ironjaw
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Dear all,
I am new and will be documenting my personal journey to become a day trader. So if you, like me, want to get into day trading, or can dispense any advice, help, tips or words of encouragement, then you are more than welcome to follow this thread. The way it is going to work is that I am going to update this thread on an ongoing basis as I learn and go down this route.
Background
To start off, I know little about trading, but have always been curious and secretly wanted to go down that route, but life took me elsewhere. With a safe option, I ended up as a lawyer. I'm self-employed and deal with B2B litigations and regulatory investigations, in banking/finance and pharmaceuticals, which means (a) no one's shouting down my neck; (b) no dealings with private clients on private matters. What a relief!
In 2017, I received a taste in Forex from a former colleague that made it sound like the next best thing to sliced bread and get rich quick scheme bull. I was immediately cautious, but took a chance. I found it too intense, more like sitting in a F18 - too volatile for my taste. I disliked the leverage from the start, which made the entry larger than your initial capital, as I knew you were borrowing money to go in, and you know what happens next. Incidentally, he lost £600K and moved out of the UK. I knew absolutely nothing about the market, other than studying what I did on Babypips.com - The School of Pipsology. It's still unfinished. I made mistakes and sometimes traded without a stop loss. In short, I didn't know what the hell I was doing. Luckily I turned my £200 into £23 and got out. There's nothing wrong with Forex, I still do admire it, especially USD/JPY pair and the Tokyo session, and I liked that it's 24/7 and that you can see how things in the news and politics affect currency. I have no regrets as it was a learning curve and taught me that I needed to educated myself - much more. That got me thinking about a couple of questions:
Why am I changing career
I'm not entirely changing career, but will lesson down the legal side, as the trading becomes more profitable. Also, as I work from home, and with COVID19 forcing businesses and my clients to work remotely, it has turned out to be a blessing. No need to commute down to London 6 am in the morning in overly packed trains, with eye-watering odours, and non-consensual touching. This, coupled with my desire to get into trading, has given me the impetus to go ahead and make a start. I am committed for the longterm. I know the risks. In addition, as I'm already in front of the computer daily and have multiple computer monitors, this gives me the flexibility to follow the markets daily from 9 to 5 and after work. I can multitask easily.
What I want to achieve
I have found out that I like researching and have a personality of investing for the long term. That is going to be my main aim. However, I also want to dabble in daily trading to build the muscles and keep an eye on the market to organically grow the account. I think it's important to be practical about things and any hands-on experience trading daily would be beneficial. Here, I am not suggesting over-trading or any negative connotations, rather calculated, researched, well-executed trades with proper risk management, i.e., even before executing the order, you should know the entry, exit, and stop loss points.
My primary objective
To be a successful day trader that is consistently profitable, with minimal loses and with a proper executed risk management and portfolio. I want to be independently and financially free to be able to enjoy life and do the things that I want to do. Also, end up in the Caribbean with sunshine and white beaches, with a beverage to quench my thirst.🏖
Disclaimer: My opinions listed here are not to be construed as investment, financial and/or legal advise. Please consult a regulated expert about your own needs. The information listed is for educational and discussion purposes and reflect my personal opinion and journey. Investment equals risk and loses. You have been warned.
I am new and will be documenting my personal journey to become a day trader. So if you, like me, want to get into day trading, or can dispense any advice, help, tips or words of encouragement, then you are more than welcome to follow this thread. The way it is going to work is that I am going to update this thread on an ongoing basis as I learn and go down this route.
Background
To start off, I know little about trading, but have always been curious and secretly wanted to go down that route, but life took me elsewhere. With a safe option, I ended up as a lawyer. I'm self-employed and deal with B2B litigations and regulatory investigations, in banking/finance and pharmaceuticals, which means (a) no one's shouting down my neck; (b) no dealings with private clients on private matters. What a relief!
In 2017, I received a taste in Forex from a former colleague that made it sound like the next best thing to sliced bread and get rich quick scheme bull. I was immediately cautious, but took a chance. I found it too intense, more like sitting in a F18 - too volatile for my taste. I disliked the leverage from the start, which made the entry larger than your initial capital, as I knew you were borrowing money to go in, and you know what happens next. Incidentally, he lost £600K and moved out of the UK. I knew absolutely nothing about the market, other than studying what I did on Babypips.com - The School of Pipsology. It's still unfinished. I made mistakes and sometimes traded without a stop loss. In short, I didn't know what the hell I was doing. Luckily I turned my £200 into £23 and got out. There's nothing wrong with Forex, I still do admire it, especially USD/JPY pair and the Tokyo session, and I liked that it's 24/7 and that you can see how things in the news and politics affect currency. I have no regrets as it was a learning curve and taught me that I needed to educated myself - much more. That got me thinking about a couple of questions:
- What type of trader am I?
- Do I want to go long or short?
- Do I want to scalp?
- Am I looking for quick profits or long term?
- What do I want to do in the market?
- What instruments excites me?
- Do I like doing research?
Why am I changing career
I'm not entirely changing career, but will lesson down the legal side, as the trading becomes more profitable. Also, as I work from home, and with COVID19 forcing businesses and my clients to work remotely, it has turned out to be a blessing. No need to commute down to London 6 am in the morning in overly packed trains, with eye-watering odours, and non-consensual touching. This, coupled with my desire to get into trading, has given me the impetus to go ahead and make a start. I am committed for the longterm. I know the risks. In addition, as I'm already in front of the computer daily and have multiple computer monitors, this gives me the flexibility to follow the markets daily from 9 to 5 and after work. I can multitask easily.
What I want to achieve
I have found out that I like researching and have a personality of investing for the long term. That is going to be my main aim. However, I also want to dabble in daily trading to build the muscles and keep an eye on the market to organically grow the account. I think it's important to be practical about things and any hands-on experience trading daily would be beneficial. Here, I am not suggesting over-trading or any negative connotations, rather calculated, researched, well-executed trades with proper risk management, i.e., even before executing the order, you should know the entry, exit, and stop loss points.
My primary objective
To be a successful day trader that is consistently profitable, with minimal loses and with a proper executed risk management and portfolio. I want to be independently and financially free to be able to enjoy life and do the things that I want to do. Also, end up in the Caribbean with sunshine and white beaches, with a beverage to quench my thirst.🏖
Disclaimer: My opinions listed here are not to be construed as investment, financial and/or legal advise. Please consult a regulated expert about your own needs. The information listed is for educational and discussion purposes and reflect my personal opinion and journey. Investment equals risk and loses. You have been warned.
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