Misconceptions about the trading lifestyle

I guess we all know how stressful trading can be, at least, all the traders reading this will relate. For the non-traders, you are probably confused at what we do on the computer all day and, sometimes, night. Well, for the most part, it is all about stressing over the charts and trades, but we cannot do it all day so here is what we really do.

Morning hours

Waking up is going to be the best time of all because you still have big dreams, thinking it will be your day to make a fortune. I would have stated the exact time a trader wakes up, but we are all in a different timezone and with weird alarm times on our phones. The point is, waking up is usually the best time for a trader, unless they already have a losing trade running. If you left a trade open the previous day, then you check on it before your eyes are fully open, and it can be either very good or bad.

Next thing is to check your favourite forex forum for gossip. Every trader has that one website they visit regularly just to read what other people have to say. This is the place you get most of your trading ideas and tips, and one of the few websites you don’t need Google to help you find. This is also, what you read as you wait for your coffee to warm up. Finally, you sit at your desk and begin to analyse the markets before making your first trade.

I can’t even go into the trading details here, about the actual market analysis, there is an entire library section for that. What I will say is that the first trade is going to be the most important – make a good decision and you will have a spring in your step for the rest of your day. Lose this trade and you will be ready to bite the head off anyone posting about their wins.

After your first trade, that’s when you start to get bored because you can’t just stare at the screen, so you Google funny pictures and run into these sort of pictures. After spending an hour or more hitting the arrow key on your keyboard, giggling to yourself and occasionally switching back to the trading window with the Alt+Tab combo, you’re either happy or extremely pissed.

Lunchtime

Now it’s time to take a break; again, this can be different for everyone depending on what they are trading and their trading strategy. A winning trade means that you will enjoy your lunch, otherwise you shall be eating in anger, wishing you had spent that money on a better meal.

Afternoon

Now is the time to count your losses or profits, either way, it’s reminiscing time. As Kenny Rogers said, you never count your money while you’re sitting on the table. Afternoon is usually slow because the morning hour trades have already set your mood, now it’s all about waiting for the dust to settle. Most of us will have a drink at this point, whether in defeat or success before we finally lay in bed and dream of the George Soros billionaire lifestyle.