I don’t know if anyone else has been keeping up to date with the trading academy that is being run by a well know spread betting firm but it seems that they are doing a good job of teaching their traders how to lose.
Obviously it’s all just a clever marketing ploy for the spread betting firm and they have no real interest in who wins or loses as long as they get more punters signed up to their account as a results. I just think it’s highly amusing that they plug the fact that they think they can teach ‘anyone’ to trade. I however think different. If they could teach anyone to trade then surely by now some of them would be showing signs of consistency rather than only losing money.
Now I can’t really talk because for all my own experience of spread betting I have still yet to turn a profit. The difference is that I have had no professional tuition and do not claim that I will ever make a success of trading but hope that one day I might. The Spread betting firm however make the bold claim that their experts can teach anyone to trade.
The latest video (Week 5) sees John ‘Mac’ exiting the competition. In the video he states that the experience has given him the confidence to go on and trade for himself. I was surprised to hear him say that since he mainly made losses in the weeks that he was there. Then there is Shazad. He qualified for the final by making over £5000 in one week. He actually made around £8000 so and 8% return on investment for one week on a £100k bank. You have to watch carefully though as he says he made £8k in one FX trade buy trading £1000 per point. WTF £1k per point is a huge gamble in my opinion especially on FX where prices can easily move 100 pips in the blink of an eye. I’d love to know his risk management strategy on that trade. I like to stick to 1% so that would be a max risk of £1000 on a £100k bank so 1 pip at £1000 per point. I suspect I know his risk management strategy, HE DIDN’T HAVE ONE.
In the summary Ashraf Laidi, and Jackie Chan, sorry I mean James Chen, simply brush over the fact that Shazad risked £1000 per point on one trade and he automatically made the final. Personally I think he should’ve been kicked out for a stupidly massive risk on one trade. Anyway it will be interesting to know who the winner of the £100k prize is and I wonder if they will trade with the money once they have it. It Shazad wins I wonder if he will trade £1000 per point with his own money. I highly doubt it.
Anyway I know I’ve been away for quite some time but I will be back soon ish. I can’t give any definite dates yet but trust me I’m not gone yet.
I also spotted that Chris Chillingworth has moved form being the spread trader to SpreadBetBeginner.co.uk. He looks like he’s making good progress so be sure to check him out if you get the time.