What is it really like to work as a day trader? Is day trading a realistic career, or is it mostly a high risk way to lose money?
In this episode of Time We Discuss, I talk with Godswill De Chi, a day trader from Nigeria, to find out what it's really like working in this field. Godswill has spent years learning the markets, developing his own trading strategy, and learning some difficult lessons along the way.
One of the biggest surprises for me was discovering that day trading does not necessarily mean sitting in front of a computer watching charts all day. Godswill trades gold using a four hour timeframe and has developed a system that allows him to step away from the market and only check his charts at specific intervals.
We talk about:
- What day trading actually is and how it differs from scalping and swing trading
- What a typical day looks like for a day trader
- Why Godswill focuses specifically on trading gold
- How he developed and back tested his trading strategy
- Why paper trading or demo trading is so important before risking real money
- The importance of trading psychology and discipline
- How boredom can lead to overtrading and costly mistakes
- Why having a mentor can make a major difference when learning to trade
- How much money you can realistically expect to make day trading
- Why trying to turn a small amount of money into a fortune quickly can be dangerous
- The importance of risk management and only risking money you can afford to lose
- What motivated Godswill to pursue day trading in the first place
We also discuss the research surrounding how many day traders actually make money. The statistics can be sobering, which is why this conversation goes well beyond the idea of day trading as a way to get rich quickly.
Godswill also tells us about The Forex Therapist, a project he created to help traders focus on the psychology, discipline, and behaviors that can affect their performance in the market.
If you've ever wondered what it's really like to be a day trader, whether day trading could be a career for you, or what it takes to become a successful trader, this episode offers a realistic look at the field.
Remember, day trading involves significant financial risk. The information discussed in this episode is based on our conversation and is not financial advice.
=================================================================
Timestamp:
0:00 - Intro to Makeup Artists and Licensed Esthetician
0:38 - What is day trading?
2:15 - What are scalpers as day traders?
2:48 - Typical day when day trading.
6:07 - A day trading strategy
6:47 - All about backtesting.
9:57 - The importance of paper trading (demo trading)
11:48 - Trading psychology
14:37 - What does day trading have to offer?
16:45 - Best way to get started as a day trader.
19:03 - Audience question: how to start day trading with $4
21:30 - Day Trader Godswill DeChi has the floor (Forex Therapist)
24:07 - Highlights from the episode
28:06 - Salary information
30:14 - Outro
=================================================================
Guest Information:
Godswill De Chi
Also Mentioned Directly or Indirectly in This Episode:
=================================================================
Time We Discuss Links:
Official Website: Time We Discuss Website
Original Music: Original Music furnished by Dan Swift
YouTube: Time We Discuss on YouTube
Spotify: Time We Discuss on Spotify
Apple Podcasts: Time We Discuss on Apple Podcasts
More Podcast Platforms: Time We Discuss Podcast on Other Platforms
Twitter/X: Time We Discuss on Twitter/X
Bluesky: Time We Discuss on Bluesky
Instagram: Time We Discuss on Instagram
Threads: Time We Discuss on Threads
