rforexdad

If I pay Rob Booker for his education - why must I backtest I trusted him and all the 100 students did the same thing. It was systems based on the GBP/CHF one hour chart we tested 4 systems for one year (2007) His systems worked with some results. The thing I realised (I was a newbie...right ?) after 6 to 8 months was that his systems worked only in the first 7 months of 2007 He had tailored his systems and that to me is a SCAM Rob Booker does this very very often and catches NEWBIES Please do not trust him !!

Everyone is not out to get me...!!! I did not mention Boris Schlossberg or anyone else. I am simply saying the simple thing...Rob Booker taught 100 people all of them lost money..his systems that he taught us do not work. Next thing...Go google the words Rob Booker scam Josh - Please remember these are my experiences with Rob Booker. You have no experience with Rob Booker...right ? If you have some plese share some more details... I am really interested in knowing from you directly ....what system of his have you tried and which of his systems works ?

Mysticforex made a fitting reply - he said...You win !!! JohsDance is attacking Me and my words!!! I have given you the experience of 100 users who lost money trading Rob Bookers methods . They were from 3 batches in 2010....Here we are Rob made 200K from these three batches. Rather than discuss Rob's methods (Systems) please do not attack me and my words Let us discuss one of his methods that he taught the 3 batches Monday Accelerator - did this work ...Yes siree Bob - but it worked only from Jan to August of 2007 and then lost tons of money in the rest of the year... what was the explanation....GBP/CHF - the swiss people travel during the rest of the year and Christmas etc etc...(Hooeey...IMHO) and every one believed (the 100 people) Why should each student test a system...this is what Rob Booker made the 100 people do...Has he not tested the system.... Does he guarantee results....No person on earth guarantees the results....so...what is a scam...A scam is when someone who knowingly sells you something and it does not work. Can I prove it....No...but it is simple for experts in Forex trading...to understand that Rob Booker has scammed people with a method called Monday Accelerator Newbies do not understand Forex and get caught by Rob Booker and such other people

Okay...I learnt Oracle thru books/experience/training And I am sure that is true of any trade/skill None of my teachers were bad....I am quite happy with their teachings But in the Forex world ....there are really some known scamsters who knowingly scam people. Right ?

Okay - let us talk about what is a scam Rob Booker sold 100 people in 3 batches a system called Monday accelerator which worked in 2007 from January to July and only on one currency GBP/CHF This system made huge losses in other months/years why ? does he not know this system does not work ? This is definitely a scam ....correct ? I could go on and on and on.....Right ...? about his other failed systems

I thank a lot of the experienced users who came forward and wrote that Rob Booker is a snake oil salesman He has various wonderfull sounding strategies Wallaby Bossilator Monday Accelerator P2P trading I am sure there must be a list of more than 10 other names that I do not know After all these years....I really am convinced that He knows he is selling Crap !!!!

Rob Booker is not a trader - He is a person who is can sell snow to the Eskimos He is just looking for another method to distinguish himself from the others and convince the newbies that he can teach them how to make millions Rob Booker is A total scamster in my honest opinion. He could not convince a seasoned person like Kiwi in his video....correct ?

A) I do not wish to comment about the other person Boris Schlossberg or about any other Foreign exchange trainer... B) More than 100 people who attended Rob Bookers course found that his methods do work in the year that he asked them to test (2007...I think) but his methods failed miserably with huge losses in 2010....He was asked the question and replied Foreign exchange trading is dangerous or something like that @mysticforex - Please remember I am not commenting about other people and I am not trying to win an argument.... I am just telling you the experience of more than 100 people Please do not try to generalise this.... Rob Booker builds his course which works only in specific conditions and is not suitable for all market conditions Today - You cannot say if the next week the market will be trending or ranging does anyone know if any particular currency will move in which direction and by how much in the next week ? Exactly....but any system or method which is built for a subset of conditions will fail because it is a currency robot kind of method and currency robots unless they are highly sofisticated fail miserably What I am trying to say that Rob Booker knows that his methods do not work !!!!

nah...people like Rob only scam people and make money (in millions) fooling people

Does this mean that Rob Booker has not paid his fees - for the domain piptopia.com - piptopia Resources and Information. This website is for sale! This is exactly what people like Rob Booker do - They market under a certain name and every few months/years re-invent themselves and their methods and their domains When http://www.piptopia gets hot....and people start complaining about method A, B, C Rob moves to another domain and another method... guess what - he makes another half million teaching crap and hiding behind the disclaimer "Forex Tading is dangerous and you could loose all the money you invest" - or some such disclaimer - dont go by the exact words - but the meaning is the same Rob Booker has learnt how to game the system - teach crap and hide behind disclaimers

I do not know anything about Kathy Lien and Boris Schlossbert I got trapped by Rob Booker at FXCM expo Las Vegas in 2010 All I know is that Rob Booker intentionally teaches methods which do not work... I guess Rob feels that how can he teach people to make money what "You expect to make money from a $2000 course" - This is Rob's theory...!!! Other people - I have no idea...Rob Booker I am sure - his methods do not work !!!

