My journey in to trading the financial markets is probably similar to most others. I started with a demo account I opened with a very “questionable” broker after seeing an advert on facebook and then proceeded to turn a $1000 USD account into $1200 in a single day whilst I was at college. Looking back at it now, this was complete luck as I had no idea what I was doing in terms of analysis, trade entries, trade management and all the other factors that make up a successful trader. None the less, I made 20% in a single day and decided there and then that I could do this and quickly opened a LIVE trading account with that broker and deposited £2500 of my own money into the account.
The next part of the story is again, most probably very similar to every other person who starts trading the financial markets. I very quickly realised that I didn’t know what I was doing and proceeded to lose that £2500 capital in just over 3 weeks. It turns out that luck can make you a very good trader for a day… and a very poor trader for the other 6 days of the week.
So where did I go next? I actually went home and cried myself to sleep… I’m only joking. I went back to the start and decided I would give it another go but do things properly and more importantly, not risk anymore of my own money until I thought I knew what I was doing. I went back to my original demo account and the wonderful tool that is google… the ultimate source of knowledge and information.
I am notoriously “self taught”. I have never paid for a trading educational course or mentorship and instead, spent my time reading and digesting as much free information as I could find online and from books. This works for some people but what I will say is that you need to be able to define who you are as a person. You need to be able sift through all the information, strategies, tools and techniques that are out there and find what works for you. You cannot and will never be, a master of all trades… pardon the pun.
After going back to basics and a demo account I then spent the next 18 months trying anything and everything in regards to trading strategies and indicators. Let me tell you now… 90% of everything out there is rubbish for the 90% of traders trying to use them. Yes you will always find someone who claims to be “profitable” by using a certain strategy or indicator set up but chances are the same “strategies” will not work for you. Unfortunately, that is life. What works for one person is not guaranteed to work for another, you must do your own work and your own research and find what works for you.
Anyway, moving on, I eventually developed and learnt the strategies that I now use to trade the financial markets on multiple different instruments and multiple timeframes. After building my own confidence in these strategies, I then opened a new live account with a more reputable broker (I will talk about brokers in my blog) and began to trade live funds.
Fast forward 3 years and I now trade full time from my home office with relative success and enjoy the freedom of this line of work. The key is to build up your confidence along with your trading capital and as Warren Buffett once said “Don’t test the water with both feet”.
You can follow my non trading activities on my Instagram by clicking here. I am normally eating, playing golf or being an idiot 🙂