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The Daily Journey Of A Day Trader What Prompted Me To Trade Shares For A Living

The Daily Journey Of A Day Trader - What Prompted Me To Trade Shares For A Living

Having first dabbled in shares in about 1994 as a way of bettering my C&G savings account, I knew I could do it and would find it interesting (made 24% in year one and 20.4% year two, using only teletext, Investors Chronicle and no computer).

I had always fancied quitting paid employment by 50. That was looking like a pipedream, as i never made any surplus cash from any job I ever had (never volunteered to do overtime, never chased bonuses - preferred gardening).

At 49 the firm I worked for got bought by Americans of the type that make good Americans cringe. Time for a sharp exit. The only way I could raise capital to set up in business on my own (or to buy a cheap franchise) was to sell my modest terraced home in a S.Warks village, pay off the mortgage, downsize to something barely habitable in a very very cheap area, and invest whatever was left. That took me a year to arrange, during which I attended numerous franchise exhibitions and weighed up every type of business on every page of the Yellowpages, regardless of what field. Also, read some inspiring articles regarding individuals who had quit day jobs to become investors or traders. They all started with far more capital than the Ј25k I figured I would likely have. Cheapest houses were in rundown ex-mining areas (E.Midlands and S.Wales valleys) and were a very depressing prospect.

A headline in a Sunday Times article caught my eye; "If you thought house prices were rocketing - here's ten that sold for under Ј10k last week." One I think was a Ј2300 sale in London (wedged between railways - "You could buy it on your credit card"), a couple in Notts, most in South.Wales. Advantage to me of South.Wales was proximity to coast and hills and rivers. Didn't fancy any of the seriously dismal Ј8k valley terraced ones, but wondered if any estate agents with that low price mindset handled properties just outside those areas. Made full use of the company car, driving back and forth around the south side of Brecon Beacons National Park between Ammanford and Abergavenny, and sure enough - agents south of that line priced their properties north of that line much lower than did the posher agents in Llandeilo and Abergavenny. Ended up buying a 3bedroom detached house with forecourt parking and big back garden sloping down to a small river, 20 miles from the sea, 200yds from the park, for Ј23k. Scruffy and not totally watertight, but habitable. Had escaped the job with 7 weeks to spare before 50th birthday ;o)

The only worthwhile franchise prospects involved were too great an outlay, and would only work for someone prepared to put in far more effort than I could muster enthusiasm for. Various other ideas had come and gone. So despite warnings that I was way underfunded to do so, I went with trading shares. By then (Xmas 1997) we were seeing online brokers chopping their fees and finance sites providing new access to facilities, so it was clearly becoming more and more practicable. The overheads and regulatory costs involved in every other business were greater - in this they are minimal. Having no customers or employees to worry about is a huge advantage.

It seems to work.

Who is participating in forex market trades

Who is participating in forex market trades?

The forex market is all about trading between countries, the currencies of those countries and the timing of investing in certain currencies. The FX market is trading between counties, usually completed with a broker or a financial company. Many people are involved in forex trading, which is similar to stock market trading, but FX trading is completed on a much larger overall scale. Much of the trading does take place between banks, governments, brokers and a small amount of trades will take place in retail settings where the average person involved in trading is known as a spectator. Financial market and financial conditions are making the forex market trading go up and down daily. Millions are traded on a daily basis between many of the largest countries and this is going to include some amount of trading in smaller countries as well.

From the studies over the years, most trades in the forex market are done between banks and this is called interbank. Banks make up about 50 percent of the trading in the forex market. So, if banks are widely using this method to make money for stockholders and for their own bettering of business, you know the money must be there for the smaller investor, the fund mangers to use to increase the amount of interest paid to accounts. Banks trade money daily to increase the amount of money they hold. Overnight a bank will invest millions in forex markets, and then the next day make that money available to the public in their savings, checking accounts and etc.

Commercial companies are also trading more often in the forex markets. The commercial companies such as Deutsche bank, UBS, Citigroup, and others such as HSBC, Braclays, Merrill Lynch, JP Morgan Chase, and still others such as Goldman Sachs, ABN Amro, Morgan Stanley, and so on are actively trading in the forex markets to increase wealth of stock holders. Many smaller companies may not be involved in the forex markets as extensively as some large companies are but the options are stil there.

Central banks are the banks that hold international roles in the foreign markets. The supply of money, the availability of money, and the interest rates are controlled by central banks. Central banks play a large role in the forex trading, and are located in Tokyo, New York and in London. These are not the only central locations for forex trading but these are among the very largest involved in this market strategy. Sometimes banks, commercial investors and the central banks will have large losses, and this in turn is passed on to investors. Other times, the investors and banks will have huge gains.

There are many ways to earn money. One of them is fxpro review . Have a look at the online option such as www.forexsq.com/. It's your useful guide to the forex trade world and other related things.

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