Review of Trading in the Buff by John Templeton
Rating: 4.5 stars
Price: $77
When searching for concrete advice about trading in the foreign currency exchange market, it is very rare that you come across someone who is willing to be brutally honest with you about how to find a buying or selling forex signal that you can really count on. If you're ready to hear the honest truth about this, then read, study, and put into practice John Templeton's ebook Trading in the Buff. John stands by his stripped-down version of forex day trading using only price action techniques, and he shows his readers, both by the written word and by video, how to find successful trades using the very same methods he uses.
Using price action indicators to signal trades is nothing new. It's been around since the beginning of market trading. What John is doing in his book Trading in the Buff is to reacquaint traders with this time-honored method of finding profitable trading situations. With all the complicated forex systems currently on the market, John is sounding the call for all traders to come to their senses.
He says on his website: "If all these 'magical' indicators and robots worked, why are there so many people crashing their accounts? How else would that explain why only 5% of forex traders make any money? All these overpriced indicators provide absolutely NO insight to the market!" And he is making a valid and profound point. If nearly all of these trading indicators are "lagging," how are "lagging indicators" ever going to help you find a profitable trade? You need to find the trade before the lagging indicators kick in and you lose half of what you could have profited by.
Trading in the Buff consists of a 40+ page ebook along with eight supplemental videos which correspond to each of the chapters. The videos cover more than an hour's worth of video footage, providing examples of the coursework. This is not a course that contains any of the basics of forex trading for a beginning forex investor. Much of the material is predicated on the fact that those who purchase it already know about or otherwise have access to forex trading basics. This doesn't mean that as a beginner you won't find something of value here. But if you are searching for a complete course, you'll have to find an explanation of the basics of forex trading elsewhere.
Fortunately, there are available free for download extensive ebooks about the basics of trading in foreign currencies. Two such ebooks have been linked to below for your convenience:
The Day Trade Forex System: The ULTIMATE Step-By-Step Guide to Online Currency Trading — Teaches you about the basics of day trading in the foreign exchange markets. It also makes a good recommendation for choosing your online forex trading firm and takes you step by step through setting up a demo account so you can begin testing whatever system or signal program you are using.
and
Forex Power Trading Course — A 143 page course that takes you through everything you need to know about trading on the foreign exchange market, from currency trading basics to what moves the market to currency profiles and their outlook to what trading rules to employ.
John Templeton's main goal in Trading in the Buff is to teach traders how to trade without the usual brand of lagging indicators found in so many other forex system programs. You really don't need them. By using basic price charts just as bar charts, John teaches you how to be able to find and make profitable trades charting the rise and troughs of basic price action data. Not only will you see and catch the trend as it begins, you'll be able to enter the trade earlier. The course focuses on using price action to spot trends, counter trends, support and resistance levels, which can be used to predict solid entry positions and enable you to forecast future price movements.
Some purchasers of the course have complained that forty pages is pretty skimpy for a book about forex trading. The truth is that John doesn't provide a lot of the fluff that other forex courses offer. He gets to the point without wasting the reader's time. In Trading in the Buff, John explains the underlying reasons why the material works. For example, he explains in simple terms why there are certain areas where you will find key support and resistance, as well as how a trend—and even more importantly a counter-trend—can be spotted.
While price action applies to all markets, forex traders who dispise being tied to their computer all day long will find that price action trades are generally better when applied in longer time frames. You're trade may last 2 or 3 days as the targeted exit level is being reached. You'll also need to become familiar with risk/ratio and money management as well, but these are basics that every trader needs to know anyway. From John's unique explanation of the course you will be amazed at all the valuable information that can be gathered just by watching the price action stops.
One thing that purchasers will find agreeable is the level of John's customer service. If you have a question about anything concerning the course, you can email him and he will get back to you quickly, many times the very same day if it's possible.
Click on the Trading in the Buff link to learn more about this opportunity.
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