I went to a Forex Seminar
Wednesday 29th of June 2005 06:28:47 PM
Last weekend I saw a TV commercial for forex trading seminar. It was one of those infomercials you have already probably seen for various other products and information. They advertised a free seminar for three separate locations and dates near my area. I wrote down the details and I went there yesterday late afternoon.
The presentation was at the local Holiday ‘Turf Inn’ Hotel. It sure was nice and cool in there considering lately it has been about 90+ degrees fahrenheit here. Only about five or 6 people showed up. It was basically a sales pitch for 4x made easy software. They are trying to market forex trading the mass public. It was a pretty light presentation and I really did not learn that much new other than a few minor facts (ie. that the forex markets have only started to open in America since the year 2000).
Their software is simply a trend following system that appears to use MACD as a buy and sell indicator and then gives buy or sell signals on various time frames. The approach sees somewhat workable for someone completely new to trading, never having done it before. And I like the fact that they emphasized the use of stops.. although he mostly or only talked about trailing stops.
The problem with this type of mechanical system is that it does not take into account the actual price bar interpretation and other technical factors that are always crucial for trading any type of market. Following MACD like a blind mouse can get you into trouble. At least it is always a good measure to use classical trendline, and TA pattern analysis to supplement a simple oscillator. An indepth understanding of price action itself, supply, demand, support and resistance is crucial in my opinion.
But now here is the real kicker..
They wanted $3000.00 for the software!
There really should be no need for anyone wanting to get started in forex trading to have to spend that amount of money. There are enough online courses books and other information that are more than suitable for the new trader to enter these markets with a reasonable degree of confidence…
If you are completely new to trading in general or forex for that matter, do not get suckered into a sales pitch like this. There are plenty of very good informational resources and $50 to $100 kits and tutorials to help you learn the essentials of forex trading.
If you need some recommendations then send me an email or post a comment here.
Thomas
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