Since my post yesterday about the interview with Alex Hope and how he became a day-trader my inbox has been filled with questions about how to become a day trader, what is involved, and where to begin.
The advice I give in all my trading systems is that you treat it like any other new career, part-time, or full-time. You need to devote some time to learning everything you need to know. For those of you who seem a little daunted I have found a brilliant article about day trading that starts right at the basics, and gently introduces you to a profitable way of life.
Of course all this information is excellent for the basics, but without a system to trade it will not let you put your knowledge into practice. If you want to start Day-Trading, the Trade With A Day Job system is the best place to begin, and includes yet more information about day trading that any new trader should know.
If you’re still unsure about career as a Day-Trader and would like some more information I have a limited number of slots left next week for a Skype chat. Contact me today if you would like to book a time to have a chat and answer any questions you may have. If you don’t have Skype, don’t worry I can also chat to you using Google Chat if you have a Google account or GMail email address.
6:30pm. I have had quite a relaxing day today, I was up at 8 o’clock and after a quick breakfast, it was over to a friend’s farm near Stansted Airport to do some Clay Pigeon shooting. I got back this afternoon and spent a few hours doing emails from prospective customers – plus two Skype sessions with a guy from South Africa and another from Ireland. Both have decided to purchase my “evening” system today.
In the markets, fear is gripping investors at the moment as the eurozone debt crisis seems to be getting out of control. Politicians in the US are now trying to calm nerves by saying that their exposure to Italian debt is wholly containable and that their banks will be able to weather the storm in the event of any default. This has washed with the markets which were in sell mode throughout last night’s session in New York and this morning it has followed through to European indices.
An hour and half ago (5pm), I switched on a laptop in the kitchen and started watching my S&P500 chart for any sign of a trade signal with my “Trade With A Day Job” evening system. I did spot one fairly quickly and at 5:40pm I was in a long trade. The market shot up nicely as I had hoped and at 6:23pm I came out of the market with a profit of +89 pips.
Daily Target Reached Today ? YES (+89 pips) I trade for just 90 minutes this evening
Watch this video with 22 year old Alex Hope – who started his trading career after reading a short book on the forex market while travelling to work. He has now given up his day-job and is trading full-time, proof that anyone can do it if they have enough ambition…….
10:00am. I had a leisurely start to the day earlier, I was up and showered by 8:15 and after breakfast I got into my study at 8:30am and switched on my screens to watch for any signals on my trendFX group of strategies.
The Asian session overnight booked some useful gains, but the European session has so far been full of down-moves for the major indicies – and using one of my strategies from the trendFX manual, I managed to hop onto the short trend and grab +77 pip from a trade on the S&P500 index – I got into the market a few minutes after 9 o’clock and got out just 43 minutes later.
I will report back later with news of my “Evening” trading, and my sister is over from Australia for 3 weeks, so I’m going to be showing her how to trade as she is keen to start when she gets back home in December.
8:45pm. I have just finished my evening trading session – I missed an earlier trade at 5:30pm as I was explaining some trading rules to my sister and NOT watching my chart, but I later managed to get into a ‘short’ at 8:15pm. This trade had a bigger than normal stop-loss, so none of my cusotmers would have taken it, and within 10 minutes I was stopped out at minus 31 pips. A second signal came up almost immediately (which often happens with my evening system) and I was in the market again just before 8:30pm. I have just got out with a nice profit of +51 pips, so giving me overall earnings tonight of +20 pips, plus my morning’s profit.
Daily Target Reached Today ? YES (+97 pips)I traded for 45 minutes this morning plus a few hours this evening.
08:00am. I was up fairly early this morning, and after a quick shower and large mug of coffee, I was in front of my 3 screens in the study at 7:15am watching my usual eight charts for any signs of a trade signal(s) on my trendFX system (which has 5 separate strategies)
Almost immediately I could see the start of a signal on my S&P500 chart and at 07:32am I was in a ‘short’ trade. Eighteen minutes later I was out of the market with a quick +30 pip profit, well above my normal daily target, so I have switched the screens off and will concentrate on emails for the rest of the morning, together with 3 Skype sessions with some prospective Markets Mastered customers – one from Italy and two from Australia.
All eyes are on Italy today as Berlusconi is having his premiership put to the test. Rumours that he’ll step down have been doing the rounds this morning which gives a little indication as to what the markets think of his leadership. Read more on this subject here.
I will report back later if I do some ‘evening’ trading with my starter system.
6:10pm. I did sit down an hour ago with laptop to watch for any trade signals with my “Trade With A Day Job” trading system and at 5:45pm I was in the market – and just 10 minutes later I had a +20 pip profit banked.
