ASX Sharemarket Game - Give me some tips!

[Julia]

Julia - paper trading is pointless if you are an absolute novice as you will get discouraged until you have a small idea what you are doing.

Which is why I suggested you begin to educate yourself via the ASX website and some broking sites!

 

[tcoates]

Callaghan,

Wouldn't give up on the game yet... Look at the volume and price ranges and see what you can pick up on a day to day basis. So you won't win... will that really matter in that in the meantime you will learn more (?) about price/volume movements etc. rather than buying a stock cause it looks cheap (compared with where it has been).

Also have a look at incredible charts - you will find useful information on that site about indicators etc and a whole bunch more.

Tim

 

[Callaghan]

Which is why I suggested you begin to educate yourself via the ASX website and some broking sites!

Please do not think I dismissed your suggestion! I have already started reading into the ASX, I am finding it a little dry. I am studying this stuff at uni so i no the basics of the market [no actual investing yet] only early into my degree.

Thanks again for the tips =]

 

[Callaghan]

Callaghan,

Wouldn't give up on the game yet... Look at the volume and price ranges and see what you can pick up on a day to day basis. So you won't win... will that really matter in that in the meantime you will learn more (?) about price/volume movements etc. rather than buying a stock cause it looks cheap (compared with where it has been).

Also have a look at incredible charts - you will find useful information on that site about indicators etc and a whole bunch more.

Tim

Cheers,

I will definately stay involved, but wont waste my time trying to read deeply into things!

Aim is never to win, but to come out with more then i started

 

[Whiskers]

Hi Callaghan.

Sorry I took a while to get back to you, but it seems you have been getting some good tips.

Man, you sure have p!ssed off Julia. I've rarely seen her use smiles, especially that one.

Which is why I suggested you begin to educate yourself via the ASX website and some broking sites!

While some would argue you're wasting your time paper trading, I always have a plan and trial or demo it on a small scale before I go into production, because you will often find something that you hadn't planed for or expected.

You should learn a bit about how to research and interpret data as you progress your degree. I'd focus mostly on that and keep enough of an interest in these other things to lend some practical experience to your study as you go along, so that when you've got your degree you're also got a bit of practical experience as well to hopefully become 'professional' at it.

PS: Professional as in state of mind... not type of profession.

 

[johenmo]

Callaghan et al.

I started in the market 3 months ago, and I did some reading/learning beforehand - just not enough. Was looking for some stocks for investing - current situation re knowledge/time available doesn't allow for anything different. Am now looking to build up knowledge, pratice in real time on paper for a couple of years from now re trading.

Have got a couple right for med/long term, one "probably" right (one newb's opinion) and one wrong. But not down much so have left the last one as "hope and hold" due to a small position size - LOL. The last one was recommended by brokers even as the stock was plummeting!

Seriously - am now doing the extra learning. And can recognise stocks that don't suit me. If I was day trading then that's a different story. I expect a another 2 or 3 months and I shall then start paper trading.

Am currently reading Van Tharps "Trade your way to financial freedom" and find it useful in that it's made me think laterally, and I will develop a couple of strategies from that. One of the better points is that a system can work for one person and not for another, and I feel that's true. Because the psychology invoved affects what people do. Also, the amount you have to invest will affect your success.

This book, plus many others, I found less dry than the ASX stuff, but I think I can now go back to the ASX stuff and get more from it.

Also search this forum for various threads where people comment on what they believe is relevant. There are a few books that are recommended by a lot of people.

IMO - paper trading will be useful for me to test. I'm not so convinced about back testing, as the market is different. So you then test it as the market develops. There will always be time to enter, but as I have learned (pre Van Tharp and others) is that exiting is at least as important if not more important.

It's hard when new re the jargon. There is a site iwth a great glossary - can't recall which thread I saw it in - use advanced search and you'll find it.

FYI - my 11 year old son showed some interest some weeks back and chose HVN, CCL and JBH because he knows of them. So we created a paper portfolio of the 3. He's up about 17% at the moment - what does that say about stock selection! Especially when everyone was on about discretionary spending etc! But dont' take my son's selection as advice!

So keep at it. Definitely do your own research. Research on this forum about people's opinions about broker recommendations - interesting........

Cheers

 

[Fishbulb]

re the asx share game; i'm doing very well indeed. up by a very healthy margin at the moment.

initially started just for the halibut but i'm starting to think i could win *holy smokes*

winning a 5 grand trading account wouldn't be bad i suppose

 

[Julia]

Man, you sure have p!ssed off Julia. I've rarely seen her use smiles, especially that one.

Gidday Whiskers,
Not really, but, no I'm not much into using smilies. Just felt a bit frustrated this time.

Callaghan, you indicated that you didn't really understand how to use either FA or TA. The reason I suggested the ASX website (and also E-trade which has more info) was that it provides the basics of both these.

If your uni study is already covering this, then I'm surprised you expressed no comprehension of either method.

Good luck.

 

[Callaghan]

Gidday Whiskers,
Not really, but, no I'm not much into using smilies. Just felt a bit frustrated this time.

Callaghan, you indicated that you didn't really understand how to use either FA or TA. The reason I suggested the ASX website (and also E-trade which has more info) was that it provides the basics of both these.

If your uni study is already covering this, then I'm surprised you expressed no comprehension of either method.

Good luck.

I'm sorry Julia, but I just don't understand how I frustrated you so much I stated I know some basics, but I had no idea what t/a or f/a covered -it was a new term to me. now that I know [somewhat] I expressed earlier in the thread that i have some very basic skills.

