Day 2 – Trading

           Yesterday (day 1), I spoke with the people who make money from volatile trading environments and asked them to show how they do it. Having got the gist, I downloaded a trading app that I was unfamiliar with and began to play on a demo account with fictional money. It took me a bit to get used to the app, but once I’d worked it out, I wasted no time in creating a real money account and depositing my funds. I started with very small amounts and cashing all profits, making between 1p & 80p per transaction. This isn’t a great amount of money, but it is money never the less. By the end of the night, I had made £12.56. Not bad, especially considering that it took no real effort, but I was constantly checking whether I was up or down. This isn’t really necessary, but I’d never used really money, so I was very cautious.

           This morning (day 2), I woke to a profit of 43p. This is the first time that I have ever made money while I’ve slept. I open a couple of positions and set about reading the first 98 pages of ‘The Richest Man in Babylon‘ by  George Samuel Clason. If you’ve not heard of it, it’s basically a series of stories which revolve around the inhabitants of  Babylon; during which they gain financial wisdom. So far, I have found it very easy to read and thoroughly enjoyable. I’ll probably write a post on it when I finish the book, so look out for that one.

           Today was a bit of a mixed bag. I made and I lost money, but overall I am £1.06 richer (I made much more than I lost). The problem seems to be that I am not opening my positions with enough capital, so when I make a profit it is literally a couple of pence. Given that I would need to earn £2816.90 a day to reach a million in 355 days, I’m way off the mark. If my life was narrated by Morgan Freeman, at this point he would say something like ‘It was at this moment, that the stupid idea was born“. And here it is, I was going to have to put down more capital to generate a greater profit (or loss).

           This post was written in the early hours on the 5th January 2018 and is based on a journal entry for the 2nd of January 2018.

 

 

 

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