Precision Trader FX / Indices courses

[dowftse]

Hi,

Just wondered if anyone here has been on either Precision Trader course? I have been to several different free seminars, but was never convinced to pay £1000+ for a further course. It always sounds to good to be true.....
However i am slightly tempted by this one, the general message they promote is most traders fail but implementing a strategy along with strict money management can give you a better chance. I think that sounds reasonable. I know "those that can do, those that cant teach" etc. and i doubt the strategies are that consistent or they wouldnt need to teach. but i would be interested if anyone has done either course and whether it has improved their results?
btw Nick Mcdonald did put on a live trade at the seminar.....

 

[BerkshireBull]

I've attended the Precision FX course at the end of last year. I found the course overall to be well presented, and the course notes were excellant and make a great reference manual.

The course was run on a Sunday, so we didn't get to see any live FX trades, but Nick and his colleague worked through many examples of profitable and failed trades to reinforce how to apply the strategy.

The course covered a few different strategies, entries, exits, stops, money management. Nick also provided everyone with a pivot point indicator for Tradestation.
Since doing the course over 6 months ago, Nick also runs a series of follow-up conference calls every month which were included in the price. These have also been very helpful as it allows you to send in screenshots of your trades, and discuss them on the call. Nick has also teamed up with Steve Ward to also include a few conference calls on trader psychology.

If you're considering any of Nicks' courses, it might be worth reading some of the articles he's written for Traders magazine. The strategies he covered in the course were similar to the ones in the magazine. In fact, I after reading the magazine I was a bit dissapointed as I thought the article revealed a bit too much of the strategy, especially as I'd just paid out a big chunk of cash to learn it!

However, overall, I thought that the course was value for money, especially as I didn't realise that the conference calls were included too, and I did learn a few tricks about using multiple timeframes for my trading.

I did see an advert in this months Traders mag about a one day seminar Nick has organised in London. It might be worth attending this first to get an idea if you like his style of teaching.

 

[dowftse]

Thanks, some good points there. Since you did the course, and assuming you follow the strategies learnt, how has your trading been? Have you placed more winning trades with more consistent profits than previously?

 

[BerkshireBull]

Thanks, some good points there. Since you did the course, and assuming you follow the strategies learnt, how has your trading been? Have you placed more winning trades with more consistent profits than previously?

My primary aim for attending the course was to hear the trading opinions/ideas of the instructor/fellow course attendees, and to get some ideas about different strategy approaches, such as multiple time frames, and some great ideas about pivot points. I did trade some of the strategies for a short period of time and had some success. I was fortunate enough to have a run of good trades that actually paid back the cost of the course.

However, I no longer trade the strategies taught, as I prefer to systems trade, but I have developed some of the ideas in my own strategies. Don't get me wrong, I'm not saying that the strategies taught didn't work. It's just that over the years I've found that you trade your own personal opinions/beliefs about how the markets work, and hence you need to fully understand why you trade your system/strategy.

I suppose you could say that my strategies are a 'cut and shut' of multiple trading ideas learnt over time, including some of the ideas taught on the Precision FX course.