Peter Bains - Forex Mentor Review

The Power of Pivot Points – A Review Of Forex Mentor's Training Program

Peter Baina has made a substantial income trading on the Forex markets, dating back to the early '90s, and going in on his own when the markets were de-regulated for private investors in '97. He's spent a lot of time learning to analyze trends and graphing software – the fundamentals of properly and sensibly trading in forex.

Every forex consultancy session tries to teach you a "sure fire" trading system. Baina is no exception. His basic advice is to watch 60 minute and 15 minute trading data in comparison to overall trend lines, and learn to read "tells" for where the market will be doing a short term rally, or when to wait for a currency pair to bottom out. All of this is timed around what he calls pivot points, and acknowledges one of the fundamental truths about any kind of commodities market: It's a game played with imperfect information, and the aggregate mass of traders will behave in predictable fashion when new information is injected into the system. There are regular times of the trading day when new information enters the system – the close of the London Market, the opening of the London Market, and the time of day when news is reported. By looking at prior trading patterns just before the introduction of new information into the system, you can regularly work the "swing" with a better than 70% chance of acting at the right time.

Now, this isn't some deep Masonic-lodge style ritual; this is information that can be had by all the traders out there, and this is a very similar system to what's used by major banks and forex houses. What Baina does superbly is explain the patterns you're looking for, including how to tell false positives from a good trend line to work from.

His course comes with a set of 10 DVDs with video tutorials, plus two books that are competently written, if somewhat erratic. While he states that his course allows you to "set your own schedule", to use Pivot points properly, you really need to be able to spend a 30 minute chunk of time analyzing your charts before each pivot point; unfortunately, some of those pivot points happen at very strange hours of the day, like the London open at 3 AM EST, or the Hong Kong market close at midnight Eastern. You can set automated trading regimens up, and he is candid about when and where those can help you, but to his credit, he is quite clear in stating that this is a game of judgment, and not something that should be trusted to spreadsheets alone. Spreadsheets, for example, don't pay attention to newswires for things that might trigger a short rally or presage a sell point.

Overall, Forex Mentor rates quite highly. Baina's course is built entirely around the strength of analysis, rather than on hype or trying to sell you something. Sometimes, you'll have to go back to catch a term of art, and sometimes he tends to assume the viewer is following along better than they are (which is endemic to any course where the lecturer can't see the audience), but for a solid ground work in real analytical Forex Trading, this program is one of the best we've seen.

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