I’m a member of a free Forex newsletter from a company called Trade With Precision. If you haven’t heard of them I’d recommend you sign up and check them out. They offer a free market commentary each week before the markets open. But this isn’t the main point of this post.
Last November Trade with Precision had a sign-up offer for their paid Precision Perspectives newsletter, pay NZ $199 now to sign up, they then refund that $199 into your account. If you stay a member your credit card will be billed $199. I wanted to get an idea of what the paid newsletter was all about. So I signed up with the intention of suspending my membership after the 1 month trial.
My Precision Perspectives Membership Review
I was impressed with the content the paid newsletter had to offer, heads up calls, live market commentary and psychology articles. All showing how to implement the strategies they teach right there on the live market. With a variety of trading knowledge from the team of traders it was good to be able to see the different approaches each trader brings, while still all essentially implementing the same technical methods.
What I did like about the trades they showed was that none of the traders use any custom indicators, instead they use indicators that can be found in any charting package – Moving Averages, MACD, RSI, ADX, Pivot Points. While I haven’t done any of their courses, I did find many of the trades relatively straightforward to understand with logical reasons for entering into any trades.
The paid membership also gave access to an introductory Forex course called Traders Edge, which covered many of the basics a new trader would need to learn. In this one aspect Travis describes is the effect of compounding 4% in Forex profits per week. Starting with a $10,000 account Travis mentions that if you had 1% profit per week you would have 61% compounded over an entire year. I did find this slightly misleading. Firstly if you had a $10,000 account and you made $400 (4%), you would still need to pay for the PP newsletter at $199 for the month, trading brokerage fees and it is likely if you want to trade full time you would need to withdraw some money for living expenses. In order for this to work in the real world you would need to either start with a larger account, or make more than 4% per month. I calculated I would need an account of over $200,000 to cover costs, withdraw living expenses and have a small amount compounding in the trading account.
At the end of the month I didn’t renew my subscription as I had intended, my main reason for this is that I’m not a trader yet. I’m currently demo-trading for a while and saving to open a trading account. I hope to start trading around Oct-Nov this year part time at first. Would I join the PP newsletter when this time comes? Quite likely. The content was well worth it, my expectations aren’t 4% compounding per month, but most likely 1-3% per month. If I started with $10,000 I’d be looking at compounding the account for more than 5 years before I could have enough to trade as a professional.
I soon plan to use this blog to update with any trades I’m taking in my demo account so you can track my progress.