Mood:
celebratoryTopic: City Trader
So the past couple of days I've been having a bit of an experiment and basically proving to myself that it's not all about having mega finance qualifications to become a successful city trader,infact I'd go as far as to say it's a disadvantage to be of sound accounting or banking stock!
You may ask yourself why?Well I have always had a bit of a feel for the market,it's a system were a lot of factors come to play including politics .I must admit it is fun and challenging, however this last few weeks have been perhaps a "once in a lifetime event" top companies like GM motors in the USA have literally been reduced to the value of "Junk Shares"
So I thought I'd try a Level 2 trading platform with some virtual money." monopoly " if you like. So I opened with ten thousand gbp (10,000 gbp) I began trading mostly in CFD's (contracts for difference) and the Forex (foreign exchange) I found the most money to be made and lost! was buying or selling on the Indicies like the FTSE in particular.,
By doing a bit of homework on the opening value of the markets and buying 500 shares you attained a leverage of 100 times your funds!basically speaking if the market rose by 100 points you stood to make 500 become 50,000 less the spread of 1% . Of course you could also lose if you got it wrong!but by placing a stop loss limit of 5% you can protect yourself,however during really volitile market moves you could get frozen out! so I reckon you would need a very hot dsl connection and a good phone connection to the broker!
Using a bit of a combination of live tv reports and the tools onboard the trading platform I've managed to turn 10,000gbp into 212,179,59 gbp. not bad for " Thick Irishman" so anyway I have proved to myself that these City Boys or "Suits" as I would call them are maybe not so clever afterall,well either that or I'm in the WRONG business! My next experiment is to see how quickly I can lose it all!ohh I must buy a pair of bright red, white and blue braces so I can look like a Trader?
