The popularity of online trading and the relaxation of account opening requirements have allowed more and more non-professional traders interested in trading to participate in the investment market. As one of the most popular trading methods in forex trading, “intraday trading” is sought after by many individual investors. In today’s article, we are going to share the stories of three day traders who have been speculating in Forex from their homes.
Some of them have been trading for months and are still confused, others have suffered significant losses, and others have a “get rich and be comfortable” mentality with the goal of making money as a victory. Here, let’s take a look at these three investors’ trading routines.
Mucio, 41, who studies charts and trading news in his bedroom at home in London, has invested his life savings in forex trading. As a member of the “day trader” community, he can be in his bedroom, kitchen, or even the toilet, and the next second he’ll be pressing the trade button to make money from price fluctuations.
Mussio, a father of three, said he had made £220 from trading the pound, euro and yen the previous day, his biggest profit to date. But in the months he has been trading, he has lost a total of more than £10,000.
Mussio was giving up his still-successful antiques business to devote himself to trading full-time. “I just got tired of what I was doing and wanted to find the life I wanted from trading. But for now, it’s going to take time to make a living from trading.” He said in the interview.
He lost £2,000 in just one week. But he doesn’t mind that, adding, “I’ll keep going because I’m getting better all the time. Sometimes I can already see trading opportunities clearly, and I know that’s a sign of my growth, and now I’m able to parse the charts and know roughly where the price is going.”
Mussio said he has six months of free money left to lose before he gives up trading or mortgages on his properties. He says, “Even if I lose money on a particular trade, I don’t care because I feel good about it and I’m following my heart and soul.”
Daniel, a fund manager at FundExpert, says that trades made by home traders who rely only on the Internet and basic software are really “guesswork,” or “it’s kind of like gambling. Or “it’s kind of like gambling,” where a few seconds of trading is at odds with real long-term investment profits.”
Dampier explains that unless you have inside information (which is illegal), it is impossible to predict short-term market movements. “The losers who trade this way far outweigh the profitable ones,” he said.
But Horton, a foreign exchange trader who already owns a number of sports cars, including Porsches, and a six-figure account, tells us a completely different story.
The former Citi trader had a profit of £7,000 in a single gold trade in five minutes. He told reporters: “Now my daily profit target has been reduced, about 500 to 1,000 pounds.” And as a trading veteran who had been a trader at a fund management company for 17 years, Horton used to lose far more money than Mussio.
“I had lost £250,000 in the first year I started trading personally, an experience I will never forget.” At one point after that, Horton cancelled his personal account and underwent a six-month-long adjustment of his mindset. He then approached his large profitable positions in hand with a much smoother mindset, and he encourages young people interested in trading to have patience and persistence of the variety.
His goal now is to turn £10,000 in his account into £100,000 within a year. However, he says: “Growing traders will most often lose money in the first few years. “Over the course of my career as a professional trader, I have not only been able to make millions of dollars a year for my company, but I have also gained a lot of experience.”
“Very people think that by reading a few trading-related books and taking a course, they will be able to start making money from trading, when in reality it is one of the most difficult jobs in the world.”
He believes it takes at least nearly 2 years of accumulation before you can actually make a profit. Meanwhile during this unpleasant growth period, there are many indecisive people who have left trading altogether because of a particular loss. Horton also suggests that people can start their trading career with part-time trading. He says he is surrounded by friends who are trading on their business time, such as pilots, teachers or dentists.
Mitchell, 52, is one of the most popular people trading on his business time. As a dry cleaner, she trades in the morning and starts her own laundry in the afternoon. Her interest in trading began with a free training seminar she attended several years ago. “I thought Forex trading was simple and straightforward, so I’ve been trading ever since that day.”
Since then, Mrs. Michelle, a mother of four, has lost £3,000 in two unexpected situations. Of this she says: “There have been many highs and lows in trading, and many tears and joys.”
“When you’re a newbie, it’s easy to lose money. And you don’t get told that in training seminars.” She said.
Mrs. Michele says she is now in the black, but like many traders, she is reluctant to disclose her income. She says, “My trading profits give me a surplus to cover my monthly living expenses, and sometimes I use some of that money to go on vacation for a few weeks, and of course, I take my computer with me.”
Although more and more part-time traders are entering the forex market, especially day trading, some experts remain skeptical of the practice.