Thread: Day trading London - what to expect?

Originally Posted by ;

quote.... Well if I could make money trading and realise my dre with friends and finances, in the comfort of my own house and state to fall back on , why have I 90% of other transactions not created it yet?

Curious to know exactly what you mean here. You state you are financially ok but then you say you have not created it yet. How does that work? With respect, it sounds like ego is driving you. I believe trade for money. Move on to simpler methods for making your money work for you as soon as you are stacking away it. Investing rather than trading.


I agree with stepping out of your comfort zone. Nothing happens until you are currently doing this.

Let's keep this conversation going. It addresses the trader's head set. That is the problem.

For instance, there is a gap between an analyst and a trader. Analysts look backwards to evaluate what has occurred in order to see if this replies to the future.
Traders just look forward.

Cheers, H

Originally Posted by ;

quote Interested to know exactly what you intend here. You state you are ok but you say you have not created it yet. How does that work? It seems like you're being driven by ego. I think trade for cash. As soon as you're stacking it away, move on to methods for making your money work for you. Investing instead of trading. With stepping outside of your comfort zone, I agree. Nothing good happens until you're doing this. Let's keep this dialogue going. It addresses the trader's head set. That's the most important...

Cheers Aich.

There are the responses I am looking for, hard ones that people can all learn from.

You make a good point in asking why should I'm fiscally comfortable as I say, then why have not I left it yet. Well for the last 5 decades, my main focus has been my business and getting that off the floor and to the stage it's now where I'm comfortable.

Trading has always been something that I adore, but something that is on the back burner as my heart and soul and what I had was being put into this business.

Yes you're correct, one major driver is the cash, I and others would by lying if we said it wasn't. Also the thrill of trading is what attracts me, the sensation of banking a few hundred pips and waking up to some positive profits is a feeling unlike any other, and yeah call it Ego since it's but I tend to love when folks say I can not do something because it pushes me 10 times over to achieve it.

The notion of basing myself someplace in Europe and being able to float around from place to place with my laptop as the sole means needed to generate income, is a lifestyle many will be striving for. (I'm fiscally comfortable enough to do this for a few months, without stressing or draining the financing or back up plan too much)

It's funny you mention trading and assessing are entirely different, I was thinking about this morning while having an argument with a economist, actually ended up saying there's a sizable gap in forecasts and past history instead of actually trading what you're viewing and pulling money from the market instead of predicting price will hit this amount etc.. .

You seem like a smart man, I agree let's keep this dialogue going.

Originally Posted by ;

Just as I'm to solicit advice for a demo-baller, simply treat it like a project? Just be responsible, if you made it. Show up to your own trading time well-rested, and ready. You're your own boss. Trade your advantage, and repeat for the rest of your life. Best of luck.

Demo or not, any reaction that isn't a troll is welcomed in this thread.

Exactly what your saying, regarding treating this as a project is pretty much where my head is at this time. I know that technically I'm older and edued enough to structure my earnings and also regular in a business like schedule 1 thing I'm majorly concerned about is plogy.

It is all roses and sunshine dropping 10 lots of presentation and visiting your account increase by 10 expansive, however doing it with 0.10 lot on a live account expecting to get a 100 dollars is quite different.

If this is to operate, I am going to be pushing large lots regularly and managing/trading large quantities of money, and I am not sure how I am going to be handling that, emotionally.

Originally Posted by ;

Recently in the last 2 months I have gone, with quite a few success. 350 AUD into 1100 to be precise. 250-300% returns in 2 months. Which brings me to my query, or moreso the point of the thread. In 2 months I'm quitting my job and promoting my business to move abroad to Amsterdam or London, to follow my dre of becoming a day trading during the London market.

This is the killer phrase right here.

Demo expertise apart, two months of live trading is hardly enough to count as expertise. The plogy will begin to kick in if you trade larger quantity of money.

Next, if you can earn 250 - 300% in 2 months. You also need to be prepared to lose equivalent, or even more in a short length of time. Phrased simply. High risk, high return.
Odds are you are risking quite a large proportion of your capital, quite possibly even on leverage. As a few transactions might wipe you out this is quite unsubstainable.

