What is a day in the life of an accessory merchant?
As an accessories dealer, people often ask me what a typical day looks like. This will be a little different for everyone, but this is my day in the life of a trader.
06:50 Arrival at the counter. I will have received emails from various news services overnight about breaking news from the Asian session and summaries of yesterday’s trades, not really need to read in depth, just a scan of the headlines to see if there is anything important, most days there isn ‘t but it is good to be aware.
07:00 The European futures markets open, the first 10 minutes are one of the busiest sessions of the day, sometimes you can do it all day or lose it in these 10 minutes. You should never let a session take you out of the day, so I give myself an amount that I can lose in this session in case the worst happens.
08:00 Cash markets open and futures markets react to this and can be volatile, volatility generally means opportunity.
08:30 After a busy and stressful hour in which you can earn a lot of money on a busy day, it’s time to take some time off. It is essential to stay away from the markets at times of the day when the market is quiet or has no edge. It keeps you cool and prevents you from doing boredom exchanges, which is why I’ll usually hit the gym now, watch a movie on my desk, and even take a nap. It’s strange leaving the office right now feeling like you’ve already worked for a day and seeing normal people heading into the office.
10:00 Back at the office, this is my time to do “normal work stuff.” Catch up on emails, go to meetings (sometimes I have to go to one). I will keep an eye on the bond markets, as auction results are often announced around this time.
12:00 Lunch, it’s amazing how early you get hungry when your day starts so early.
13:00 14:30 This is the time when American participants start to enter the market and things can get very busy. 1:30 PM come out some of the biggest economic releases and then for the next hour all of the US commodity markets begin trading their floor sessions as well as the New York Stock Exchange (NYSE) begins to open.
16:00 – 16:30 Closure of cash sessions on European stocks and bonds. Once again one of the highest volume times of the day with lots of opportunities.
17:30 If the market has been very calm and I am not in shape, I will go home now. But if the markets are good and I was up a decent amount on the day, I’ll keep trading.
19:00 If I’m negotiating, I’ll usually take a break now, walk into town, meet some friends, go to the gym if I didn’t do it earlier in the morning.
20:00 – 21:00 If I’m still in the office, I’ll trade the US stock close, which is at 21:00.
Hope this gives you an honest look at the commitment it is to be a full time trader. Yes, there are moments that are glamorous and exciting, but it is not an easy life, it is many hours and hard work. As one of my first bosses told me, “Commerce is one of the only jobs in the world where you can work 12 hours and come home poorer than when you arrived” and it’s true. But it is also one of the only jobs where you can change your life in one day. You have to be at your desk ready to be at it and win it and you have to dedicate all day to it to stand a chance.