I’ve been pretty quiet on this website over the past few weeks and I wanted to explain/tell everyone why and what I’m up to as a result.
First things first – Forex trading hasn’t changed all that much. You still use the same platforms, still very similar strategies and as with everything in life, mindset is the key.
Corrrect mindset + good knowledge will trump poor mindset and incredible knowledge every single time.
Do I think I am a particular good trader – Probably not amazing, I just have a checklist, discipline, good account management and a strong growth mindset. If you do this you can be a successful trader in anything that you do. The vehicle for it can be investing, business, corporate, whatever! Which brings me nicely onto why I’ve been quite.
What I’ve Been Up To In The Past Few Months
Obviously I’ve been continuing to trade a little bit, but not been doing all that much to be perfectly honest.
Instead I’ve been working on developing a AI & data driven statistical analysis tool for sports betting & bookmakers. You can follow that journey here.
Alongside this as everyone already knows I have my businesses. These do pretty well and recently have started to get more and more busy, hence leading to less time to trade.
But by far the biggest change has been in the medium I use for my trading. I’ve started to look into cryptocurrency a lot more as of late. With multiple coin offerings doing extremely well and even a crash around January that is still going on as I write this post (2nd Feb). The interesting thing is we saw this coming. The crash has lead to panic in the markets but this actually the time to buy in my opinion.
I do not advocate trading in cryptocurrencies with money you are willing to lose. I am a vehicle-driven investor meaning I will take the principles I already know and re-style those to fit into a new market, the biggest at the moment of course is the Bitcoin and more specifically the alt-coin crypto space.
The reason I’m doing this is 2-fold.
1.) There is an incredible amount of money being thrown around in this industry. To the point that it even scares me. Insider trading is rife and although NDA’s and everything are popular and used to a certain degree, realistically if you have contacts you can make a lot of money in the space. To the point that it is scary.
2.) Volatility = Profit – In the markets. So when a market is more volatile there is more money to be made (or lost) in a faster amount of time. For example if we aim to make 5% a month from forex trading (that’s quite an aggressive goal too). With more volatile market such as cryptocurrencies we can look to make 20% a month or hold for the longer term if we believe in the real world applications of the products & companies themselves.
So that’s the 2 major things I’ve been up to. I thought I would write a quick post talking about what I have been doing as a few people having been asking.
Let me know if you have any questions.