The Real Deal — Forex System & Mentor

I received the following post from a user this evening and I didn't know if this was legit or not.  Sorry but I get bombarded with crap on a daily basis.  The mentor he mentions below is Phil McGrew who developed the McDot system.  He does have videos on his site that you would find beneficial.  Thanks for the taking the time to post David.

After paying good money (and learning little more than is available online) from an online forex "mentor" I realized I lacked a robust, well-tested system (this mentor's systems changed every 6 months).  I wanted a real mentor (a system designer who trades full time for a living rather than one who does seminars/online teaching full time) and I wanted an online community filled with traders who trade one system and offer support, trade journal critiques & post testing results.  Check out: http://www.currensys.com/  See the videos.  The guy who is behind the system & the site is humble & doesn't advertise.  So I'll do it for him  because he's a wonderful guy and has a fabulous product:)   -david (just another trader)

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Popularity: 2%

2 Weeks of Gains Gone

Just like that….  my gains from weeks 3 and 4 are gone and I'm sitting at -79 pips for this week.  It is quite frustrating that I worked so hard for a little pippage over the previous 2 weeks only to see them disappear in 4 days.  1 step forward, 2 steps back.

WARNING: The additional commentary below is very scattered and I'm just spewing it out of my head so it may be contridictory.

I have not been overly impulsive, stupid, or emotional with the trades I've made this week.  There were some trades where I exited early only to see the price continue in my direction but there were also trades that I exited early and then saw them turn against me.  

This leaves me at another important juncture in my forex trading career.  When I reach this point, I always ask the question, IS IT EVEN POSSIBLE FOR THERE TO BE LONG-TERM SUCCESS FOREX TRADING?  I wish I could answer this question now but the longer I do this, the longer I fear what the answer may be.  Just thinking about working for Corporate America the rest of my life is depressing. This fact alone can motivate me to continue because I know that in this world of trading, even though I've been trading for almost a year, this is still considered very beginner. 

It's times like these when risk/reward seems like the most important thing in the world.  

I've put so much time into learning how to trade Forex that I really think I'm at the point of no return. 

The highs and lows of trading is something that is not easy to take sometimes.  What I have to ask myself and what you have to ask yourself is if it is getting harder or easier to take as you do this longer.  For me, it seems to be getting a bit easier but not enough to quantify.

Look at my true risk/reward over the last 3 weeks of trading:

Week	P/L	Gross P/L	Avg Winning Pips	Avg Losing Pips
3	15	$111.1	12.8000	-18.8333
4	61	$506.8	19.8889	-16.8571
5	-79	$-748.9	9.7500	-23.6000

Look at the Average Winning column and Average Losing column.  If I average this weeks 3,4,5 my average winning pips are 14.18 and my average losing pips are 19.76.  This risk/reward isn't going to cut it.  Why is this happening? 

1. I'm scared.  I'm scared to give up tiny gains.  I exit my positions too early.
2. Rob Booker does not encourage great risk/reward for his trade strategies.  They are essentially 1:1 which means you have to have more winning trades than losing trades.
3. I'm trading the smaller time frame charts

Either way, it sucks that no progress has been made in my forex trading on paper.  I have learned a lot over the last year but until this is realized in money, I cannot consider this "project" successful.

I can see why there are so many damn mentors, training websites, and signal services.  If only 10% are successful trading, then you have the other 90% saturating the market with services that they provide because they couldn't cut it.   

So what is the point of this post.  It is a venting session that everyone needs and all of you need to try.  I feel much better now.  Feel free to click on the Submit Content link on the left menu to post your vent.  I will happily post it on the front page of the site alongside mine. 

The week isn't over yet and I'm making it sound like it is so things may be different tomorrow, maybe better, maybe worse. 

Popularity: 3%

Forex Mentor Reviews

I stumbled upon yet another useful website if you're looking for a mentor or just want to know which were reviewed well or poorly.  Reviews are provided by users who post comments and a rating of SCAM, 1, 2, 3, 4 or 5.

Scam sites that I've seen in the past either via advertisement or Google Search:

•  
  WinningTradersAssociation.com - The one thing I can say about this site is that if you look like this guy, don't post your picture all over your website
•  4xmadeeasy.com

Reputable mentors?

