The other weekend I was at NextView to attend their Forex Trading preview. Unlike the normal preview, this was a whole day affair as in addition to Forex, there was also a preview on Options trading, an unusual combination since one would normally just trade one or the other. Another unusual thing was that there was a free buffet lunch thrown in as well so this was certainly good value since it was free! No wonder the turn out was a full house, probably 200+ participants.
The talk in the morning was given by Les Szancer who spoke on Options Trading and promoting his course in August. Since this was not my option, I just waited for the lunch and then the afternoon session on Forex, which was my main course. Just some details on the Options course in case some of you are interested. It is a two-day affair and the cost is RM2,500 with a same day joining fee of only RM1,990 so this is definitely the cheapest Options course as far as I know. I wonder if the Mirriam Options course is still charging RM12,000 , wow!
Lunch was rather chaotic with the big crowd and it could have been better organised. Anyway, the Forex talk was on after lunch with Don Schellenberg. He claimed to have introduced Forex Trading into Malaysia and to be one of the pioneer Forex trainers. His handout was certainly the best so far, with a whooping 142 slides. Of course he did not have enough time to go through all of it and his emphasis was on Fibonacci and Elliot Wave. No prize for guessing the name of his course that he was promoting - Trading Forex with Elliot Wave & Fibonacci.
Apparently this is not really geared for brand new beginners, I suppose his target are those current traders who needed something more than the usual technical indicators to improve their trades. Even in his preview, he never explained what Forex is or the advantages of Forex Trading so beginners were probably at a loss. His course is also for 2 days and the cost is RM3,888 with a free Asus PDA GPS phone thrown in.
In his talk, as a bonus, he mentioned 3 trade setups but he just rushed through them and this is what I could remember.
1. The Holy Grail (???) - Use the combination of ADX and bars above the 20Moving Average to spot a trend.
2. The Squeeze - watch the narrowing bandwidth of the Bollinger Band before a big move.
3. Daily Pivot - Pick high and low for the day.
This probably covers all the major Forex courses that are currently available locally. Our potential traders here are spoilt for choice in terms of the number of courses available. So attend some free previews, take your pick and become a Forex trader. Happy trading.
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.