For a bit of fun and to learn something different a little while ago I started looking at the currency markets. I’ve used an app called Trading 212 to open a paper trading account. A paper trading account is one where the money isn’t real but everything else is. Like a training account you could say. Luckily for me that this account could be reset when I ‘blew up’ my account. I did that quite a bit at the start.
That was all I used to look at. The little dot moving along the screen and I was guessing whether it was going to go up or down, and putting all the money my account would let me on whichever way I thought, based on no knowledge whatsoever than whether it was going to move up or down.
I was getting really frustrated that I had to keep resetting my account that I took to google to learn a few things like candlesticks and indicators. I also subscribed to the Clay Trader podcast which is an hour long show interviewing other traders. From here I started to learn a lot and I spent a lot more time only using candlesticks and a couple of indicators.
Now my charts look a bit like this. I’m not quite a top city trader but I no longer need to reset my account. In fact I’ve increased it by over 50% since December, which was the last time I has to reset. Maybe I missed my calling to the city. I did do well on a few of the big days, like the brexit day put me up £700. Thats not bad considering you start with £10,000, what kind of bank account can give you that much interest in a year, let alone a day. But it can always go wrong, like it did for me many, many times. Lucky for me it’s not real money.
The moral of this post is that if you’re not good at something that you want to be good at then work at it until you are. Keep failing your way to be better, learn from whatever you can and put it into practice to make it work for you, then adapt it so it works better for you.
I’m out, only 10 more days.