• Tom Yeomans Education
• Peter Bain Mentorship Program
• forexinterbank.com

Take user comments with a grain of salt.  Some of the comments are really good though.  They range from really ANGRY users who had their accounts blown up in a matter of days to users that are extremely grateful.  

My mentor, Rob Booker was reviewed so-so.  Here are some comments about Rob that I found interesting:

THIS ONE I CAN RELATE TO.

"He was busy with too many
clients, with his own trading, and with some
side projects."

"Apparently Rob also
started a managed accounts service, which is a
nice proof that he actually trades himself. 
His results from January 2006 to March 2006,
haven't been too impressive at only 3% gain for
three months, but what's encouraging is that Rob
is honest about it."

"…This is a very
expensive program for offering not much more
than rehashed information from so many trading
texts."

You can check out the reviews and comments for yourself.  If anything, it opens your eyes even wider to the fact that you have to be responsible for your own account and analysis.  If you have had enough experience and have learned what works for you, it's much more beneficial working on your own or with friends than ever signing up with a mentor.  Would you be more angry if someone else told you to make a trade and you lost big money or if you told yourself to make a trade and lost big money?

Personally, I'd be a lot more steamed if I listened to someone else and lost. 

http://www.forexbastards.com/education_reviews.shtml

Popularity: 5%

I Signed Up For Forex 1 on 1 Training

I have felt totally lost over the last couple of months.  I have books, charting software, a blog where I receive numerous helpful comments from all of you and yet I don't really have a trading strategy.  I've dedicated a lot of my time to this and though I'm in the early stages, I feel like I need to head off any of the "giving up" feeling that may be entering my mind.  I know that going forward if I don't do something to stimulate my learning process, my blog will be yet another sitting around with stale content because I'm off working for the man again with no thoughts of being free.

So what did I do?  I signed up for 1 on 1 training with Rob Booker.  The training will officially last 5 weeks.  I trust Rob Booker and have been exposed to his recommendations and articles in the past. Here is a quick course overview.  I will keep everyone updated on the training.

Anyone interested in reading more about it can visit: https://www.robbooker.com/training.html 

Course Overview: 

1 on 1 training is exactly what
it sounds like: it's where you and I work every day, by
instant message, phone, videoconference, and email, and
we turn you into the kind of trader that your mother (or
spouse) would be proud of. We work together officially
for 5 weeks — following the course outline below — but
I will work with you for as long as it takes for you to
be a consistently profitable trader. I
guarantee it.

This is not some ridiculous
course that you buy and read and then find impossible
to profit from. It makes me sick to my stomach when
I hear that someone has spent $2,000 or $3,000 for a book-based
system. You don't need a book. You need a mentor.

During the training, I become your
mentor and your coach with one mission: to dramatically
improve your trading results.

Training officially lasts 5 weeks.
But we will not stop working until you are successful,
or we're both dead. Note: no one has ever died. Every
one I've trained has been successful.

You will have my phone number.
This is about getting personal advice from someone who
has been in the market. I can help you correct your mistakes
and speed up your path to trading success.

You will receive course materials,
30-40 assignments, and at least 80 hours of total instruction.

I worked with 41 traders in 2003.
All of them are still going strong.

You will always be able to contact
me, even after the training is complete. You will be part
of a growing network of people I've trained, all across
the world.

I have training references. You
can request them from me if you are thinking of signing
up.

Popularity: 3%

Raghee Horner the New Winner’s Circle

Remember me mentioning Raghee Horner’s training that was being offered for $5000 a couple of months ago? I just received an email and it looks like that sales pitch didn’t work well because they now have another offer.  It’s the pay as you go option where you pay $795 up front and $195 a month for 18 months.  You receive basically everything that Raghee has to offer on her website including books, cd’s, newsletters, weekly webinars and nightly trading room.  I like Raghee and her simplified style of trading but how much more can you learn from her that you haven’t already read in her book.  I know one of you stated this when I was thinking about shelling out cash for a personal mentor and it changed my view of these expensive training programs.  I don’t know if any of you have done this but it would seem like paying for a program where you get to personally sit next to a established trader would be beneficial.  I know that John Carter offers that type of program.

If anyone has any good experiences with paid training, please drop me an email or comment on this post.  It’s impossible to research this on the web as there are so many "unknowns" with the websites that offer this.  Thanks. 

Popularity: 2%