| There seems to be two widely differing views as | | | | both on (it gives me today's prices, updated |
| to what a typical Forex Trader gets up to all day. | | | | continually) but then I look on Sharescope to get |
| The first has him (or her!) slaving away 24/7 in | | | | a much "nicer looking" overview, albeit with |
| front of a bank of computer monitors in a | | | | yesterday's price except on a Saturday. |
| darkened room, pale faced and wide eyed, | | | | - Time for coffee! |
| frantically clicking on buy and sell buttons, | | | | - double check on any 5 minute trades ordered or |
| thousands of dollars, yen and francs being made | | | | open and manage as necessary. |
| and lost every few seconds. The second has him | | | | - At this point of the morning, having opened |
| (or her!) spending a few minutes a day, calmly | | | | closed/managed my trades, I do some admin - |
| adjusting a couple of trades before setting off for | | | | usually there's rather a lot of email! |
| the golf course or ski slopes only to return later | | | | - I spend what's left of the morning generally |
| to count up the day's profits. The first thing to | | | | running my business - answering mentoring |
| point out is that there is probably is no such thing | | | | questions received from students from my |
| as a "typical" trader, we're all different - different | | | | various courses, look for stuff for video updates |
| characters, different lifestyles, morning people, | | | | etc. I also trade indices, stocks & |
| night time people etc. | | | | commodities as well as FX so there's plenty to |
| I've been trading successfully now for over 30 | | | | keep me busy! |
| years and I get asked all the time - "Ian, could | | | | - Lunch! Something light, outside on the terrace in |
| you perhaps tell me a little about your typical | | | | the fresh mountain air - or in a mountain |
| day?" - so here goes - | | | | café on the ski slopes in winter, if I have |
| - 6.30am GMT (that's 7.30am on mainland Europe) | | | | decided to finish work at lunchtime. |
| I open my computer, input the password, & | | | | - usually I take a couple of hours' break in the |
| open the programmes I use - | | | | early afternoon and very strongly recommend |
| forex.tradingcharts.com, dailyfx.com, Sharescope, | | | | that idea to everyone. Otherwise you'll do your |
| which I update right away to account for my | | | | head in! If I have any 5 minute trades running I |
| being in bed long before the FX market closed | | | | look for decent stop loss positions and let things |
| the night before for my time zone! and finally | | | | get on with it. |
| open my trading platform. | | | | - late afternoon it can be back to the grindstone |
| - once up and running, I have breakfast. I like to | | | | to check what's been going on - mainly just a |
| open up the "shop" before sitting down to eat. | | | | glance is needed. I also answer any mentoring |
| - 7am GMT (8am on mainland Europe ) back to | | | | emails that have come in up until around 7 pm |
| my computer First thing I do is look at the charts | | | | GMT, when I update Sharescope as regards |
| on on the 5 minute timescale, to see if there are | | | | European stockmarkets, check the weather |
| any nice potential setups (bearing in mind that I | | | | forecast and shut up shop for the night. |
| rarely take 5 minute trades myself - I too seldom | | | | That's the essence of my typical working day but |
| have time to keep checking as often as these | | | | it's by no means "every day"! A couple of things |
| require - but if I do decide to trade, I never take | | | | to remember - as well as actual Forex trading I |
| more than two at a time). I look in the following | | | | also trade indices, stocks & commodities and |
| sequence: USDCAD, USDJPY, USDCHF, EURCHF, | | | | run various trading courses, all of which take up a |
| EURJPY, EURGBP, EURUSD, GBPUSD, GBPJPY, | | | | fair amount of time (someone who only trades |
| GBPCHF, AUDUSD, AUDJPY. | | | | Forex wouldn't have any of this and if that's the |
| - Next I check at to see if there are any "major" | | | | case I strongly recommend spending no more |
| announcements likely that day - eg USA "non | | | | than three hours a day in front of the screen at |
| farm payrolls" and I bear that in mind as the day | | | | the very most.) |
| progresses. ("announcements" don't influence my | | | | But even with this workload I find plenty of time |
| own trading decisions because sometimes they | | | | to fish, ski and travel...........there's plenty to save me |
| will take you out for a loss but other times they'll | | | | from getting bored! |
| give you a great profit. However, if they "worry" | | | | And if I'm doing other things in the morning, then |
| you then "stand aside" would be the best advice.) | | | | the "day" begins after lunch.. |
| - If I have seen a couple of charts - eg the very | | | | Would I recommend the life of a Forex Trader ? |
| first two - USDCAD and USDJPY- that look OK, I | | | | - You have no boss |
| then look only at EURGBP as well, out of personal | | | | - You have no staff |
| financial interest! | | | | - You manufacture nothing |
| - order 5 minute trades if appropriate (but as | | | | - You sell nothing |
| above, a rare occurrence) | | | | - You have no customers |
| - Look at the "bigger picture" - ie "end of day" | | | | - You don't need to travel to work |
| and order a trade/move stop loss positions as | | | | - Your equipment is minimal |
| appropriate - ie manage my own end of day | | | | - You can work from anywhere |
| positions via my trading platform. Generally I look | | | | Sounds good? Try it! |