I’ve decided to start intraday trading part-time on the ASX and I’ll be sharing my progress here, for better or worse. I’m doing this to hold myself accountable and meet some like-minded people. An introduction follows for anyone interested.
Why do I want to trade? I want to challenge myself and succeed at something really difficult - becoming a consistently profitable trader. This isn’t a goal I take lightly. From reading @MikeBellafiore’s books I know that it will take lots of hard work and dedication.
Who am I? I’m a part-time stay-at-home dad, part-time employee. I like my job but it’s not my passion. Ultimately, my goal is to trade full time but this won’t be a reality for a while. In the meantime, I’ll be learning as much as I can and starting to trade with small size.
What will be my trading style? I’ve always loved the market but until recently I didn’t know trading could be done consistently. @longhorncapital, @BryceEdw and @austinmitchyblu have inspired me to give it a go. I’ll be following in their footsteps.
I’ve also been inspired by other traders such as @Savilianraps, @Trader_C_ASX and @_chasegalbraith, guys that share their processes, reviews and results (even when they’re bad). I hope to model myself on that level of disclosure and honesty.
More specifically, due to my time constraints I will primarily trade stocks in play during the opening half-hour. My initial focus will be on relatively simple setups (a lot to learn about this). I will make decisions based on my morning preparation and reading the tape.
What are my initial goals? I will develop trading rules, a morning routine and trade review processes. I will follow these diligently. I will learn as much as I can from books, videos and other traders. I will focus on selecting the right stocks and practicing my tape reading.
When will I start? I’ll start trading as soon as my @InvastGlobal account is setup. I won’t be paper trading, but I will be starting with small size. I’m trying to be realistic and don’t expect to be profitable for some time (if ever, at least while I’m doing this part-time).
That’s it for now, excited to get started!
You can follow @_findingmyedge.
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