First entry from the ‘bare arsed trader’ – why the name? – I guess chiefly because I feel extremely exposed trying to earn a living from trading. Also because if it all goes ‘ pear shaped’ then…. don’t want to think about it!
A bit of background – I have worked in IT for over 30 years and have now reached the point where I am sick of working forlarge companies who basically don’t give a damn about anything but the bottom line.
Since I can remember I have been fascinated by the financial markets. I have always dreamed of making a living from trading. I have tried many different means and methods. Buying shares short term, long term buy and hold with a margin loan, trading futures (mini DOW contracts) and spreadbetting on both stocks and shares and also on the leading world indexes. I have learnt a lot and lost a lot. But through that process, I am now trading happily and freely and making profits (and losses). What have I learnt along the way? A lot about my personality and a lot about what is important in being successful as a small time trader who wants to make a second income on the side.
I have been working on a contract basis for the last 5 or 6 years and it’s not very pleasant any more, there was a time when IT Consultants were the envy of their permanent colleagues – demanding high rates, loads of demand for their skills and all sorts of wrinkles to reduce the tax burden.
Not any more, rates have hardly risen over the last 5 years, as companies cut their expenses contractors bear the brunt of short term contracts and outsourcing, and the Inland Revenue and IR35 have made everything more difficult. Anyway – came to the end of a contract and seeing as there doesn’t seem to be a great deal of work available in my field, I decided to use a bit of capital I had put by to fund my new career – spreadbet trader. I have dabbled in this before with a reasonable degree of success – we shall see.