There are many different types of traders. From the person that does it in his spare time, to the independent trader who either works from home or a small office, to the institutional investor, who does it with thousands – if not millions – of dollars a day. They are also defined by the hours they keep and their trading styles. Because of that, there is no such thing as a typical day in the life of a trader. But to give you a little bit of an insight, we come to meet a man who’s been an institutional investor and is now an independent trader.
Meet Thomas Veillet, over 20 years in the markets and now has founded Investir Advisory, which focuses on equities. “In my case, I’m starting every day at 4 o’ clock in the morning. In this market for me, in this job the more important stuff is to get the information. If you don’t know what’s happening everywhere, if you don’t know the information, what’s gonna move the market, you miss something. In my case, I mean, there are some days I don’t even trade. So when I’m trading, when I’m going to the office for trading, first I trade only at the office, and only when I’m in front of the screens, because I don’t think you can do that from anywhere else.
I know there is a lot of applications and that you can trade from anywhere you want, but for me you have to be focused, concentrated and following really closely what’s going on in the markets. If you are distracted, you cannot trade. So, as long as the market is open, basically it’s watching. Every trader has his own way of watching the market.
I do follow the future of what’s going to happen in the US for the polling, I do follow what’s going on the EUR/USD, and I’m following different kinds of stocks. My universe of stocks is very small if I really count how much I am following, but I know all these companies, I know their work, what they do, how they behave in the market, so it’s more like a habit. I’m doing it for 20 years now and basically there is some picture that you can see on the market. Sometimes I’m looking at some charts, and I say ‘OK, there is a configuration I like’ So there are some configurations I like to trade, but sometimes it’s better to sit and watch, and wait for something to happen, better than just buying-selling everything and trying to make some volume.” Now that we know more about his trading style, when does he think the best time of the day to trade is? “So there is more opportunity when the US market is open, and for me it’s one of the markets I’m following the most so it’s more important when they are and it’s more fun.
The good time is between 2 and 5 pm in Europe, because both markets are open. Also sometimes is very funny to trade during the rest of the day in US when you are in Europe. The key for being a trader for me is that you have to have some rules. I always work with why I do go in a trade, when I want to go, what’s my target, and I am trying to stay and to focus on that one. And with a stop loss. When you start a trade and you say ‘OK, I’m going to make quick money because this stock is going to, let’s say, 12 to 14 in a matter of minutes.’ Then suddenly it’s going to 11 and the next hour is to 10, and so ‘OK, fine, it’s a good company, I’ve got to keep it for years because I’m going to make money over the next 10 years.” You can’t have a short trade who’s becoming a long trade. It’s wrong, everything it’s wrong. You have to get out. So you have to know why you get in a trade and you have to know where you want to get out, and you have to stick on it.
You can’t change your mind in the course of it, because it would mix everything and be wrong, from my point of view. The biggest mistake I’ve made is changing my mind, the second mistake is changed my mind because I’ve listened to someone else. They say: ‘No, I won’t, you shouldn’t do that.’ Then you start to change your mind and say: ‘Maybe he’s right…’. So if you put a trade on by yourself this is your decision.” So Thomas’ rules: know why you’re getting into an asset, have a set target, a stop loss, a trading plan, and stick to it, and make your own decisions.
But why does he trade? I’ve been in this market for 20 years and I’ve never been bored. And this is the most important point for me. In this job, you can’t be bored. There is always something to do, to find, to look after, to look after for the day after and there is always the dream that one day you’re going to make big money and you’re going to be rich. There is this kind of phantasm. Basically, it’s not just one thing, it’s a lot of stuff, and it’s fun. Basically if I had just to wrap up the story with one word is fun. .
Every traders’ day is different, from those who trade at home, on the move or in the office. We spoke to Thomas Veillet from Investir Advisory about what a typical day looks like for him, and what he watches out for.
► Learn more about IG: https://www.ig.com
► Subscribe: https://www.youtube.com/IGIndexSpreadBetting?sub_confirmation=1
Google Play: https://play.google.com/store/apps/details?id=com.iggroup.android.cfd&hl=en_GB
IG empowers informed, decisive, adventurous people to access opportunities in over 15,000 financial markets. With a strong focus on innovation and technology, the company puts client needs at the heart of everything it does.
IG’s vision is to be a global leader in retail trading and investments. Established in 1974 as the world’s first financial spread betting firm, it continued leading the way by launching the world’s first online and iPhone trading services.
IG is now an award-winning, multi-platform trading company, the world’s No.1 provider of CFDs* and a global leader in forex. It provides leveraged services with the option of limited-risk guarantees, and offers an execution-only share dealing service in the UK, Ireland, Germany, France, Australia, Austria and the Netherlands. IG has recently launched a range of affordable, fully managed investment portfolios, to provide a fully comprehensive offering to investors and active traders worldwide.
*Based on revenue excluding FX (from published financial statements, October 2016)