From The Desk Of Martin Loader
Saturday 7th September 2013
I have just got my hands on a copy of The Complete Currency Trader professional forex trading course. I am not an experienced forex trader, I’m a novice in fact. I have made some trades but I don’t know how to read charts or signals, and I don’t know many of the abundant terminologies. My primary interest in forex has been in managed forex accounts where professional traders trade on the investor’s behalf.
I had always wanted to learn a lot more about trading for myself so I have acquired a copy of The Complete Currency Trader to see if it works for me. I have heard rave reviews about it so I am going to put it to good use and see if it is as good as all of the many testimonials say it is.
Check out my training results on a demo account here – Test Results
Monday 9th September 2013
I thought that I would write an on-going review as I progress through the course. I want to do this as it is fresh in my mind and don’t want to forget anything.
My first thoughts are that the Complete Currency Trader interface is very easy to use and the training modules appear to be set out in a logical order. I don’t know much about trading forex, YET, but I can see that is quite clearly in sequence.
Your Forex Business
The Success Formula
I have just spent the weekend reading all about forex. I have only gone through the first two chapters – “Forex Knowledge” and “Understanding Risk” and the thirteen modules that they contain. I am totally astounded by the depth of the content. It has been a real eye opener for me and I found it hard to stop reading, much to the exasperation of my lovely girlfriend.
I found that the modules start off gradually, slowly weaning me into the particular subject. Then the subject goes into much more depth with plenty of diagrams to illustrate the text. The subject is repeated over and over again in different ways so that if you find it hard to understand the first dialogue, the second and third explanation clarifies exactly what James is saying.
I kept on getting “eureka” moments, as the subject matter hit home in my head. “Now I understand”, “I’ve always wondered about that”, “yesss”.
Not to let those eureka moments go to waste, James integrates those newly found insights into one another and pieces them together, along with new subjects, so that they seamlessly develop your knowledge and understanding. Clever stuff.
It is a lot of new information to take in and I had to read some things a few times so that the penny dropped. This morning I checked out the videos, (I know it is out of sequence), but I felt I wanted to see the trading software in action. It was just a break really before going into the modules again. I will watch the videos again later on.
Right, I’m off to do those modules right now. Cant wait. Come back to see how I am getting on with my review of Complete Currency Trader forex trading course.
Tuesday 17th September 2013
The first two chapters were about the theory side of forex, how things actually work behind the scenes. The third chapter is called “Your Forex Business” and it tells you how to treat forex as a business and not a hobby or leisure pursuit. It explains that setting up as a business makes you take it seriously and that the people that do set it up as a business had more than a tenfold increase of succeeding long term.
It goes on to explain that you need to set up a company, get an accountant and create a business plan. There is a template business plan in a later module, that is designed to give people who are new to setting up a business a helping hand in creating one. Obviously it will be slightly different because everyone has different needs and goals.
If I am honest, I didn’t expect to find this chapter on Complete Currency Trader, but I can see now why it is so important to the long term success of the trader.
The fourth module is about “Money Management”. It goes on to explicate that the primary purpose of money management is to manage the risk to a level which will let you ride out the worst case scenario in the short term, allowing you to achieve positive results in the long term. The system uses the percent risk strategy which means that every trade will have a risk to it of a set maximum percentage amount that you will set, typically 1%. This strategy has many benefits to it.
The next chapter is when things really start to get interesting. It is called “Trading System”. It describes how the system works, with the modules – “Entry Rules”, “Stop Loss Placement”, “Position Sizing”, “Open Trade Management” and “Exit Rules”. There are also modules on “Full Trade Examples” and “Trading advice/tips”.
James has already been through many of the above topics in previous sections but goes into an even more intricate detail with many examples and ways of expressing the same thing, leaving you in no doubt what he is saying. It does take time for it to sink in. I have read some parts numerous times and I will read them again at a later date to make sure I know everything inside out.
The sixth module is “Videos”. This has numerous videos from the London and New York trading sessions. They are about James actually using the Complete Currency Trader software to detect appropriate times when he would make a trade. He doesn’t actually make the trades but he demonstrates on the MetaTrader chart with the aid of a line, where he thinks the trade will end up.
He explains using the lines on the software as signals, how they diverge and how steep the lines go, meaning the trade is gaining momentum.
I am getting more and more excited about the prospect of making trades with this software. I am also quite nervous still. I guess I will lose those nerves later after James takes me through the actual hands on training. Looking forward to that.
Saturday 30th November 2013
It’s been a while since I last edited my review of The Complete Currency Trader. I have been so busy.
Anyhow, I have been working my way through the chapter, “The Trading System”. This is the section that I have been champing at the bit to get going on because it is where you actually learn how to place the trades. There are 6 stages to this chapter. Basically, stage 1 is learning how to read and interpret the software. It is all about seeing how the charts and software function together, what the charts look like when the software changes. Stage 2 is about identifying movements on the software that you think represent a price movement in a certain direction, and then draw a line on the chart to see if the price moves in that direction. Stage 3 takes things a little further. This is where we actually enter trades on the demo account. The point of this stage is by using the software, to choose the correct price movement at the correct time to make a 10 pip profit. Stage 4 moves on again. It is basically the same as stage 3 but this time, a trailing stop loss is put into position, limiting the loss to a set amount. Stage 5 is another simple progression. Now the take 10 pip profit is removed so that any winners are allowed to run meaning unlimited possible profit and a fixed maximum potential loss.
Stages 1 to 5 are all about learning to place the trades. Stage 6 is a continual process with constantly changing goals and targets. It is about what you want from trading.
“The Trading System” can take months to finish. There are set goals for each stage to reach before moving on to the next stage. It is important to reach the targets set for each stage.
Once a trading opportunity presents itself and the trade is put on, a screenshot should be taken of the software and other details such as currency pair traded, opening price, stop loss price etc. This will become invaluable as time moves on so that in the future, these records can be used to see what makes the winners and the losers.
Check out a screenshot that I took of the type of info you need to keep.
It seems like a lot of trouble at the time. I found it a bit of a chore at first but I got used to it. It only take a few minutes to do. There are some great free screenshot programs out there. I use quick screen capture but there is another great one here – Jing.
This is the stage I am at right now as at 30th November.
I have learnt that it is so important to wait for the right time to put on the trades. I am an impatient person and want to lay trades all the time. However, I think the art of trading is to wait for the right time, to not trade, to be patient, however difficult it is. Putting trades on because of impatience is a sure fire way to be a loser.
Anyhow that’s enough for now. Please come back for an update on my review of The Complete Currency Trader.
Saturday 30th November 2013
Don’t forget to check out my training results here – Test Results
Video is from a live Complete Currency Trader class that they do 3 times a week.