Expert reveals how to be a real-life 'Million Dollar Trader'

A forthcoming seminar series in London shows would-be City supremos how to become successful traders from home on their own terms...

Nick McDonald and his company, Trade with Precision, teach members of the public how to profit from playing the global markets, in a real-life version of the current BBC2 series, 'Million Dollar Traders'.

However, unlike bruising hedge fund manager Lex Van Dam’s team of terrified beginners who must operate in the midst of stock market meltdown and low liquidity, Nick’s students trade Forex, joining thousands of investors who have recently swapped the spiralling global equity and bond markets for the most liquid market in the world.

Nick’s unique programme coaches both beginners and professional traders through a series of intensive classes so they can set up their own trading terminals at home and play the currencies market whenever they want to.

“The beauty of trading the 24-hour FX market from home is you pick your own hours,“ Nick says, “and fit your trading around your day job and lifestyle“.

This means FX traders can avoid the City’s gruelling schedule of 6am starts and ’lunch is for wimps’ approach to sustenance and free time, as seen in the BBC’s reality TV show.

But Nick advises newcomers not to think they will make a fortune overnight, and not to risk too high a proportion of their pot before gaining the discipline and psychological tactics necessary to succeed.

“In ’Make Me A Trader’ complete beginners are expected to trade over half a million pounds of someone else’s money, with what appears to be very little trading strategy“ he says.

“When every trader in the fund sells Citigroup ahead of earnings it’s not trading, it’s gambling” he adds.

“All traders need a detailed and precise trade strategy with very well defined entry and exits. They must also have a full awareness of the risk involved.

These are the fundamental points we teach our students, along with management techniques for the sometimes intense mental pressures that trading can involve.“

Nick’s colleague Steve Ward (who features on the BBC programme) teaches Trade with Precision students psychological motivation and control, having coached Olympic athletes before working with top traders in the City and worldwide.

Both Nick McDonald and Steve Ward will host the next free Trade with Precision workshop on Tuesday 3 February 2009 at the Radisson Edwardian Vanderbilt Hotel in South Kensington, London from 18.30.

Free online webinars are also available for registration on the company’s website at: www.tradewithprecision.com

Nick and his team will be participating in ’Trading Symposium’, a day of live trading in London on 30th January 2009 with successful US hedge fund trader Larry Pesavento. Tickets for this event are available to buy from: www.tradingsymposium.com

Nick McDonald founded Trade with Precision to teach people ’real’ and ’precise’ trading strategies, omitting irrelevant information which is not conducive to trading success.

He teaches a variety of scalping, intra-day and swing trading strategies using technical analysis on both FX and index futures.

Trading currencies on the FX market is about the future expectations of how countries will perform relative to each other. They are traded in pairs, so investors are always long (buying) one and short (selling) the other. A simple trade would be to short British pounds and buy US dollars if you believe that sterling will continue to weaken versus dollars.

The internet has made it easy for beginners to trade currencies, joining the hedge funds, institutional investors, global corporations and others that collectively trade trillions a day on the FX spot market.