I just have to start by saying that this is one of the best currency trading training programs that I have ever gone through.  There are a ton of videos to illustrate each teaching point so it is really easy to follow along.

If you are new to forex trading, then the first couple of CDs are a good introduction to forex.  Chris goes over pips, leverage, rollover, basic things like that.  For me that was all review so I fast forwarded through those disks.

Then around the third CD, things started to get interesting.  Chris’ primary method of trading is called price action.  Where can you get this Metatrader indicator?  Sorry, this is not an indicator but in my opinion, it is a thousand times more useful.

Price action is the study of how price reacts to different price levels such as trendlines, support and resistance, Fibonacci levels and other key levels.   Up until that point, I thought I knew everything about support and resistance, but I was very wrong.

Who is Chris Lori and why should you get his currency trading training?

Let me take a step back here.  You are probably wondering who this guy Chris Lori is.  Here is a quote from his website:

Chris Lori is a registered CTA and fund manager for Seaview Capital Inc where he manages funds on behalf of private and institutional clients worldwide. Chris offers private consulting services to individuals and institutions looking to diversify their portfolio relating to foreign exchange holdings and risk. He also manages a currency fund for clients booked in London and Singapore.

Previous to his career as a fund manager, Chris competed in four Olympic Winter Games and won the prestigious Overall World Cup Championship in the sport of bobsleigh. Chris totaled nine Crystal Globes for Overall World Cup final standings and accumulated twenty-two World Cup Medals during an outstanding bobsledding career. Chris was a model athlete in Canada where his success brought him celebrity status and high demand for appearances and endorsements.

Would you learn from someone who didn’t actually trade for a living?  No, I hope not!

Before I start reading any book about forex trading, I always flip to the back cover.  Why?

Because I read the biography of the author before anything else.  If they say that they are an analyst, journalist or television personality, I put the book back.

I only look for people who actually trade professionally.

The same thing goes for currency trading training courses.  If the teacher really trades for a living, then you will usually learn at least one or two useful tips to improve your trading.

Disclosure: This post contains affiliate links and I do make a small commission if you purchase through these links.  This helps keep this blog going and does not cost you anything extra.  I promote this course because I believe in it…period. 

A wealth of information

In the case of Chris’ course however, I learned a TON of valuable information.  It was one of the very few times that I have studied a method and as soon as I finished, I started to see patterns in the charts that I never saw before.

Logical levels, dealing ranges, fractals,  support and resistance suddenly appeared and as I looked back on losing trades I did in the past, I started to see my errors.

I know this sounds like a bunch of mumbo jumbo, but you actually have to experience it to believe it.  Once you understand how price moves, it becomes that much easier to tell if you should stay in a trade or get out.

I use it with other methods and in other markets

Even if I am using a particular technique that I have learned from another trader, it all comes down to price action telling me if I should suck it up or bail.   It sounds crazy, but many times the market will “tip it’s hand” and price action will give you hints as to what will happen next.

Of course, this is not a holy grail by any means, nothing is, but I believe that it is one of the essential tools in a trader’s toolbox.  In fact, I would suggest that all currency traders take this course first because price action is the foundation of good trading.

Price action has also helped me in the stock market.  Since the stock market reports volume numbers, combining volume with price action gives a pretty good picture of what the stock will do next.  Again, there are no guarantees, but it does increase my odds.

Drawbacks

Nothing is perfect and this course is no exception.  If there is a weakness in this course, it is that there is just so much information that it may be overwhelming when you start out.

Don’t get me wrong, Chris is a good teacher.  He speaks clearly and is good at explaining complicated concepts so anyone one can understand.

However, just the fact that there are so many lessons available may discourage some people.

My suggestion would be to watch each lesson a couple of times until you understand the concepts before you move on to the next one. Don’t feel like you have to digest it all at once.

In addition, Chris includes two months free in his Pro Trader’s Club (PTC) market analysis service when you purchase this course.  This is done 2-3 times a week where you can literally watch over Chris’ shoulder to see how he is trading the market.

The PTC website has an archive section where you can watch videos from years past to see how his analysis actually worked out.  There are literally hundreds of hours of recordings at your disposal.

This is invaluable to his currency trading training package but may also contribute to a feeling of being overwhelmed.

In order to get the most out of the Pro Trader’s Club videos, I would suggest watching the first 3 CD’s before even logging into the PTC site.  These CD’s will give you the minimum knowledge necessary to start to learn from his videos.

Conclusion

In conclusion, as a person who has actually gone through this course AND subscribed to Pro Traders Club for a year, I wholeheartedly suggest this course and any of his currency trading training.

