I haven’t heard anything from my trading academy despite me leaving numerous messages with them to call me. I have a deadline of the end of this month to bring my account to the black.

Anyway, I started my trading with a loss, -5 when I shorted at 140225 with a stop at 140400. As the market moved down, I moved my stop down to the previous swing high (bad mistake) and I got stopped out for -5. If I hadn’t been stopped out, I would have been ok.

Anyway, I entered again when the market went to 140225. This time the market did go my way and I closed at 139975 for +10.

My total for the day was +5.

It was a winning day but my winning days are relatively low and my losses are high..  I wish I was like Greg Coffey of GLG (I wrote about him yesterday)…  he probably made £600k today (if you consider he made £150 million in a year).

Tags: daytrade, daytrading, emini, futures, glg, greg coffey, investing, live account, makemesomemoney, s&p, standard and poor, tca, technical analysis, Trading, trading academy, trading blog, trading mistakes, trading psychology, trendline

Every Sunday, I get a copy of the Sunday Times. The first section I read through is the business section and today, there was an article about supertrader, Greg Coffey of GLG.

 

The big news is that Greg, who earned £150 million last year from his company has quit and looking to start his own firm. Surely, that sort of cash is enough for any man?

Anyway, I don’t think it was about how much cash he got but the proportion he got. He brought in 60% of his firms revenues yet his bosses took home £400 million!

What inspired me was that he came from relatively humble beginnings as a graduate from Australia. He work on George Soros’ Quantum fund and when that went belly up, he was introduced to GLG. His start was quite menial, he was just putting in orders for the senior traders. However, he worked his way up and eventually had his own fund to manage.

This is all in a relatively short time frame… he is a mere 36 years of age.

It just goes to show that it is possible in this era and in our environment. I think the UK is meritocratic in that if you have the talent (and a bit of luck), you can make it.

I firmly believe that I can make trading work for me sometime. It may not be within the confines of the trading academy that I have joined but certainly, I think it is within my reach. I know it is tough but I am prepared to work at it.. I feel that I am getting better and learning all the time.

It would be great if I could become a hotshot trader but I’ve got to be realistic, I’ll be happy if I can make small but consistent gains each month.. I don’t need to earn £150 million!

Anyway, the link to the Sunday Times article is here for those interested:

Greg Coffey, wizard of Oz

Tags: coffey, glg, greg coffey, greg coffey resignation, makemesomemoney, noam gottesman, trader, trader monthly