Thanks for sharing this. (After all my bla bla, there is an actual question for you at the end.)
Unfortunately I also attended Sandy’s Fast Profits seminar and I share your opinions. Very basic strategies (actually not even that, just a bunch of ideas on how to trade MA20 crossovers). He gave 2-3 ideas how to enter those trades and 3 different ways to exit them. No actual results were shown or what impact different combinations of his ideas have on trading success. Only thing he shows is that one trade a year when the market moves 30% (thanks to corona this year). He does not tell you that most of those MA crossover strategies have a success rate around 30%. With his Money Management strategy of “never risk more than 5% of your account” (quite high for a beginner) your account balance goes down rather quickly.
The return he is making you believe are possible, don’t make sense though. I backtested one of the possible combinations of his strategy (over the period of the last 20 years) and it was slightly better than just holding the asset. So it’s not a complete loss. But far away from his house in Spain stories …
As far as I remember, he did not share his actual results ever (and whether they are actually exceeding his income from selling his seminars …)
As in your case, his course somehow got me started and thinking. I now have developed a strategy (3-4 trades a week, maximum 1 trade per day) which promises around 10% profit per month which I’m quite happy with for a start. It’s backtested for a year (~55% success rate) and I’m trading it for a bit over a month now and I’m actually in profit right now.
Thank you so much for sharing your insights and opinion on this. It really helped me to put things in perspective.
You said you found a strategy which works for you with 80-90% success rate. Can you share what you are looking at? You don’t have to share the whole strategy, just a pointer would be nice. Then I have something to research (I’m still at the beginning of this whole journey and just want to explore what’s out there)
Thank you very much and I hope you’ll be able to enjoy traveling very soon again!