Just returned home from another evening of the London Traders Network drinks. A few dozen trading folks get together in a pub in the City of London (specifically at the New Moon pub), grab a drink and talk about trading amongst each other. This takes place on a Wednesday evening once every two months.
It’s amazing how much ground can be covered in terms of content – here’s the things I talked about in conversations with various traders tonight – just to give you an idea:
- Good brokers to use and what things to watch out for – platform, spread costs, ease of grabbing broker on the phone
- Intricacies of futures contracts – margins, commission, rollover adjustments, pros and cons of spot FX vs FX futures, futures on non-FX markets
- Matching timeframe to trader’s lifestyle and other work committments (such as a full-time job!) – focus trading on the evenings and work with higher timeframes such as 4-hour and dailies
- Avoid trading at lunchtime in between work shifts – unlikely to analyse and prepare for trades leading to higher likelihood of losses and leading to negative negative feedback loops mistaking a lack of preparation for being an incompetent trader
- Advantages of not having to rely on trading as the sole income – having another source of income reduces pressure on trading performance, and will likely increase the quality of time spent on trading as opposed to spending endless less productive hours in front of the trading charts day in day out.
- Advantages of attending structured courses to gain foundations of trading – overcoming the difficulty of not knowing what one has to study at the outset – such courses as the Veterans Trader Project or the London Academy of Trading.
- Importance of journalling and documenting trades – to allow reflections, insights and identifying opportunities for trading better next time – mentioned Edgewonk as a popular tool.
- Identifying good traders to follow on Twitter
- Discussing recent experiences in trading rooms – such as the one run by Tokyo-based trader Felix, which I can highly recommend.
- Connecting traders with one another when knowing that they are interested in similar areas – such as coding and automating trading strategies
- Discussing some correlation-triggering themes in the market such as risk-off/risk-on or US dollar – commodity prices correlations
- Recounting recent trades
- Pitfalls in developing automated strategies – is it possible to develop a strategy for multiple markets, is it possible to use code for automating a discretionary trading approach?
- Adopting proper position sizing and risk management, even when the trading account is only a few thousand quid.
- Having a trading strategy and sticking to it & exercising discipline!
Over the years, at this event, I have met numerous other traders and have formed many good and lasting friendships and alliances from it. I am lucky to be living in central London, where the event is but a stone’s throw from my home. There’s generally something for everyone – just grab a beer and work your way around the room.
If you have any chance to attend a networking event like this near you, be sure to make the most of it!
A truly great (and free event) that has been organized by Paul Wallace, a trader & trader coach, for many years. Many thanks, Paul!
Hope to see you at next London drinks in July!