Round to a friend’s house now for an evening of snooker.
Daily Target Reached Today ? YES (+50 pips) I traded for 45 minutes this morning plus an hour this evening.
4:30pm. We had a late start in the hotel this morning, and left Blackpool just before lunchtime – getting back here to Suffolk after 5 hours of heavy traffic.
The markets have been down initially and then back and forth through the day as Greece’s economic problems take a back seat to this coming week’s big news, Italy’s economy and Burlusconi’s chances of staying as Italian Prime Minister for the next 7 days – watch this space.
6:20pm. I started watching my S&P500 chart at 5pm, to see if I could spot any potential trade signals on my “Evening” system. At 5:30pm I could see a possible pattern emerging and 15 minutes later I was in a short trade. My target only took a few minutes to come up and at 5:52pm I was out with +20 pips.
Friends round for dinner soon so the laptop is going off and the oven is being turned on………
Daily Target Reached Today ? YES (+20 pips) I traded for just under an hour this evening
8:15am. Just returned home from a quick (and wet) cycle ride, I managed 13 miles in all, and now for some breakfast and email catch-up. I’m leaving for Blackpool in an hour or so, and will not be trading at all today as it’s Non-Farm-Payrolls announcement at lunchtime (the U.S. employment figures) which means the markets will be in a tight trading range this morning, and then they will shoot off in some direction once the figures are made public. A day to sit on the sidelines, and have a day off from trading.
I hope you all have a nice, relaxing weekend and I will report back on Monday afternoon, once I return home from Blackpool.
7:30am. Another early start for this morning, I am off to a friend’s farm in 30 minutes for a morning of Clay Pigeon Shooting. I’m back here at lunchtime for three Skype calls with prospective customers – and then some catching up on emails.
The main indexes are still in the doldrums at the moment ahead of the G20 meeting in Cannes today – the main subject on the agenda will be the Greek bailout situation. Another day of good movement on all our charts, just what day-traders need.
I will report back later to let you know about my “Evening” trading with my “Trade With A Day Job” system.
5:30pm. I have just come out of a 35 minute trade on my “Evening” system, I managed a profit of +67 pips in a fast moving market. Out for a few pints at the Lord Nelson now and then packing for a long weekend in Blackpool – my girlfriend is in a National Dance Competition there on Sunday.
Don’t forget – tomorrow is the first Friday of the new month so it’s Non Farm Payrolls Announcement again – so no trading for myself (or any Markets Mastered customers)
Daily Target Reached Today ? YES (+67 pips) I traded for just over an hour this evening.
9:00am. I left Chelmsford quite early this morning and arrived here in Suffolk 30 minutes ago – and first thing on today’s agenda is a cycle ride along the coast (north) and returning along the road, I envisage being away for a couple of hours.
Financial news today is still dominated by the ongoing ‘Greek Tradgedy’ ahead of tomorrow’s G20 meeting in Cannes. There is also a Fed Press Conference later today in the U.S. so the markets will be quite unpredictable. This means I will not be trading my evening system later today, there will be too much volatility
09:15am (C.E.T.) I was up quite early this morning as I am returning back to the UK later today. I had a walk along the beach at 7 o’clock, and after a quick breakfast I switched on my laptop (at 8 o’clock) and had a look for some trade signals with my trendFX system. Almost immediately I could see a possible trade developing and at 9:03am I was in a short trade on the S&P500 index. It very quickly moved in the direction my signals suggested and 6 minutes later I was out with a profit of +31 pips. A quick bit of packing and I’m off to Alicante Airport to drop the hire car off and back on a friend’s plane to Duxford Aerodrome near Cambridge.
The markets in Europe this morning have posted some heavy losses of around 2-3% and the FTSE100 index may see some further strong moves around 9:30am GMT when the UK GDP Third Quarter figures are released by the Government’s Office Of National Statistics
6:00pm (GMT). I did get home here to Chelmsford a few hours ago, so I managed to get my laptop switched on at the normal time. Within a few minutes of my chart coming up on the screen I could see a potential trade signal on my “Trade With A Day Job” evening system and two minutes later, I was in a ‘long’ trade on the S&P500 index. Ten minutes into the trade I was out with a +30 pip profit – so all in all a good day’s trading.
I shall have a relatively early evening as I am heading off first thing in the morning for my weekend cottage in Suffolk for a few days by the coast.
Daily Target Reached Today ? YES (+61 pips) I traded for just over an hour this morning plus 15 minutes this evening
