Introduction To The Forex

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I will never forget one trip to Australia, back in early 2001. I was working out of our office in Sydney, preparing for a class, when I was e-mailed the list of attendees. The registrar told me there were 26 Australians signed up for the class and one Scotsman, named Ian, who had a very strong Scottish accent.

The next morning I started class the way I always do, asking everyone their names, their current occupations, why they want to learn trading on the Forex, and, more importantly, why they chose to get involved with my company, Market Traders Institute, versus another.

We started going around the room introducing ourselves and eventually came to Ian. Ian was an older fellow, perhaps in his late fifties, and in great physical shape. "Hel-ow chief," he said in an extremely strong Scottish accent. "My name is Ian, and I am from Scotland. I just happened to be here in Australia for a bit when your advertisements caught my interest. I called your office and they told me all about you, so I came here because I was told you could teach me how to trade on the Forex and make money. Is that true?"

I confidently answered, "I will do my best, Ian."

He said, "That's not what I asked. Now pay attention to the question. Can you teach me how to trade on the Forex and make money?"

A bit more warily, I responded, "I can inform you all about the Forex and I am willing to share everything I know, but it will be up to you to learn, understand, and properly implement all this information with the discipline I will teach you."

He said, "Okay, that's a fair statement." Then he said, "Chief, I am a mercenary by profession. Do you know what that is?"

"Ian, I have learned never to assume anything. The term 'mercenary' here in Australia could be different, so why don't you inform the class what you mean."

I was absolutely not prepared for what he said next. "Chief, I kill people for foreign governments, and I am here to tell you that if this is a scam and if you can't teach me how to trade on the Forex . . . I will kill you."

There is nothing worse than being caught off-guard or put on the spot in front of a crowd. Everyone's eyes in the class were now focused on me. So I threw my hands up in the air and said, "Wow, no pressure, Ian." Then I looked at the class and said, "Class, I know we have only scheduled three days of training, but we may be here for a month because I am going to go over each and every single detail I know about the Forex. This will be the best class I have ever given, and, rest assured, if I don't know the answer to a question, I will go to the ends of the earth to answer it before I leave Australia, because I don't want to have to look over my shoulder the rest of my life wondering if Ian is near." The class burst into loud laughter.

The best way to learn something and remember it is to teach it to someone else, so after I teach a concept for about 45 minutes, I instruct the class to teach each other. I have the person on the right teach the concept to the person on their left, and after they are done I have the person on the left teach the concept to the person on their right. Little did I realize this teaching technique would potentially save my life.

When I divided the class into pairs that day, I believe God protected me by having an odd number of students. When I got to Ian, I said, "Ian, I will be your partner." Although some of the other students asked to partner with me, I told them, "Nothing personal, but my life is at stake here, so I am going to work with Ian." Thankfully, they all understood.

Looking back, I must say that was one of the most detailed, and perhaps one of the best, classes I have ever given. Every time someone had a question, I immediately asked, "Ian did you understand the question?" Then I would follow up with, "Ian, did you understand the answer?" If he said yes,

I would make him explain it to me and the rest of the class as an insurance policy against my life. I am happy to report that both Ian and I are still alive. In fact, Ian is now an active client of ours and has taught me a lot in return.

Two of the greatest things he taught me were how to perform under pressure and, more importantly, how to keep things simple with respect to teaching Forex trading. For example, at one point, Ian could only recognize and understand uptrends. "I can't see or understand downtrends, Crown reversals, consolidations, Gartleys, or harmonic vibrations," he told me, "but I sure can see an uptrend." A simple fact about trading on the Forex is there are six major world currencies traded against the U.S. dollar; when three go up, the other three go down. They have to move in opposite directions to keep the world economy in balance. So when the currency of Ian's choice stops trending up and begins to reverse and trend down, Ian goes and finds one of the other three currencies that have reversed from a downtrend and are now trending up. He keeps his trading simple.

As I move forward teaching you about the Forex, I will do my best to explain the concepts in this book as if you are "Ian" and that my life is dependent on providing you with the most accurate and detailed information to help you get started.

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