In addition, I have actually contacted Chris personally several times and he always responded in a timely manner and was very helpful.  This shows that he also stands behind his product.

It is one course that I believe is really worth much more than it costs.

For more information, click here to check it out.

Hope that helps,

Hugh

P.S. – If you didn’t notice, Chris Lori is one of my Trading Heroes.

Hector

I am always looking to learn from people who trade for a living.  Why would I want to learn from someone who isn’t a professional trader?   Hector Trader makes a living trading forex and I wanted to see what he could teach me.

I just went through the Hector Trader Forex Trading Course and this is what I thought of it.

Hector Trader is actually Hector DeVille and I initially found his website by searching for different blogs related to forex trading.  My first impression of his website was that it was very clean and his videos were professionally produced.

When I first started listening to the free online videos on his blog, the information was practical and to the point so I kept listening.  He doesn’t go off on tangents.  He sticks to analyzing the charts and I liked that.

After awhile his accent grew on me and it’s actually a cool accent, but it does take some getting used to. I especially like his “double-oh” catch phrase.  Upon looking through his blog more, I learned that he had a currency trading training course, so I checked it out.

The Forex Trading Course by Hector Deville

It looked pretty good and was affordable so I signed up for his course.  The $197 price tag was nothing to laugh at, but it was much more affordable than those courses costing thousands of dollars.  The most important thing to me was that there was a 60 day money back guarantee if I didn’t like it.

As soon as I logged into the member website, I was pretty impressed.  There are a ton of videos and I can log in any time and take the course at my own speed.

The videos had the same professional quality that I experienced on his blog.  In addition, the chapters were well written and followed a logical sequence.

But the question remained, would this course actually teach me something?

His trading technique is actually pretty simple.  Remember, I said simple, not easy.  They are two different things.  Like with any good system, you do need to put the time in to learn the system and trade it correctly.

He gives you a ton of tips and techniques that could only come from years of actual trading experience.  Like any other strategy, I would recommend back testing it to get a feel for how it works.

Trading courses in general can be really dry but he injects his own brand of humor into the videos, making them easy to watch.

Here is the breakdown of the chapters:

• Chapter 1 – Searching for Trading Setups
• Chapter 2 – Price Pattern Breakouts
• Chapter 3 – Swing Trading
• Chapter 4 – Price Targets and Stop Losses
• Chapter 5 – Blending Technicals and Fundamentals
• Chapter 6 – Trade Management
• Chapter 7 – The London Open Breakout Technique
• Chapter 8 – My Golden Rules of Sensible Trading

He also includes the Metatrader indicators that he uses with his system so you don’t have to search the internet or hire a programmer to create them.

There are also a lot of great tips that you can implement immediately. One of the many things I learned was to wait for price to retest a level after a break.  That will put you in a much lower risk position than if you took the original breakout.

In addition, there were a few candlestick patterns that he teaches that I found helpful.  These are not traditional candlestick patterns, they are based on his observations, not the usual dark cloud, spinning top, dancing bear patterns or whatever.

The only issue with the course is that it doesn’t have the usual “introduction to forex” section that you see in most courses. That was fine by me, but newer traders may find it a challenge.

My solution is to take the BabyPips Forex School for free. That will give you the necessary background on forex and answer your questions like “What is a pip? That will take a couple hours to go through, then you will be ready for Hector’s material.

What I like most about his course is that there are a lot of videos.  I don’t like reading too much and for me, seeing his strategies in action is the easiest way to understand the concept.

I would highly recommend this currency trading training to any level of trader.  Like I mentioned earlier, there are a lot of professional tips and tricks that he gives out which make the course worthwhile.  He is really good at identifying specific patterns to trade and emphasizes using price action as the primary indicator. Click here to get more information.

I hope that helps!

Hugh

P.S. – Don’t let his cheesy looking product page fool you, his content is actually very solid.  If you have any doubts, Hector believes in his material so much that he offers a 60 day money back guarantee.

Update (August 20, 2010): While I was writing some blog posts I happened to revisit this post.  I just wanted to add that Trading Heroes has been around for about 3 years now and this course is still one of the only 3 courses that I would recommend to anyone who wants to learn forex.

I have seen a ton of educational material and have experimented with trading robots and signal services during this time and nothing compares to actually learning a system that is used by a professional trader.  I can tell you from my experience that you will almost never end up trading a system exactly the way you learned it, but you do need to learn a good foundation.

The most important thing to get out of a course are the general concepts of how to make money.  Then back test it and suit it to your own individual personality.

His original Hector Trader blog has gone away, but luckily his course is still available.  I hope that doesn’t disappear too.