That being said. This is your dream your life and your decision. Do not let anyone inform you differently or hold you back. If you are risking money which you could manage to lose, '' I don't see why you can't have a go in it. But just know about the risks in doing this, and always have! Fantastic luck!

**** YOU NEED AT LEAST 50K ACCOUNT BEFORE YOU PLAN TO HIT FULL TIME****
As far as I can judge you are planning to move out of Australia just due to the time zone, In my view you should move to dubai first along with other places later, its has a more comfortable time zone for trading instead of UK or any other place, its a good place for expats moreover the cash that you earn from trading is not taxed so that you get exactly what you earn and the previous one is simple visa process its place for expats.
As traders we're dependent on volatility to earn money, its fruing for trader be it retail or insitutional to trade if the liquidity dries up.
Fx market keeps changing from month on month after year its not necessarily same.
Most important trading advise I can provide you is to spend some time and understand fundamentals which actually move the market, technicals is just used to time the market properly. Since you have been day trading you cannot quit day trading however, you can incorporate swing trading and day trading i.e put a swing commerce and maintain trading in the path of your swing commerce which will help you in keeping up a good accuracy and keeping you away from the fake moves.
If you are hitting time its mandatory that you should have a TRADING PROCESS which can be replied every time over years.
A descent living in london will cost you 1200-1500 pounds PM which in my estimation will get difficult to churn out each month and after you hit a down month it will disturb your trading plogy over anything else since you'll have the plogical pressure to make money from the market. As a trader your mind needs to be clear from each negative aspect of life your lifestyle ought to be easy to succeed as a trader.
See the bigger picture before deciding trading is not exciting, its actually very dull.

I wish the you receive the best out of your plans for future.

Originally Posted by ;

Hi everyone, This might seem a little unorthodox to the majority of threads, but what have I got to lose. My name is Hayden, I am a 27 year old trader. I have been studying trading for approximately 4-5 decades now and been demo-ing for far longer than I want to admit over. In the past 2 months I have gone, with a few achievement. 350 AUD into 1100 to be exact. 250-300% returns in two months. Which brings me to my question, or moreso the purpose of the thread. In two months I am quitting my job and promoting my company to move abroad...

Firstly, let me say well done on even making the choice to follow your fantasy. Many don't and will remain stagnant in their own life.

Im thinking you've got sufficient capital.

Secondly, Do it!

But, there's always a however! Take a plan B! A potential part time job ?

With regards to trading.

Establish a targets, daily, weekly if you hit them you walk away for the day. Don't get greedy.
If you suffer a bad day, walk away and come back when your mind is straight again.

Restrict your markets you trade trade so you can get to know them inside out and the reason why they move how they move.

Even if you don't realise your planned dream it may open doors you weren't planning to start....

Good luck

Do you need to exchange for an investment bank/hedge fund, or independently? I exchange for myself for the last 3 years (althought I needed to support myself at the first 2, I only earn enough in the last year), here I will offer some of my own insights.

Trading-wise there isn't much different, I'm in GMT 1, I normally wake up about 8:30-8:45AM, London opens at 9AM for me personally, it is busier at the next 2-3 hours, then calms down, NY opens at 2:30PM, the overlap is out of there till 5PM, then I finish. Personally, I don't take a trade. Very rarely the market start moving about Frankfurt open, but I don't wake up for that. That is one huge advantage, that you handle your time as you want. Occasionally I don't set an alarm, once I see nothing will occur next morning (my commerce frequency is slower compared to a scalper's, but faster than a swingtrader's, so I can program about 8-12 hours before).

I'd say I'm 75% extroverted and 25% introverted, so if you're like that, you really must look for activites outside trading, in which you interact with people, particularly if you're moving into another side of earth. Meetups, conferences.

Now the big thing is, that you truly have to plan forward with your expenses, as your money inflow will be unpredictable, however consistent you're. Personally, I understand how much I'm spending on really basic things (rent, food) a month. I maintain at least 12 days of the amount in savings, so I'll know I'll be good for a calendar year, even when no money is made by me. Capital are not being traded by these.

