What do you reckon it would take for you to make such a grand experiment?
I just blow too many accounts, its frustrating and even more difficult to that if I dont succeed Ill be doomed to be a corporate drone.
Trade or bust!
- #221
- Mar 4, 2013 6:37pm Mar 4, 2013 6:37pm
I just blow too many accounts, its frustrating and even more difficult to that if I dont succeed Ill be doomed to be a corporate drone.
Trade or bust!
- #223
- Last Post: Aug 1, 2017 3:44pm Aug 1, 2017 3:44pm
So... here we are. Perhaps sharing my experience may aid those who want to make the transition.
Let's start by how trading came to me. - At the end of February I heard a rumour GoPro stock was going to crash to a new low during March. (I'm a huge fan of the camera company and extreme sports in general.) This meant nothing to me at the time and so it was completely ignored... Over the few weeks ads about trading kept coming up, things on the news, things in the papers at the shop close to where I work. Things relating to trading everywhere. Oil, Gold, Brexit affecting the markets. I didn't even know what was meant by 'the markets'. One evening after seeing something that was about the stock market I remembered something from a few years back. Something called binary options. I googled it. The sheer volume of information was overwhelming...
Anyway, it lead me (by chance) to downloading a platform where you could trade binary options. After navigating the program for a few minutes I came across some indicators and how to change the chart appearance and so on. After messing about with the demo account I decided to deposit a tenner (10gbp) and just go for it. A few minutes later it was around about £50. I wasn't sure if this was serious or not. Bare in mind this was my first ever experience with trading, or what I thought was trading. Within 3 hours my account was £1722 and by the time I stopped it was £2310. I wasnt sure if this was real or not, after a quick decision to withdraw it began processing. After messing around with identity and validation stuff it was sitting in my bank account a week later Of course, the psychological stuff then caught up. It was incredible, you feel invincible. My resignation letter typed up, printed out, enveloped and waiting in my work bag to be handed in the following morning. Something was screaming at me inside not to do this and after an internal struggle that entire week common sense prevailed and the letter ended up in the bin. A day later I lost £700 in one click. Wise move indeed. First lesson learnt, you can lose as much as you win. Emotions can hinder your judgement enormously.
After the emotions had calmed down from the loss which to me was mad scrilla then it got me thinking more about the entire subject of trading, binary options, stocks, shares, forex etc. Also about myself, how I lost my shit, all sorts of things. The brain was on overload. Maybe Ill talk about this later.
After a little more research I found the charts for GoPro and had a look. It was set to candlesticks as this was my preferred visualisation of price on the binary options platform. Not sure why but it just seemed to make more sense than lines, even though they do contain the same information. I could see that after February it did indeed drop down to a new low price. After finding a broker I brought a pile of GoPro shares using my remaining binary money and my entire credit card amount (£4600) at the price of 7.19 going long. Wreckless. - Before I knew about stop losss, risk management etc. Thinking back now while typing this. That could have got nasty very quickly if it kept falling. I left this trade on during work with no stop loss! Sickening. After learning what it was after seeing it on the platform it was sharply put in place. Lesson 2. Always manage risk.
Mid-way through April I sold the shares at 9.10. A fantastic profit and once again the psychological stuff kicked in. This time there was no trading. Lesson 3. You must trade with no emotion. I banked that money and locked it away in peer to peer lending. Ill be honest here, my income during the day job is not that great. (J)ust (O)ff (B)roke. I have no degree, no well off background etc. No need to complain. Oh yeah, it was difficult not to close the trade at a small profit. Lesson 4. Patience. Ride the trade out, for hours, days, weeks, months, years if need be.
That was how my journey began and let me tell you all, its brutal. It will push you to the edge. Writing this now I have multiple trades on EUR/USD (entry at 1.07235) based on a strategy that doesnt involve any indicators as they lag. (MAs, BBs, The Rainbow Dragons). (Late entry really but Im not complaining.) Lesson 5 Study hard, really hard. Get all the information you can. From professional traders, analysing charts back in time, finding patterns, look at the news and then look at the movement on the charts before the news breaks, back test everything. Write down everything you do, the reasons behind placing all trades, what, why, when, how. Read books, as many as you can get. Good well acclaimed books about money, trading, money management, emotions, psychology. Spend hard earned money on knowledge if you cant find the answers you are looking for. (Be careful not to get suckered into buying some get rich quick crap). Find all you can on everything. Its all about learning.
Lesson 6 Lets be realistic, this is really about yourself. Are you in a position to trade as a replacement to your job? Can you maintain bills, food and have some disposable at the end month to spend on whatever you want? Can you support your family? Even if you have the capital to do so how long will it last? How much can you make a day, a month, a year compared to other forms of income? Can you commit yourself to studying and admitting that you can get things wrong? You got to cover everything, ask yourself all the what ifs.
I am a major workaholic and Ive not had a day off in over 3 years until recently I was forced to have time off by my employer. Yet the time is spent studying charts, reading books etc, Of course balance it with other things like going outside haha. Outside has good graphics!
Go read those books on the beach. Starting next March I have the means to financially sustain myself for a long time. Only then trading can take primary focus. For those looking to make this a reality you need to plan ahead, commit yourself ten times over and also save money. Do not break yourself by not eating, stressing or panicking. Trading has no place for such things.