This is exactly what I am saying..... Rob Booker cannot fool knowledgeable people. He only fools newbies - People who do not know anything and finally end up getting caught up in the Euphoria of Rob Booker who takes their money and fools them and basically sells them crap !!! I have tried his methods and they do not work !!!

But Rob Booker is different....he finds a time frame and builds a method and knowing that his method does not work - sells it. He teaches only methods which do not work !!!

All I know is a simple thing...I joined his course around May 2010 and it was a batch of 30 students. After the course Rob made a group of my previous batch and my batch and the batch after me - a total of 100 -110 students. All methods taught by Rob worked only in the time frame that he asked us to test which was 3 years back - Rob teaches a method and finds a time frame where his method works. Rob regularly comes up with new methods which really resemble a currency robot and with aggressive marketing sells his method. I feel that Rob Booker makes approx half a million dollars a year targeting new people and all his methods lose money (Rob makes money and all his students lose money trading his methods) All People who read this - Beware of Rob Booker

ummm....Trading is enjoyable if you treat this as a game. If you are trying to make money from this and trying to make a living it can be highly stressfull... However....my suggestion is to have goals... Try to have a goal of 20 pips per day on an average in the first 3 months... This is a simple target ...once you achieve this target with trading at 10K position size with real money....and a written down plan...If you do not have a written down plan and if you do not execute this plan exactly as per the plan....then you are trading by the seat of your pants...This is not trading....Trading means - have a written plan...and this plan does not have to be written in stone...you can modify the plan...but do not trade without a plan... Of course first trade in Demo and then trade with 5K position size live and then increase to 10K position size live. Do not try to increase your target of 20 Pips per day for first 3 months - even if it looks easy and possible - once you go live....stick to the 20 pips per day once you have completed 3 months of successfull live trading with a positive 20 pips per day...(if you do not have a 100 pips positive - weekly average which is 20 pips per day multiplied by 5 days...consecutively for 3 months....It is okay if you go up and down but if you do not make a nett 400 pips per month...for 3 months....do not even think of increasing the 10K position size) Every week do an analysis....review every trade carefully and ask the simple question... a) did you trade as per the plan ? b) do you need to modify the plan...? A trading plan is always evolving... You could increase or decrease the criteria of your plan and make it as simple or complex Always remember.... every trade has to have a) entry price...target price...stop price....position size... New traders should never try to make 1000's of pips per month... just have a simple goal Your plan should handle all events...slow markets....fast markets...trending markets and ranging markets and whipsaw markets... Bottom line...Have a written plan...and execute your plan... Have fun !!!

well....I have a suggestion which can be implemented if you are doing interactive trading.... when your position gets opened make sure that your stop loss is 15-20 pips say you entered in a long trade at 1.3030 with stop loss of 1.3010 the moment the market hits 1.3045 move your stop loss to 1.3030 (which is break even) take profit at your Profit target.... so simple....You will only incurr a maximum loss of your stop loss which in my recommendation is 15-20 pips. Of course this method is not good for swing trading...but only for interactive trading... To all readers....Please comment !!! It is always interesting to have a nice discussion...All of us will learn from this.

Yes - without some more details on the strategy it is difficult to understand where the problem lies. to Original poster - please give us more information

To o/p There are two types of markets a) Trending b) Ranging another thing to consider is the daily market movement from high to low. so..since I have no clue as to what are the details of your situation I am guessing. From October to December the market was trending down for EUR/USD with a daily trading range of 100 or more pips. If you were taking 50 pips out of this currency it was feasable. Today this market is moving much less - what I mean to say that markets do not perform in the same pattern daily. You have to re-examine your trading plan to find out if your trading plan is handling all sorts of market conditions. if you share more details of your methods - people can guide you. so - as I said - I am just guessing...

