While not motivated to do much of my “real work” this morning, the devil made work for my idle hands in the form of a little index “day trading”. Well, it wasn’t even day trading because these trades lasted only ten minutes… but generated £10 in the process.
And here’s the proof (again from InterTrader) that I did it in 10 minutes:
Some of you should be getting pretty excited at this point; extrapolating from £10 in 10 minutes to £60 in 60 minutes… which in most people’s books is a very nice hourly wage indeed. It comes to about £120,000 a year based on a 40-hour week, and hey, you can trade indices for more than forty hours per week!
If you can do what I just did (every ten minutes) then you can safely give up the day job. But you can’t, I’ll wager. And I can’t, either. It would be just too mentally exhausting.
Oh, and there’s something else I didn’t tell you… about my risk. On each of those index positions I took a risk of about £10 to my stop order level. So it was a total of ~£50 risk for the total £10 reward that I banked. This is no way to run a trading business.
I prefer my less stressful longer-term position trading approach that typically has a much more favourable reward-to-risk ratio as long as I am prepared to wait for the favourable outcomes. It might make me millions over the next decade, and it shouldn’t lose me very much in the meantime, but it won’t give me the buzz of making £10 in the next 10 minutes!
Two Steps to Better Spread Betting:
Disclaimer: this posting is for general education only; it is not trading advice.