I am on great terms with my employer now because of the books Ive read. I no longer hate my job or my superiors and they will take me back if trading is not successful. Trading has brought me closer to my friends, my colleagues, my family but more importantly it has brought me closer to myself, as a person, who and what I am.
My brain hurts now. - Hope someone could find something useful here. Any questions, feel free to ask.
Oh yeah, this is my first post on here. Woop!
Let's start by how trading came to me. - At the end of February I heard a rumour GoPro stock was going to crash to a new low during March. (I'm a huge fan of the camera company and extreme sports in general.) This meant nothing to me at the time and so it was completely ignored... Over the few weeks ads about trading kept coming up, things on the news, things in the papers at the shop close to where I work. Things relating to trading everywhere. Oil, Gold, Brexit affecting the markets. I didn't even know what was meant by 'the markets'. One evening after seeing something that was about the stock market I remembered something from a few years back. Something called binary options. I googled it. The sheer volume of information was overwhelming...
Anyway, it lead me (by chance) to downloading a platform where you could trade binary options. After navigating the program for a few minutes I came across some indicators and how to change the chart appearance and so on. After messing about with the demo account I decided to deposit a tenner (10gbp) and just go for it. A few minutes later it was around about £50. I wasn't sure if this was serious or not. Bare in mind this was my first ever experience with trading, or what I thought was trading. Within 3 hours my account was £1722 and by the time I stopped it was £2310. I wasnt sure if this was real or not, after a quick decision to withdraw it began processing. After messing around with identity and validation stuff it was sitting in my bank account a week later Of course, the psychological stuff then caught up. It was incredible, you feel invincible. My resignation letter typed up, printed out, enveloped and waiting in my work bag to be handed in the following morning. Something was screaming at me inside not to do this and after an internal struggle that entire week common sense prevailed and the letter ended up in the bin. A day later I lost £700 in one click. Wise move indeed. First lesson learnt, you can lose as much as you win. Emotions can hinder your judgement enormously.
After the emotions had calmed down from the loss which to me was mad scrilla then it got me thinking more about the entire subject of trading, binary options, stocks, shares, forex etc. Also about myself, how I lost my shit, all sorts of things. The brain was on overload. Maybe Ill talk about this later.
After a little more research I found the charts for GoPro and had a look. It was set to candlesticks as this was my preferred visualisation of price on the binary options platform. Not sure why but it just seemed to make more sense than lines, even though they do contain the same information. I could see that after February it did indeed drop down to a new low price. After finding a broker I brought a pile of GoPro shares using my remaining binary money and my entire credit card amount (£4600) at the price of 7.19 going long. Wreckless. - Before I knew about stop losss, risk management etc. Thinking back now while typing this. That could have got nasty very quickly if it kept falling. I left this trade on during work with no stop loss! Sickening. After learning what it was after seeing it on the platform it was sharply put in place. Lesson 2. Always manage risk.
Mid-way through April I sold the shares at 9.10. A fantastic profit and once again the psychological stuff kicked in. This time there was no trading. Lesson 3. You must trade with no emotion. I banked that money and locked it away in peer to peer lending. Ill be honest here, my income during the day job is not that great. (J)ust (O)ff (B)roke. I have no degree, no well off background etc. No need to complain. Oh yeah, it was difficult not to close the trade at a small profit. Lesson 4. Patience. Ride the trade out, for hours, days, weeks, months, years if need be.
That was how my journey began and let me tell you all, its brutal. It will push you to the edge. Writing this now I have multiple trades on EUR/USD (entry at 1.07235) based on a strategy that doesnt involve any indicators as they lag. (MAs, BBs, The Rainbow Dragons). (Late entry really but Im not complaining.) Lesson 5 Study hard, really hard. Get all the information you can. From professional traders, analysing charts back in time, finding patterns, look at the news and then look at the movement on the charts before the news breaks, back test everything. Write down everything you do, the reasons behind placing all trades, what, why, when, how. Read books, as many as you can get. Good well acclaimed books about money, trading, money management, emotions, psychology. Spend hard earned money on knowledge if you cant find the answers you are looking for. (Be careful not to get suckered into buying some get rich quick crap). Find all you can on everything. Its all about learning.
Lesson 6 Lets be realistic, this is really about yourself. Are you in a position to trade as a replacement to your job? Can you maintain bills, food and have some disposable at the end month to spend on whatever you want? Can you support your family? Even if you have the capital to do so how long will it last? How much can you make a day, a month, a year compared to other forms of income? Can you commit yourself to studying and admitting that you can get things wrong? You got to cover everything, ask yourself all the what ifs.
I am a major workaholic and Ive not had a day off in over 3 years until recently I was forced to have time off by my employer. Yet the time is spent studying charts, reading books etc, Of course balance it with other things like going outside haha. Outside has good graphics!
Go read those books on the beach. Starting next March I have the means to financially sustain myself for a long time. Only then trading can take primary focus. For those looking to make this a reality you need to plan ahead, commit yourself ten times over and also save money. Do not break yourself by not eating, stressing or panicking. Trading has no place for such things.I am on great terms with my employer now because of the books Ive read. I no longer hate my job or my superiors and they will take me back if trading is not successful. Trading has brought me closer to my friends, my colleagues, my family but more importantly it has brought me closer to myself, as a person, who and what I am.
My brain hurts now. - Hope someone could find something useful here. Any questions, feel free to ask.
Oh yeah, this is my first post on here. Woop!