Join 54,991 users and earn money for participation

Diary of a FT trader: Part 1

0 13 exc boost
Avatar for flipfx
Written by   22
1 month ago

This will be a diary discussing my thoughts and trades through a spectrum of different markets. This will include insights into my analysis, explanations of my theory and trading phycology and discussion of real trades I am taking and the profits or losses these are generating.

I trade a full range of assets. From crypto, FIAT currencies, commodities, stocks and world indices. I'm trading these through spot markets, CFD markets, futures markets and options contracts. I choose between them depending on the situation, and I'll discuss why and when I pick certain ones over others (Or combine them).

I trade over various timeframes. A lot of my trading is day trading, but since this is harder to track most of my posts will probably be analysis of moves I am looking to trade over the next week or month rather than the next few hours. This is easier for me and more practical for readers.

My trading style is predominately based upon technical analysis. Reading charts. Using very basic "Classical" charting patterns and looking to exploit edges I've back-tested and found to be effective in many different markets. My fundamental analysis skills are limited, but I remain aware of big events happening.

I'll be updating my thoughts at least twice a week, sometimes more often is there are more interesting market conditions, for anyone who finds my posts useful/interesting and wants to track my progress. Please note, nothing I say should be considered investment advice. It's only my opinion.

Thoughts and Tips to Aspiring Traders

If you're reading this, you probably have some interest in trading. Trading has opened up doors for me that give me the prospects of living a life well beyond what someone from my sort of back-ground would be expected to live. I do not discourage people from it, but it's fair to give you the warnings.

Speculating, especially as a main source of income, is very hard. It's a stressful thing to do. Very few successful traders do not experience crippling failure at some point. Horrific failure is almost a requirement to re-wire your brain to have more respect for randomness/variance and higher risk intelligence.

Trading is not about being a brain-box that intuitively knows where the market is going. For most people it is about finding slight edges in the market and then repeating that process many times. Winning and losing along the way, but create an overall positive expected return.

Learning is a slow process. On average it takes five years to find consistent success in trading. "Consistent" is the key word here. It usually takes under six months to think you know what you're doing, and then it takes a few years of pain for you to learn how dumb most of the things you used to think really are.

For all forms of trading it's possible to trade with "Demo accounts". These will allow you to trade using fake money and it's useful for getting the basic ideas of strategies and learning about position sizes and risk control. It's always a good idea for newbies to use demo accounts for a period of time.

Helpful Resources

Here are a couple free training courses for those wanting to learn the basics of how some of these markets work.

Forex Trading - Babypips school.

Options Trading - Video course on options trading.

Thanks for reading.

Sponsors of flipfx
empty
empty
empty

2
$ 0.12
$ 0.12 from @TheRandomRewarder
Sponsors of flipfx
empty
empty
empty
Avatar for flipfx
Written by   22
1 month ago
Enjoyed this article?  Earn Bitcoin Cash by sharing it! Explain
...and you will also help the author collect more tips.

Comments