To o/p There are two types of markets a) Trending b) Ranging another thing to consider is the daily market movement from high to low. so..since I have no clue as to what are the details of your situation I am guessing. From October to December the market was trending down for EUR/USD with a daily trading range of 100 or more pips. If you were taking 50 pips out of this currency it was feasable. Today this market is moving much less - what I mean to say that markets do not perform in the same pattern daily. You have to re-examine your trading plan to find out if your trading plan is handling all sorts of market conditions. if you share more details of your methods - people can guide you. so - as I said - I am just guessing...

Everything works... but you should have a higher time frame chart as your anchor chart... For example if you are playing with a 5 minute chart you should have a 15 minute chart as your anchor chart if you are playing with a 1 hour chart....you should have a 4 hour chart as your anchor chart. And you should have discipline... decide what is your take profit/ stop loss / position size do not deviate from these three . Dont get carried away....

For Forex my suggestion is as follows look at the 4 hour chart Recently EUR/USD in last 10-15 days has been trending downward so draw your trend lines and when it is the right moment short it with a stop loss of 50 pips and a take profit of 50 pips Since it has been trending downward .....dont play counter-trend and make long trades...trying to make money on every move. you will be sure to make at least 50 pips a day...sometimes making 50 pips twice a day. I have been using this method very successfully. KISS === Keep it Simple and Stupid

I made 1200 pips in the last month...but now I am trying a different technique I want to make 20 pips daily with a 4 day trading cycle...Do not trade on Fridays Only trade from Monday-Thursday in the London session. Once I am consistent....I shall increase the position size. Right now I am playing at 30K lot size.... So now the target it 80 pips every week which should amount to $1000 a month. slowly I shall increase this and hope to reach $5000 a month in 6 months....not by increasing the pips...but by increasing the position size. Why do I write this....message ? This is one style of trading which I feel will be profitable and I know two traders who are adopting this style and are very successfull. Less pips but larger position size.

Well I am a strong believer of a limit to deficit financing... Yes...You can take a loan...provided you can repay it back... If you look at US credit bureaus...they rank everyone by a number every individual has a credit score based on his credit worthiness...based on income and current loan and his past history... So...I feel that Countries like PIIGS (Portugal, Italy, Ireland, Greece, Spain) are way above the top...!! Deficit financing ...in other simple words...take a loan to pay current dues/ current desires/ current re-building/ current whatever ...is good provided you have a limit on your ability to pay.... so...it is useless to give a loan to the PIIGS because they will never pay it back... and what is the fun of giving a loan to a person and extracting interest when one fine day he defaults... They say it so nicely "HAIRCUT" this means "DEFAULT" this means that you do not pay...you just write down your loan as deducting X amount of the face value...whatever percent both parties agree.... The politicians at the top do not care....they have a term ...2 years or 3 years or 4 years to cling on to their chair and say "Not on my watch " so during this time...they will do anything, anything which makes sense or does not make sense to continue it is the bankers who have to look at credit worthiness and the ability to pay !!! no matter how much you sugar coat it....PIIGS are in a mess... because of their Socialism !! Always Short the EURO....once it goes up...ride it on the way down !!! So simple !!

Most of the people look at Total Debt of a country versus the GDP of the country for example people look at Greece and say well...this means they have to pay $47K per person and US people have to pay $42 K per person This is very high....US cannot be far behind Greece But when a Financial institution gives a person a loan they look at other factors also. One of the major factors in the favor of USA is the assets we are holding. Our Assets are the nuclear technology/ Computer technology/ Oil exploration/ Space technology and so many other things. We have big oil fields in the Artic / Alaska So....These are just some of them. Hence I suggest Please do not discount USA as being on the border of Bankruptcy Of Course I am not a Financial wizard ...I am an average Joe and I know some stuff (maybe it is wishfull thinking...since I live in USA and I am a US Citizen) who knows ???? Only time will tell...and maybe we shall read about this in some history books ....right ?

Most of us are not long term traders and do not hold our position for long. The words long term is a relative term. For some people long term may have different meanings than other people. What I am saying is most of us do not hold a position for more than a week and fewer people hold for more than a month. This is definitely true for our personal finances.. However if you are working for a hedge fund or other financial company or bank this would be different. This is an interesting thought...and hence when people talk about Dollar versus Euro...and long term predictions about Greece or something like that....well it is important to know that people are talking about a year or two or three years Most of the traders I have come across are trading in minutes or hours of max one week. Just my personal two cents.