Came across the Surefire Forex Trading recently and decided to check it out. Basically, this course can be divided into 3 main parts with an introduction to forex trading, money management, and the actual method itself.
The course is best suited to forex trading beginners as it describes a simple trading system that takes out most if not all the human decision-making during trading. It includes a Risk Probability Calculator which consists of a nifty little excel program which will tell you where to place your entry, stop and take profits levels.
The introduction part (first part) is as good if not better than other courses in that it provides some details not found anywhere and is a good reference point for the beginner.
The money management portion (second part) provides some useful statistics regarding the risk/rewards aspect of trading. How much to risk and effects of drawdowns on your account, and illustrations of what an actual run of wins/losses and their impacts. Detailed statistics, yet it lacks a little bit in the actual practical application of it.
Mark's Surefire Forex system is very well suited to the beginner forex trader. In the Traders Secret Code - explained visually in a series of online videos, he goes further into his Fibonacci studies and the level of difficulty is moderate to advanced.
About the Sure-Fire Forex Trading System - I've seen the method and tried it out myself. I like it because it's a trend following system and it helps you define stops and profit targets relatively easy. If you don't mind having positions on for a few hours to a few days at a time, then I think it's pretty good. For short term I think breakouts and support and resistance trades are better
Okay, so without giving away too much of the method, it's got its base in swing trading like Mark McRae's other work. The method itself involves using multiple timeframes for the trend, then entering the positions based on fibonacci retracements and swing points
Here's where it gets interesting since, to me, it's a bit more discretionary than what's represented. Swing points, Fibonacci calculations do vary depending on how/where you do them, so while the method to calculate entries/exits is clear cut, the resulting values are not dependable on the individual. For those looking for strictly a mechanical method, there will be some disappointment
The trick with this strategy is to be consistent and patient and enter the trade ONLY when the system gives you a proper signal. You have to be careful not to enter the trade too early or if you are getting mixed signals - stay out!
Mark's methods are very well laid out and simple to stick to. He focuses hard on risk management as well. I had also subscribed to a series of free email trading lessons Mark McRae offered and I actually found them to be as informative as well. Each lesson deals with a different indicator and/or trade setup; several of them are links to online videos showing historical trade examples with the graphs, trend lines, indicators used and market progression along with audio instruction. Some are virtually the same as material included with the paid for course. I had good response to any emails I sent and some missed free lessons were promptly re-sent along with an index list to access all lessons sent up to the current date.
Advanced and sophisticated traders might have little to learn from Mark McRae and "SureFire Forex" might sound a little flamboyant but he is not trying to fool anyone with unrealistic promises. For newer traders his stuff is as good a value as I have ever seen. All Mark's stuff is presented in a clear easy to understand way except for about 3 of the free email lessons. These last were presented by a guest instructor with a very heavy accent that was foreign to me and thereby a bit hard to understand.
If only his site didn't "look" like all the other con jobs out there! But I guess that look is what attracts customers.
The Traders Secret Code (for advanced users) is an online video course and it FINALLY sorted me out with my fibonacci techniques. And it's cheap at $99 bucks! Watching him approach a trade and hearing his thought process is a bonus as well. You even see him make errors in setups and correct them!
In the SureFire Forex Trading Plans, Mark states the importance of a Trading Plan as being a rock solid foundation for winning in the trading game. Other topics such as money management and position sizing are also covered here. This book also comes with a truck-load of free extras.
I recommend this book because of the following reasons:
What I don't like about this book:
Does anyone use the sure fire forex trading method? If so how do you like it and what are your opinions on the method?
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