Years ago, I got upgraded to first class on a flight. Totally out of the blue. That sort of thing never happens to me.
Anyway, I ended up sitting next to this guy — I can’t even remember his name, so let’s just call him “Guy” – who, after I told him I was a currency trader, shared that he managed a hedge fund. I’m not sure which one, like I said I don’t even remember the guy’s name, but he said they had just done some gigantic deal at the time to buy a record company.
That got my attention. Music industry folks, even investors in music industry folks, always have interesting stories.
And he sure did.
But eventually we got to talking about currencies again, because he had gotten his start trading currencies just like me, except he had focused on super esoteric and exotic stuff like Afghan XXXXX and other developing market stuff. Just crazy, crazy stuff.
And, of course, that blossomed into options. But not normal options; he was big into trading options on weird exotic, esoteric currencies.
And I just sat there, sipping my complimentary cocktail and enjoying all the extra legroom, and I thought to myself: this guy doesn’t do what I do at all. He might think we’re the same, since we both call ourselves currency traders, but my approach and my mindset it the complete opposite of what he’s doing.
I mean, I started my career as a currency trader who was watching Major League Baseball games on one of my three gigantic monitors. The MLB was one of the first sports leagues to broadcast games over the internet, so of course I would sit there and watch them while I worked. I probably watched every single New York Yankees game those first few years, just letting it run in the background while I did my trading.
That’s just me. I like to mess around a lot.
I’m guessing Mr. Afghan Options didn’t have that same mindset about the job. That’s OK, people are different. It just so happens that I created my career in such a way as to make it possible for me.
How? Two things: I work with robots, and I stick to a schedule.
These days, my typical day is pretty standard. I come into the office, I check out the robots to see if there are any great trades I need to look at, and I’ll look at all of my targets. Maybe one days I’ll focus on the USD-MEX. I’ll wait for what appears to be the building up of tension and then a really, really big move. And I’ll trade that as a speculator.
But my robots are what really make this easy. I have a series of them set up – and they’re algorithms, not Wall-E — that just run in the background looking at trades that involve tiny amounts of money. These are trades where I can get in and out quickly and find some easy gains. Even when I’m trading $160,000 accounts, I’m focused on much smaller amounts of money than most other Forex traders.
And you know what? It works for me.
I don’t have to sit in front of my computer all day; I work for a few hours and then I’m done. I can go on to other things. Yesterday I even had a friend come over and hang out for a while during the day. Then I went home to be with my family.
That’s pretty different from the traders who sit in front of their computers all day, and it’s much more sustainable over the long haul.
But, like I said, that’s just me. I’ve come up with a system that works for me. What’s your day-to-day like? Let me know at email@example.com. I’m curious how other traders are working.
Until next time…