Daniel Perkins is the founder of trading education business The Forex Centre and an active swing trader in the currency markets himself.
Instagram posts from successful traders featuring cars and holidays first inspired Daniel to start trading six years ago. After “taking all the punches” for a while, he began to see some success.
Now it is the technical challenges of the fast-paced forex market that keep him hooked, and have inspired him to help others learn about trading.
My trading life
I grew up with my mum and and three siblings, so I could never ask my mum for, say, £50k to buy a house. Now I have a four-year-old daughter, and want her to have that sort of privilege and freedom, and a good life in general.
I haven’t really got an educational background due to falling out of college early and not finishing my GCSEs, so I don’t have anywhere else to turn other than trading. I think trading could take me very far in life, in terms of finance and mindset as well – it’s not just about the money for me.
I normally set up my trades on Sunday. I mainly look across three currency pairs, Euro/US Dollar, Dollar/Yen or the Australian Dollar (as I’m a sucker for a bargain), and Sterling/Dollar.
If I’ve got a trade running I can’t really sleep properly, and I’m normally up by 6.30. Ever since I started trading I’ve loved coffee, and while the kettle’s boiling I’m opening up my laptop and looking at the pairs to see if there is any movement.
I also look at the news – Bloomberg or Investing.com, and normally update my website with market news at this point.
Beyond that, nothing really happens in the mornings until around 11am. Sometimes I pop down to my office in Canary Wharf, or see a client if I have one that day.
At some point, I have breakfast. I’m really into going to the gym so I have porridge in the morning, either at home or in the office.
This is when the US market starts to open and we see more movement and more information coming out, which often means updating my website.
But as a swing trader, I’m generally not as active in the markets as a day trader. Sometimes a trade I’ve placed on Sunday will have already come through with a profit by Monday morning or mid-afternoon – it all depends on the market conditions.
To be honest with you, I’m always picking at something to eat. I’m a big fan of Thai food, so I normally go to Busaba for a quick lunch – that is my favourite restaurant for Thai food. Or I grab a quick Wasabi, like their crispy fried chicken with curry rice – I love that.
Then, if I’ve been in the office, I’ll head back there. I only got the office in September, so until recently I would work at home and meet clients in Costa Coffee or Starbucks.
I’ll also keep up to date with the markets. I don’t really make any trading decisions as this point as I’m more a technical trader and less a fundamental one, but I will have updates on in the background.
If I’m not busy in the afternoon, I’ll be thinking about my new managed accounts business where I’ll trade on behalf of clients, which I’m planning to start to do.
At the moment, there are some issues with FCA regulation, so I’m just at the stage of getting everything ready: terms and conditions, legal procedure, processes, and brokers.
I normally leave the office at around 7pm, just so the traffic has died down. I go to the gym, and spend an hour and a half to two hours there – I like to make sure I’m hitting all the right muscles.
Once I’m back home, I eat and have another look at my charts. I’ll also be looking at YouTube, random miscellaneous stuff mainly about cars and property.
Generally, however, I try to keep away from screens where I can. This is one reason why I went down the swing trader route. So I also might spend time with my family in the evening, having a good old chitchat, watching something together, or making plans.
I’m a big music fan as well, but I normally listen to music on the move, like when I’m going to the barbershop or taking clothes to the dry cleaners.
When I’m coming up with trading or business ideas, I tend to go to bed very late, perhaps around 1am-2am in the morning, even 3am.
I can survive without sleep. Or at least going to bed late won’t affect me during the same week, but it will down the line, perhaps two weeks later. So I’ll often catch up on sleep during the weekend because otherwise I’ll be yawning in front of a client, which does not look professional!