Raghee Horner Tricks of the Trade
Raghee’s first webinar today just ended and if you have been to her previous webinars didn’t offer anything new. As I have always said about Raghee, I definately admire her simplicity. She relies on "The Wave" (34 EMA of high, low, close), fibonacci retracements, and trendlines. These are all great indicators to rely on.
There were some users in the webinar that were bashing her methods which I think is uncalled for. Not only do I admire her simplicity but also her dedication and consistency. She has developed her own style of trading and in addition to wanting to make a couple of more bucks for herself is offering her time to teach others. That should be worth something. If anything, these webinars are quite motivational and that alone will carry me to her webinar at 4:00 EST.
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.
Raghee Webinar/Seminar
I just received word that Raghee Horner is having 2 webinars in late February:
Tricks of the Trade – 3/25/06 1 pm EST
Sidestepping Roadblocks – 3/25/06 4 pm EST
You must register now to reserve a space. These webinars usually fill up pretty quickly.
www.hotcomm.com/virmeetCID_ARR2.asp?CID=MZ6EXZ&MID=WAD7B9
www.hotcomm.com/virmeetCID_ARR2.asp?CID=MZ6EXZ&MID=E78ZQB
Make sure you register for both.
Forex Blog Week 10
Week 10 will start for me this evening once I get home from my full-time job. I took yesterday evening off to attend a Super Bowl party so I haven’t had much time to look at the charts. Everyone trading this week have probably seen that US Dollar strength is the story today.
My default chart style had some minor changes this weekend. I have kept the Keltner channel and the standard technical indicators such as MACD, CCI, Stochastic, and RSI. In addition, I have added Daily high/low and "The Wave." Yes, I have added Raghee Horners 34 EMA (High, Low, Close) back to my charts in an effort to develop some consistent trading strategy. Ever since I used the Wave, I’ve respected its simplicity. I’m not sure how I’m going to use it but I’ll be experimenting a bit this week with it.
I have not been happy with eSignal lately as it has consistently been crashing on me anytime I apply a style to a chart. I’m not sure if it is a poorly constructed custom indicator that is causing it but nevertheless, it gets quite annoying.
Good luck this week. I’ll try to be more consistent with posts and content. Any suggestions of things to add to the site would be appreciated.
Raghee Horner’s EZ2Trade
EZ2Trade is an esignal add-on based on an approach called "Three Classic Tools to a Three-Step Set-Up." These automated studies allow you to automate trendlines, support and resistance, fibonacci levels, minor highs and minor lows, the wave, candlestick patterns, pivot points, and trailing stop/strength indicator.
I recently added this to my esignal plan in an effort to try to emulate these studies into a custom indicator that I will write. The reason behind this is the cost. To subscribe to this it costs $195 per month.
After using this for the last 2 days, I cannot express how valuable I find these studies. I’m a busy guy and trying to follow multiple currency pairs during multiple time-frames can be quite a task. EZ2Trade automatically creates trend lines and support and resistance directly on the chart. Without this tool, creating trend lines manually tends to be the most time consuming task. It’s actually amazing how well the add-in was designed, how accurate the lines are, and how customized you can make it.
Another component of EZ2Trade that I’ve found useful is the Candlestick Pattern component. This identifies candlestick patterns as they develop on your chart and places a unique icon under the candlestick. So if a morning star develops on your chart, this will identify it and notify you. This component is also customizable and you can add, delete, or modify patterns using your own set of criteria.
You can read more about his add-on on esignal.com if your interested. I’m finding that I am becoming dependent on this more and more by the hour. It truly is an indispensible add-on. In addition, it is looking like a project to develop such an indicator may be quite an undertaking.
**UPDATE**
I found out that Raghee Horner doesn’t actually own this product. It is developed by a company named Divergence Software and if you purchase it through their website, the price is substantially cheaper. You would need to purchase S/R Analyst which is $350 a year and if you want the Candlestick pattern component, that costs $75 (one-time fee). That’s an unbelievable discount of $1915 for the year. You almost wonder how Horner charges that much. Could it be that she includes her Daily Forex Report. I don’t see how that could be worth the 2 grand. For only $350 a year, I probably won’t even bother trying to write such a custom esignal add-on.
