This post is for all of you wannabe Fulltime Forex Traders

[qwertymyfx]

Most importantly, learn that FOREX is not easy like all the eBooks and online .

exactly, it’s much easier!

[wrtm_19]

Chris Lori is awesome!!! He is by far the best trader I have ever seen, and believe me I have seen alot. His focus is on key levels, highs, lows, pivots, fibs ets and how price reacts at these levels. His money management is by far thee best I have ever seen and the kicker is it so completly simple and a common sense, unconfused approach.

Chris Lori gets 5 stars from me and btw no affiliation with peter bain as far as i know.

Plus 1 here

[qwertymyfx]

Plus 1 here

Hmmm, I might have to check him out then…

[TalonD]

oh my! There were a lot of asterisks in that post but it’s all true! There is a lot of cr@p out there.

[mikeanthonyb]

BTW, not saying Chris Lori or Peter Bain arent legitimate. I have no personal experience with them. Was stating in general the majority of systems are total bull****

[TalonD]

So there is not a single customer of DD brokers who is successful?

Maybe once your trade sizes gets big enough for them to take notice?

[tonymand]

That must be a different Chris, nothing in the CD looks as complicated and colorful as those charts. I didn’t pay anything for the CDs

I hope no one objects to me posting a link.
Chris Lori | About Chris Lori | CTA, FX Managed Funds

Not intending to distract any attention from mikeanthony, just saying… so far they have similarities. Also there is a similarity with the methods of the former BP poster ICT. It’s all very basic stuff, support & resistance a few trend lines, consolidation areas etc.

Hi TalonD
have no knowledge of chris lori but it is important that new traders dont come on this thread and suddenly rush off and buy his material. You have been around a while so would you say that what he is saying is significantly different from the technical templates threads? If not then interested readers might start there rather than spending their hard earned

[wrtm_19]

Hi TalonD
have no knowledge of chris lori but it is important that new traders dont come on this thread and suddenly rush off and buy his material. You have been around a while so would you say that what he is saying is significantly different from the technical templates threads? If not then interested readers might start there rather than spending their hard earned

Hi Tony,

I know your post was addressed to TalonD, but as a practitioner of the Technical Templates threads teachings, and as a supporter of Chris Lori’s method in this thread, I have something to say regarding your post, and be it for the benefit of new traders.

Long story short, the technical templates threads and Chris Lori’s method share the same concepts, the same way of trading, the very same market approach, along with some former and current posters in this forum that trade based on support/resistance levels. That’s why I supported his method before in this thread as the way to go.

So, there’s nothing new under the sun, and one of the best resources on the net, not only in this forum, are the Technical Templates threads. So I wouldn’t encourage anyone to go and buy right away any trading course. It’s all here for free, in a very professional and friendly manner.

I must confess I didn’t find the threads very helpful at first, because I didn’t get what they were talking about, it was confusing to me, but after some time and experience I realised I was complicating myself way too much. It’s just a matter of time before things make sense and it all starts to flow smoothly.

[klrman]

List of No dealing desk brokers:

ECN:

ECN Forex Brokers

STP:

STP Forex Brokers

Thank you for those links Mike! I have to admit though after doing some checking on some STP’s of that link, it was very discouraging. It seems like they could also have dealing desks based on the reviews I’ve read so far.

I have read that only about 200 banks (Interbank Market) have direct access to Forex and that any broker that says they do for retail accounts are not telling the truth.

[TalonD]

I wouldn’t suggest anyone go buy anything. The only point I was making is that what’s on the CDs that I have, makes sense to me. To me it’s presented in a clearer way than the TT threads. And the OP of this thread from what I’ve read so far seems to be starting off along the same lines. So looking forward to more from him.

[DodgeV83]

Lesson #1: Choosing your Broker Correctly.

No fluff, all value as promised.

There are 2 types of forex brokers and under each forex broker there are 2 sub-categories if you will. Lets first distinguish the difference between the 2 main categories.

A Dealing Desk and a No Dealing Desk Broker.

A Dealing Desk broker is a broker that will route their orders through the dealing desk and quote you a fixed spread. You want to avoid a dealing desk broker because they make their money from the spreads (which is ok) but they will take positions against their clients. Theyre also known as a market maker because they “make the market” for their clients. WIth a Dealing desk broker you’ll NEVER see the actual price of forex as they will manipulate it to where they need you to be so you can’t really ever win.

A No Dealing Desk Broker will pass your orders directly from the Interbank without feeding it through a dealing desk first. They will fill you without a requote or a pause on confirmations. Giving you the best fill you can possibly get. They will either charge you a commission or a spread. The ones that charge you with a commission will give you the most truest fill since there will be no spread. However, spreads tend to cost less than commissions, it really depends on the broker.

Then whether you are a DD or NDD broker there are two subcategories under each of those.
The first is a Straight through processing broker and the second is an Electronic communications network.

A Straight through processing broker sends your order directly to the interbank. The more banks in the system working with the broker, the better fills you will get.

