Last week I attended another of the many Forex previews that are cropping up recently. This one is by T3B located near Centrepoint, Bandar Utama, PJ. The speaker was Chin, himself a product of the same course which he attended earlier. Nothing flashy, just a straight forward presentation. The course was developed by Clarence Chee, a Singaporean Forex trader.
Apart from the usual basics on Forex, Chin gave 2 sample strategies from the course, one each for the Dynamite TNT System and the Profit in Pivot System. (There are supposed to be 5 + 3 strategies in total.) Both are trading on trends, the first is on the hourly chart based on Moving Averages crossing and confirmation by Stochastic and MACD, so quite a basic one. The second is on a daily chart based on position of the weekly Pivot Line, a proprietary (?) indicator.
Since this is relying on Technical Analysis, it gives more confidence (at least in my opinion) than the previous preview I attended by Wealth Mentors where the emphasis is NOT on technical analysis. One can argue that as long as the method makes money, it does not matter what it is based on but I feel there must still be some basis, it surely cannot be on guesswork! So please, can some past students of Wealth Mentor give their comments or are they sworn to secrecy?
Trading results of monthly top students were shown and they were very realistic winning figures ranging from about 300 to 1,500 pips nett (for the month) so no exaggerated claims here.
What about the fees, the most important part of any course? Well, this is a 2 and a half days affair (Saturday and Sunday full day plus Monday night) for a list price of RM4,688. After the mandatory discount, it comes down to RM3,988.
Is this for you? Maybe, but there is nothing like attending some of these free previews to judge for yourself and find one that is suitable for you.
Forex Trading on margin carries a high level of risk, and may not be suitable for all traders. The high degree of leverage can work against you as well as for you. Before deciding to trade forex you should carefully consider your trading objectives, level of experience, and risk appetite. It is possible that you could lose some or all of your initial capital and therefore you should not trade money that you cannot afford to lose. You should be aware of all the risks associated with forex trading, and seek advice from an independent financial advisor if you have any doubts. Having said that, anyone with a sound mind can trade Forex but he must be aware of the risks involved as highlighted above.