Raghee Horner Thirty Days of Trading
You can preorder Raghee Horner’s new book titled, "Thirty Days of Trading. Actual Trades, Amazing Results" on Amazon.com. Let me warn you that you will be waiting a while for delivery. The release date is August 9th, 2006. I remember her mentioning her new book during her Saturday webinars. There is no question that curiousity will make me pick up this book when it comes out.
On a side note, her marketing/sales team never contacted me again after I told them that their price for mentoring was a bit steep. They seemed a bit sore that I initially showed interest and then opted to pass on it thanks to some of your opinions.
Week 4 Performance Review
Yet another week with low volume where we see Friday prices positioned at the low or high for the week with the advantage going to the USD:
Ranges for the week
EUR/USD: 1.1778-1.1931 (currently 1.1788)
GBP/USD: 1.7129-1.7408 (currently 1.7189)
USD/CHF: 1.3050-1.3197 (currently 1.3182)
USD/JPY: 116.17-118.16 (currently 117.84)
Week 4 was another losing week for me (-15 pips, -$242, 4 winning trades, 6 losing trades)
After 4 weeks of trading, I’m still up 123 pips and $1100. If I were trading full-time, the $1100 wouldn’t be enough to cover a majority of my expenses this month and I’d probably be homeless. That is why I’m holding on to my full-time job for now until I can see consistent returns.
This week my charts got "fatter" as I added more indicators and moving averages.
In week 1 and 2, I was in "Raghee Horner" mode and my charts only had the wave and MACD indicators. Weeks 1 and 2 just so happened to be my most profitable. I wasn’t comfortable with just going through the motions of using only her strategy so in weeks 3 and 4, I’ve been experimenting more with EMA’s (8,21,50,100,200), CCI (Thanks Andrei), candlestick patterns, and other indicators like momentum, stochastics, RSI, and bollinger bands. Weeks 3 and 4 might have been a good week to take a sabbatical to just watch the charts and train my eye to spot patterns as they emerge as Andrei mentioned in one of his helpful comments this week.
In the meantime, I’m reading a lot and trying to learn as much as possible. I followed others advice and picked up a copy of "Trading in the Zone: Master the Market with Confidence, Discipline, and a Winning Attitude." I’ve also been lightly reading, "The Candlestick Course" by Steve Nison and "Day Trading the Currency Market" by Kathy Lien. Lien’s book is much better than I thought and has given me additional insight into the market that I otherwise would have missed.
Happy New Year!
Is Forex Training Worth it?
I received a call today from Raghee’s marketing director and they are offering a program called "The Winner’s Circle" that includes all of Raghee’s products such as her instructional CD’s, lifetime membership to the chat room and webinars, online classroom instruction from Raghee herself, Raghee’s Daily Report and Newsletters and her automated software. The instruction is designed to go at your own pace so there are no time restrictions on the program.
Now, I am usually very hesitant in Forex training because I’ve heard many times that unsuccessful traders usually decide to try their hand at teaching. I asked the director why Raghee would want to teach if she could just trade. He stated that she is a very successful trader and at 33 years old a prodigy. He also said that she loves to teach.
So for $4000, does anyone think that this is worth it. I do like her style of teaching but I usually learn things on my own. My hope is that training with her would accelerate my learning and put me a step closer to trading full time.
I would appreciate any input anyone has about this.
Check out the "Raghee’s Winner Circle" training.
Did you miss Raghee’s webinars this weekend?
You might be getting sick of me mentioning Raghee, but if you missed this weekends seminars, you can view the July webinars that are exactly the same by joining raghee.com and going to http://raghee.bizseed.net/Events.htm.
Raghee’s webinar swing trading
I didn’t really mention much about swing trading in the previous posts but here are some notes on Raghee’s swing trading method:
1. Identify trend
2a. If uptrend, look at any measured pullbacks and buy them
2b. If downtrend, short any measured bounce
To enter a swing trade, only 1 confirmation:
THE WAVE (For those not familiar with "The Wave", it is the high, low, and close 34 EMA’s)
1. Identify Trend
2. Look for a measured bounce, support level, fibonacci level, bounce into the wave itself
if your aggressive, you will take a bounce at first wave line hit; in downtrend, that is the lowest line
In the wave; conservative traders would say to wait for bounce into middle of first line and middle line
The middle or top would be the stop loss; extreme opposite side of the wave; stop loss in middle of wave is still a valid stop loss albeit more conservative