A Electronic communications network broker allows your orders to interact with other clients orders so that you are trading against other customers from that broker, and they charge commission only.

The final rules become effective October 18, 2010 for the new 50:1 leverage laws on all American trading accounts. When Japan went 50:1 several brokers went out of business from the amount of transactions that ceased due to traders moving their accounts to other countries. If you want to move your account offshore it is completely up to you. I for one, even though I’m American, have had my account with an FSA UK broker.

Which honestly alot of brokers will STILL make you trade with the 50:1 leverage if you are a US resident so it will not really make a difference where you put your account. THANK YOU CFTC!

Bottom Line: Have NO DEALING DESK. ECN or STP up to you!

Whenever people talk about this topic, I like to link to this post:

Market Makers & ECN’s Is the grass greener?

If what he says is true, ECNs aren’t for everyone. Do you disagree?

[Aserat]

Wow Dodge mate where have you been?!

At the moment we are deciding where to move and our next steps.

Believe me when I say we are missing you a lot in the pack…

Please don’t make us come to NY, we don’t like to make use of violence

Contact anyone of us so we can inform you about what’s going on.

[vosterfxandy]

Whenever people talk about this topic, I like to link to this post:

Market Makers & ECN’s Is the grass greener?

If what he says is true, ECNs aren’t for everyone. Do you disagree?

overall, i’d say ECN’s are better, especially when coupled with Mt4. (E.g. fxopen)

[johnnykanoo]

Hi TalonD
have no knowledge of chris lori but it is important that new traders dont come on this thread and suddenly rush off and buy his material. You have been around a while so would you say that what he is saying is significantly different from the technical templates threads? If not then interested readers might start there rather than spending their hard earned

Here’s my 2 cents. Jess and Co are awesome traders and obviously professional. They spent hours and hours of there busy lives to post and help teach. However I have to say that 1. there material is definatly not newbie friendly and 2. they never give you a clear trading plan, only the template. Its not a bad thing its just a completly different approach.

Honestly a new trader will get 10 times more from Cris Lori’s course. He starts out with basics and literally takes you by the hand and shows you how to trade professionally. He also teaches money management and trade management.

I spent a lot of time over at the att threads and I loved it. I’m only suggesting Chris’ material is structured much better and he offers a complete strategy.

[TalonD]

Johnnykanoo I agree with all that. I’m not putting down the TT threads at all.

overall, i’d say ECN’s are better, especially when coupled with Mt4. (E.g. fxopen)

when I first got interested in forex I looked at FXOPEN and read a lot of bad things about them.

[tonymand]

Here’s my 2 cents. Jess and Co are awesome traders and obviously professional. They spent hours and hours of there busy lives to post and help teach. However I have to say that 1. there material is definatly not newbie friendly and 2. they never give you a clear trading plan, only the template. Its not a bad thing its just a completly different approach.

Honestly a new trader will get 10 times more from Cris Lori’s course. He starts out with basics and literally takes you by the hand and shows you how to trade professionally. He also teaches money management and trade management.

I spent a lot of time over at the att threads and I loved it. I’m only suggesting Chris’ material is structured much better and he offers a complete strategy.

I think thats very useful feedback for anyone perusing this thread and considering which way they should go. obviously you and TalonD have both benefitted and that is good

[johnnykanoo]

I think thats very useful feedback for anyone perusing this thread and considering which way they should go. obviously you and TalonD have both benefitted and that is good

In all fairness to the ATT thread. It is a really great thread and if a developing trader wants to think like a professional and take leadership from a professional than by all means the att thread is awesome. I can only tell you the truth. I read the att thread and left the material for a year or so came back to it and it clicked alot more for me. The concepts are advanced and even though they are relativly simple, if you lack a strong foundation you will find yourself lost.

i do highly recommed the att thread. It is by fra the best thread here past or present imho of course.

[mikeanthonyb]

Personally, and this is not a recommendation, I use FXCM and I use their Trading station with Marketscope 2.0. I like the features it offers.

This post is not soley about what broker to use, that is just the first topic I chose to discuss because I plan on writing 1 to 2 posts a week taking a complete novice to where you need to be in order to make a very profitable living soley trading Forex. I will continue to add information as time permits.

[wrtm_19]

Personally, and this is not a recommendation, I use FXCM and I use their Trading station with Marketscope 2.0. I like the features it offers.

This post is not soley about what broker to use, that is just the first topic I chose to discuss because I plan on writing 1 to 2 posts a week taking a complete novice to where you need to be in order to make a very profitable living soley trading Forex. I will continue to add information as time permits.

Hi Mike,

I know you have a structure for the information you’re posting, but if may I ask, could you write a post about your view on the different industry designations?

I read you’re a CTA, and probably you’ve had contact with some CFA, CMT and CFT holders.

I’m interested in getting one but I’m still not sure which to pursue.

Thank you.

[Morbid]

Thanks Mike,

as a complete newbie it all can get pretty overwhelming.

I enjoyed reading your thread and sincerely hope you continue to write this thread.

Thanks for sharing.