Few people know this about me but I'm a forex trading tragic!
Forex is short for foreign exchange which I define as the insane act of trying to make money by swapping lots of borrowed money from one country for money from another country. Then you swap it back when the original pile of money is worth more.
It is a fact that 95% of the people who attempt this usually lose money and then give up, usually after being tricked by a slick salesman into thinking that forex is the worlds easiest 'get rich quick'.
Many lose their entire account by breaking the golden rule of forex trading, never risk more than 1% of your capital.
Forex is not a way to get rich quick, it is a method of making money that is limited first by your lack of dedication, knowledge and discipline and then by the effectiveness of the system you employ, not the other way round. Many people, (myself included in the past)struggle to come to terms with the fact that THEY are the reason they are not successful not the system they trade.
I am not going to paint myself as a guru here.
Overall I have lost money so far but that is swiftly turning around and I intend to be back at break even very soon. The last few months have been a steep learning curve for me but I'm back trading with real money every night and quickly replacing my losses. My automatic trading account has yielded double digit returns so far this year and I expect it to go much further now the summer break is over in Europe.
It is my goal in life to own my own farm. It's a big goal and I'm fully aware that I need $1,000,000 plus before I can even contemplate buying a horse paddock given the current land prices.
Given the scope of my dreams, low risk/ low return investments are simply not an option. If I'm going to achieve the goals I have in mind I have to double or even triple my money every year for the next 10 years.
In the current landscape you have to be a millionaire before you become a farmer.
Enter Mr Courtney Smith,
I read Courtney's book Trading Foreign Exchange early in the year and loved the strategies he presented, they are simple, elegant, easy to use and profitable. Courtney's explanation of the fixed fractional system for limiting risk has changed my trading for the better.
Initially I struggled to implement Courtney's strategies properly, more through my own poor dicipline rather than any problem with the system. Courtney's systems are easily traded in 15-30 minutes a day but the system only works if you work it!
Recently I've tidied up my act and attended Courtney's 'Freedom Trader Intensive' (FTI) seminar last weekend to further my learning.
The FTI focus's more on share trading but forex traders will not be disapointed. Courtney's stock picking method is superior to anything I have ever seen, I traded shares for four years and read 4 different books on the subject and I never came close to finding the common sense techniques I learned at FTI.
Courtney's fundamental analysis methods take every publicly listed company in the world and thins them down to a useable shortlist of around twenty to fifty "best of the best" international stocks. He then shows you how to cull your shortlist down even further to attain "the best of the best of the best".
Courtney then demonstrated how to properly time your entry into the market using proven technical (chart) analysis techniques like the famous 'Channel Breakout'.
The goal is to catch most of the metioric rise of the worlds most dynamic companies while limiting your risk and using your capital to the greatest effect by only having it invested in fast rising shares.
Courtney's portfolio for the year is up 53% so far and I think that result speaks for itself. If you need further evidence he also made several predictions.
His predictions included a sharp correction for Royal Gold (Nasdaq: RGLD) and for a "correction in the US market followed by a rally in the fall" I will be watching to see how these predictions play out.
I enjoyed the Freedom Trader Intensive and would recommend it to anyone who possesses a healthy risk appetite and desire to make money from a limited amount of capital.