So, I’ve been watching Peter Bain’s - Trading Forex Like Big Dogs. During this video course he mentions one incredible thing that everybody falls of the chair! :eek:
But! - The conference is about 4 years old so, it’s been a lot going on since then. He mentions a site where he constantly checks out what the Big Dogs are doing. - The idea is great, since you could enter a trade and hold the position for 1-2-3 months earning incredible amount of pips. So, this site that he’s been talking! - He gives two links, to check out, one is for visitors, and the other one is for subscribers (about 5$ a month). I thought I was in heaven, only to find out that the links are dead, or they could have been changed. The links are:
i’ve seen the video too, his understanding of interpreting the COT charts is totally erroneous. Simply doing what the commercials are doing because they can’t be wrong is utter non-sense.
Commercials often times or most of the times hedge their product whether it is a commodity or currency in order to prevent depreciation of a future product or payment of a future bill.
Don’t fall for all that Peter Bain BS. I can understand newbies being impressed with PB hot air but if you’ve been at the game a few years you’ll know only too well he’s probably a pathetic trader and thats why he teaches.
He’s probalby the worst mentor who ever lived, the only one worth listening to in his little mentorship company is Chris Lori. That guy is good and knows what he’s talking about.
As far as PB is concerned lol when he said things like “those guys (commercials) can’t be wrong because they buy train loads of stuff” and “MACD divergence is like a cheque in the bank” really made me laugh.
COT reports do help but following the commercials blindly will bleed your account dry in no time.
If you’d like to study how to read the COT report then u need to track the open interest along with extremes in bullishness and bearishness.
Get the book by Larry williams its the best written book on the COT.
Oh and forget about that $5 site PB probably has an arrangement with the owner to push business his way. Go to timingcharts.com its free and has everything you need including a forum and shatterfield.com has some great free tutorials on understand COT indicators.
Don’t ever listen to PB my personal opinion of course.
I understand you very well talking about Peter Bain’s divergence and stuff. How about his system using Pivot Points? - Is it good? - Have you tried it?
I have also went through PB course. At the time it was about the only seemingly credible video course I could find…I agree with the fact that I don’t think he is much of a trader, we will never really know, but what I did find informative and useful was some of the technical teachings. MACD conv/div, chart patterns etc…granted you don’t need his course to learn the basics of Technical Analysis, but it was good to have someone explaining to me in addition to my readings. I’m not all about his special tricks COT etc…but still good basics. One thing i did pick up from him was his take on the London open/reversal…again, not that that is revolutionary but it was the first time that has been presented to me as a decent trading oppotunity… I give his course a C grade simply because it has some good basics in it but nothing you couldnt find out somewhere else, cheaper.
P.S. Dont pay for his website mentoring…its been a while and maybe has changed but it is all after the fact and never seems to give indications of what is going to happen…we can get that anywhere.
I am interested in Lori’s work…can anyone vouch??
Good Luck