June 30th, 2009
01:39 PM GMT
Share this on:

LONDON, England– Another beautiful sunny morning and I'm back in the City. It's a shame, but I'm not feeling nearly as bright as the weather. I was up very late reading through the course work and trying to get my head around the technicalities of trading. I also slept fitfully, dwelling upon what David Buik said yesterday about my needing to have money as one of my gods.

After much thought I've decided to take what David said with a big pinch of salt. Yes, money may not be a major motivating factor for me, but as personality types go I'm very competitive. I like to win and will work very hard to do so. I've come to the conclusion that my trading motivation will be to pit my wits against the market and win. Whether my profit is hundreds or thousands of pounds or just a few pence won't matter - just so long as I come out on top. The challenge will be more important than the reward.

Am I heading for a fall?

Back in the classroom and Ryan O'Doherty at CMC Markets takes me through the process of placing a trade. I'm introduced to the order ticket and the spread, the difference between the price at which I can buy or sell. I'm shown how to calculate margin, which is effectively the deposit I have to put down in order to trade.

I'm also shown how to place stop and limit orders, both of which will get me out of trades at a pre-determined price, realizing my profits or limiting any loss. It's all beginning to make sense and I leave at lunchtime feeling much more optimistic.

Over at IG Index it's more of the same. The trading platforms look very different but do exactly the same thing. Order tickets, spreads, deposits, stops and limits. Yes, I think I’ve got it.

Before heading for home and another evening of course work I visit the London Metal Exchange, a global trading centre for the likes of aluminium, copper and zinc. The LME is the last open outcry trading pit in Europe. Traders have been yelling across its trading floors since 1877. As I arrive it's nearly 5pm and the markets are about to close. Traders are ramping up the noise and striking last minute deals. The hubbub is unbelievable.

It's amazing to watch but I should imagine that it's an incredibly stressful environment in which to work. Open cry trading requires a particular breed of person. It wouldn’t suit me and I thank my lucky stars that when I finally get to start trading I'll be in the quiet comfort of my own home office.

* How does Adrian Finighan fare in his career as a rookie trader? Watch Quest Means Business Monday to Friday: 1800 GMT London, 2000 CET, 0300 HK.



soundoff (5 Responses)
  1. Manuel Vilhena

    Go for it Adrian. The sky is the limit. You can do it.

    June 30, 2009 at 4:23 pm |
  2. Lyndon Sullivan @lindano on twitter

    I think Adrian will make a good rookie trader, he looks sharp & cool, i'm sure he will do a exceptional,& confident job.With out a doubt!!! Yours, Lyndon Sullivan ,@lindano on twitter.

    June 30, 2009 at 6:11 pm |
  3. Silvy K

    Hi there Adrian,

    I can so totally relate to the entire experience you are going through. I remember the absolutely grueling weeks I spend in Chicago going through stacks of study material and trying to make sense of it all back in 1999 (before the 'other' meltdown), trying to get the speed at the same time (option market making) AND the being fascinated by 'The Pit' . As I prepare to 'go back in' as a private trader after years of other professional pursuits I am revisiting many of these experiences

    As a trader I listened many times to your distinctive voice and at times peppery commentary. I am looking forward to seeing how you get on this side of the fence

    Go for it and enjoy the ride of a lifetime

    July 1, 2009 at 12:40 am |
  4. Anna, HK

    Hi Adrian,

    This is much better... reading your attempts as a rookie trader at a leisurely pace, (& re-read when necessary!). Honestly, I can't say I am understanding everything that is being said, but I am getting a framework on the processes that needs to be understood before venturing into actual trading.

    I am benefitting from the reports.

    Thank you for all your efforts.

    Anna

    July 1, 2009 at 3:16 am |
  5. Kebaya Mwamba

    You are going to fry like a chicken! he he he he he!

    July 1, 2009 at 6:11 am |

Post a comment


 

CNN welcomes a lively and courteous discussion as long as you follow the Rules of Conduct set forth in our Terms of Service. Comments are not pre-screened before they post. You agree that anything you post may be used, along with your name and profile picture, in accordance with our Privacy Policy and the license you have granted pursuant to our Terms of Service.

About Quest Means Business

Quest Means Business airs Monday to Friday, 1600 New York and 2100 London, and is hosted by Richard Quest.

 

 

 
 
Powered by WordPress.com VIP