I then agreed with you that paper trading was useless for me at my stage - I
was essentially buying stocks without any particular reason.

When I said "looks like the ASX is pointless for me this year round, i need to study more in the meantime." I was referring to the ASX game, not the ASX lessons you suggested.

Please stop banging your head on the wall

 

[Whiskers]

I'm sorry Julia, but I just don't understand how I frustrated you so much I stated I know some basics, but I had no idea what t/a or f/a covered -it was a new term to me. now that I know [somewhat] I expressed earlier in the thread that i have some very basic skills.

I then agreed with you that paper trading was useless for me at my stage - I
was essentially buying stocks without any particular reason.

When I said "looks like the ASX is pointless for me this year round, i need to study more in the meantime." I was referring to the ASX game, not the ASX lessons you suggested.

Please stop banging your head on the wall

Augh, that was very sensitive, caring and considerate of you Callaghan.

That should win her over again.

 

[Julia]

I'm sorry Julia, but I just don't understand how I frustrated you so much I stated I know some basics, but I had no idea what t/a or f/a covered -it was a new term to me. now that I know [somewhat] I expressed earlier in the thread that i have some very basic skills.

I then agreed with you that paper trading was useless for me at my stage - I
was essentially buying stocks without any particular reason.

When I said "looks like the ASX is pointless for me this year round, i need to study more in the meantime." I was referring to the ASX game, not the ASX lessons you suggested.

Please stop banging your head on the wall

Hello Callaghan,

Shall we blame Whiskers for exaggerating my little burst of frustration??
My testiness was probably unreasonable and perhaps you and I have been rather at cross-purposes. If I'm still banging my head on the wall today it's because I sold FLX yesterday after three days of falling and now today it's up 11%!!!

All the best
Julia

 

[Julia]

Correction: FLX is now up almost 14%!! Grrr!

 

[Trembling Hand]

Guys winning or getting in the top percentages of a share market comp its completely pointless. Mostly the winners are lucky punters that have hit a huge % winner at just the right time. And will never be able to actually trade that way with real $$ and survive.

If you are trying to learn how to make money from the market with a share comp ignore the leader board and concentrate on proper method. I will just about guarantee the winners are not doing that !!!!!! And therefore can't actually trade for real. There are a couple of guru's on this forum that fall into the expert comp participants but have no $$ in the market.....Go figure

 

[Fishbulb]

Guys winning or getting in the top percentages of a share market comp its completely pointless. Mostly the winners are lucky punters that have hit a huge % winner at just the right time. And will never be able to actually trade that way with real $$ and survive.

If you are trying to learn how to make money from the market with a share comp ignore the leader board and concentrate on proper method. I will just about guarantee the winners are not doing that !!!!!! And therefore can't actually trade for real. There are a couple of guru's on this forum that fall into the expert comp participants but have no $$ in the market.....Go figure

i disagree

competetiveness is a natural ingredient in a trader, otherwise you wouldn't bother.

you may not compete against others but you certainly compete against yourself.

the leaderboard is a good indicator of how well one *can* do regardless of "dumb luck" or not.

i say watch the leaderboard and wring everything you can out of the game. it's worth 5 grand at the least.

 

[professor_frink]

i disagree

competetiveness is a natural ingredient in a trader, otherwise you wouldn't bother.

you may not compete against others but you certainly compete against yourself.

the leaderboard is a good indicator of how well one *can* do regardless of "dumb luck" or not.

i say watch the leaderboard and wring everything you can out of the game. it's worth 5 grand at the least.

Trading to trade well should be the goal in simulation IMO. Stuff the prize, the trader that develops their skills but doesn't win the comp will make a lot more in the end than the person that picks up a few dollars based on a punt

 

[Trembling Hand]

Fishbulb its a well know strategy to win a share comp is to load up on spec plays and hope one lands a winner. Completely ignoring risk, trade and money management controls. After all you have nothing to lose as your account will be reset with all the pretend money at the start of the next comp.

It just so happens that is also a well know strategy to blowing up a real account. Knock yourself out casing pretend results I'm more interested in preserving capital with correct trading methods and making consistent $$'s.

 

[Fishbulb]

Fishbulb its a well know strategy to win a share comp is to load up on spec plays and hope one lands a winner. Completely ignoring risk, trade and money management controls. After all you have nothing to lose as your account will be reset with all the pretend money at the start of the next comp.

It just so happens that is also a well know strategy to blowing up a real account. Knock yourself out casing pretend results I'm more interested in preserving capital with correct trading methods and making consistent $$'s.

i get your point

but mine being that if you're in the game, play to win. as you said, it's free money.

i'm not learning to trade purely so i can win a sharemarket game on the asx, but if i can collect an extra 5 g's along the way, i'll do it. seems to be a no-brainer to me.

 

[Spaghetti]

Well for short term gains you need H.A. Toss FA out the window. TA may help with H.A.

So if a game is short F.A worthless as between a company getting from $1.00to $20.00 it is traded for short term gain..or loss with short selling, so choose sector using H.A then use T.A for entry and exit points.

H.A = hype analysis
T.A = technical analysis
F.A = fundamental analysis

 

[johenmo]

Spaghetti - what is Hype Analysis> I can guess but I'd rather hear your thoughts.

 

[Spaghetti]

Spaghetti - what is Hype Analysis> I can guess but I'd rather hear your thoughts.

Well sort of a joke on my behalf but true. Simply where sentiment is at the time. You can measure it simply from forum chatter and media and analyst spin.