About the additional profits, I'm only allowing myself to spend the additional 3 months afterwards, because I really don't understand how the upcoming months would be and so far my driest bout was 2 months. And my profits this month will have to serve as covering the basic funds. I left money every month last year until this month, except November and December (Nov was breakeven, Dec was in small minus). If you don't have additional for all these periods as it comes, and you spend everything, a period like this may hit you hard. And everybody will have drawdown periods.

Otherwise I would not say living like this is any different than every other means of the digital nomad lifestyle. The largest unique distinction is the inconsistency of the money flow. But should you've got enormous swings in equity, like 50% in 1 month, then -30% at the following, I would not force living out of trading, because plogically it'd kill you. I only have a couple percents of differences, with risking 1% of total equity per transaction.

Originally Posted by ;

quote .... Fixing this as a job is pretty much where my head is in the moment. .... If this is to operate, I am going to be pushing lots regularly and amounts of money, and I am not sure how I am going to be handling that.

I have to strongly disagree with this statement. Trading isn't like a job.
In a job that you get paid for just turning up. You get paid while on holiday, if you are in a country like Australia and you might even get paid when you are sick. The way cruisey is that.
If you operate a business you may be aware it is fairly different. You've got overheads (rent, insurances, wages, etc) you must pay every week/month whether you make any sales or not. Running a business requires preparation, negotiating prices, expert knowledge, risk, uncertainty, decision making, paying salaries, buying inventory, after govt regulations, keeping enough cash reserves to carry you over the slow times etc.. Being a plumber doesn't mean that you can a plumbing firm.
Trading seem a lot more like a business to me.

To succeed as a trader you need to get a plan, be in a position to alter that plan if things drift in another direction. The result is always uncertain so that you want to have the ability to handle uncertainty. Every transaction has an outcome but in spite of this you need to keep moving forward - committing to trades even once you have completed more than your share of ineffective ones in a row.

The texts will inform you that you need to have every transaction that agrees with your rules/egy. Can you feel comfortable doing so?
If not, you want to work on that. Either develop market knowledge and build this into your egy or alter to adapt to this.

It seem as if you are getting outside advice. That is great because you'll develop much quicker if you are ready to both seek and take advice. I believe traders exist in some kind of bubble that doesn't enable them to alter and create personally/plogically. They see as being a criticism of these, any advice .

About my remarks re analyst and trader. If you are a solo trader you'll need to be both an analyst and a trader. You start the day studying the market then you take that hat off and put on your traders hat. Never reevaluate while trading whilst studying, and never trade. Ie., if a possible trade sets up, avoid the urge to state this occurred yesterday so that I will expect the identical outcome today. Especially if your result was a negative. Holding a negative expectation within into a new trade will not enable you to enter a new trade.

Most traders think they trade for money. A trader trades to make trades that are successful and gets rewarded with money. Ie., discount the money when you choose a transaction. When the dollars start to get large, this can influence your ability to maintain the same mindset to committing to fresh trades.

I have a lot more to say but I would like to be guided by you. You take this dialog from the direction that I will follow and that suits you.

This dialog isn't just about you and I, it may have a lot of influence on the others.

Cheers, H

You have to have this conversation using a prop trading firm, I would provide you two leads but I never give my contacts up to strangers. Hunt for prop firms in London, DYOR, send them a hyperlink to your performance, they may be prepared to back you and it's not your ability and attitude, although just about your operation.

As for living costs, you will need 1600 quid lease and 1000 otherwise, so if you have a 50k trading account you will just about live if you make 50% ROI. As you've no chance producing that long term, and on this subject overlook these dream figures you are casting, as a long term aim. However, if your r:r looks fine and your drawdown is non existent and you've produced returns on 1:50 leverage the prop firms may be interested.

Hi Hyden; you are currently attempting to solve two problems simultaneously; trading and moving to London.

Get among these solved. If you're successful how about you exchange for a one complete year from Australia move anywhere in the world.

You're making a big mistake if you think that moving to London can help your trading. It will not. It will make it worse because you will need to manage the challenges of nation.