing a discretionary system but'm looking at trading a mechanical one.

    Did you create and test your own mechanical system or are you using someone elses? I've heard good comments. I detect that GFT Forex offers eased trading employing some of Joes system (http://www.gftforex.com/products/sys...lon-eurusd.asp)
    His Echelon EUR/USD system returned 40% this past year although the performance thus far in 2005 hasn't been so hot.
    I invested considerable time evaluting a number of Joes systems but not the echelon system. Joes systems typically run about 3000.00 and Joe has a fantastic reputation. He was very helpful and introduced me to some interesting and useful tools for system evaluation and development. The systems I assessed in out of sample information had quite significant drawdowns (30 percentage wasn't uncommon) over noteworthy time periods (like three to four months).

    My take on coping with Joe is his systems were somewhat volatile for me personally. In every situation where I conducted his systems through out of sample data I discovered there were protracted apartment or drawdown periods. Also based on one contract and assuming a 10,000 account balance the biggest drawdowns were often around 30% in backtesting. I would expect possibly up to 45 percent in out of sample information. I think you'd need to exchange or even more of his egies to smooth out the equity curve.

    Anyway my take on it was investing in Joes systems would need to be about the support than the systems. Joes systems are fully disclosed and he describes every line of code within his methods until you understand how they work. His designs are very clever and I feel that the eduion is most likely worth the 3000.00. I sort of put everything on hold along with his systems though since he seemed kind of impatient such as possibly buy something then I will answer all your questions or do not waste my time kicking tires'. He said that but it is the overall impression I got. Unfortunately for these men that sell systems I am pretty thorough and at times it pisses off them a little. The way I figure it if you do not have good company rapport before you buy it will proabably be worse following your cash is invested. I suspect Joe might be the other way round. He's doing well and probably doesn't need the company enough to spend some time with individuals that don't buy fast.

    I don't write people off simply because I don't find some sort of chemistry. It may only be a character thing getting in the way. It is only that the larger the dollars I pay the longer I like to deal with individuals with whom I do not have character barriers to conquer.

    FT

  4. #4
    Quote Originally Posted by ;
    Thank you for your answer FT.

    You said moving away from discretionary trading, how are you now trading fully mechanical systems?

    I had been looking at doing Robs mentoring. Does he assist by developing a system for you or is it a situation of learning his or her system?
    I've been trading for about 6 months now with not so much achievement. I've blown half my account! I've been doing my homework, all sorts of research and reading but it's so much information that it has been hard to put it all together into a solid trading program. My experience is that although courses provide you lots of valuable information, they do not teach you how you can place it into practice. That's when I decided that maybe a 1 on 1 mentor could help and combined Rob Booker's schedule after hearing many good things about him. I'm very pleased so far!

    The good thing with Rob is that not only does he teach you the fundamentals of technical and fundamental analysis, in addition, he instructs you to place it into use. He's very available and has always been fast to repsond to any e-mails. Anytime I'm considering a trade, he asks me to send him the charts with my rationale behind the commerce and analyses it. He informs you wheter or not he would have obtained it and why, together with choices and why. It has been a very good experience so much and feel confident that he is going to have the ability to help me gain back what I've lost.

    Another aspect I enjoy is that he spends substantial time preparing for transactions through live chart analysis with his pupils every day. I never understood how truly powerful and effectual service and resistance could be till I began after this daily analysis. He makes recommendations based on that analysis and it truly is reassuring to see how accurate he is. I could go on and on but the most important thing is that I might recommend Rob to any aspiring currency trader. The final result of the program is an established trading program, that you have traded profitably along side with Rob.

  5. #5
    Thanks for the tip! I'm off to do my due dilligence.

  6. #6
    Quote Originally Posted by ;
    Attempt Rob Booker at http://www.robbooker.com/ and subscribe to his free ebooks that are excellent. Then speak to him on the telephone about what he can offer. You could be surprised.
    I concur, the more I understand about this Rob Booker the more I like him.

  7. #7
    I used Abe Cofnas, he did a fantastic job. Http://www.learn4x.com I took the $175.00 course and had been well satisfied. Tell him Mark Ad sent you. (no, I do not get commission ).

  8. #8
    Hi this is my first post on this forum. I trade Australian inventories and have been playing with FX for some time short term [purely T/A] ... with limited success. Like most others I am attracted to FX from the volatility and the flexible hours. A mentor is what I've been looking for, so I had a squizz at Rob's website mentioned by FT previously and it appears good. I have taken the sign trial to dip my toes in however will really think hard about carrying the 1 on 1 training once I have looked into it further and have some time available.

    This forum appears great and may just be my new home once I know the ropes.

    Cheers with beers
    Chop Chop.

  9. #9
    Hi Fijitrader

    Just wondering whether you'd actually done the 1 on 1 mentoring with Rob Booker?

    I also agree with the comments over Rob. He does seem like one of those very few fx mentors on the market.

  10. #10
    Quote Originally Posted by ;
    Hi Fijitrader

    Just wondering if you'd really done the 1 on 1 mentoring with Rob Booker?

    I also agree with the remarks over Rob. He does seem like one of the few genuine fx mentors out there.
    I tried once to get Rob to mentor me when I was undergoing some trading hints while migrating away from a discretionary trading system (if you can call it a system). Anyway after a telephone discussion with Rob he said he did not want to bill me because he believed we had been more or less at precisely the exact same trading stadium and that he would probably learn as much from me as I did out of him. The result was that we spent some time in real time chats as we exchanged, discussing systems, entries, exits, as well as notes in the market for a month or two -- a few times each week. I found him to be an engaging and open minded individual who did not appear to have any sort of personal agenda to promote. Possibly the very lucid trader I have spoken to.

    FT

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