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Beginner question for making quick money

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Assassin

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Hi everyone,

Have just started looking into wealth creation after having recently got myself out of homelessness after a year and a half. I am looking to throw a bit of money towards share trading and I have just signed up for the ASX Sharemarket game and plan to use that until the end of the year to learn as much as I can about share trading while I save up some more money to invest for real in the market.

I currently have 2k and want to save another 2. When the time comes I will be more than happy to take big risks and try for quick profits with 2 and be willing to lose it if it happens, and be conservative with the other 2k and I'm wondering what is the best way to take big risks and make profits so I have a couple of questions.

1. Should I be watching the stock market constantly throughout the day? If so how do I do that, is it just through the ASX site or do I need to download a special program?
2. What are generally the best type of companies to watch where their prices go up and down a fair bit throughout the day?
3. What is the best way to find out company announcements before the news gets hold and everyone starts selling off or buying?
4. Any other tips for taking risks and making quick profits?

Thanks in advance for the help guys.
 
Trembling Hand said:
I'm not so sure you will be thanking anyone with the replies you are about to get.

Shame though because at least it was easy to read
Click to expand...

Trembling Hand is spot on here, but congratulations for making a start from the lowest possible base - respect. But quick money equals high risk. How much will it hurt you to lose that 4k in short order?
 
Well I am prepared to put half of it into high risk and be happy to lose it if it happens. I am hoping though that I do alright in the ASX game and learn enough to at least have some small chance of not losing it straight away.
 
Assassin, I'll leave it to others to respond to your requests for get rich quick stuff, but I wouldn't mind betting you will eventually get what you want, even if not quickly.

Anyone who can go from being homeless to having enough to make even a small investment is just a fantastic example imo. It takes a lot of courage and determination to make such a leap.

I wish you continued progress and every success.
 
I think beginner and quick money are the key words that stand out the most. There is no quick money especially if you are a beginner, sorry for being straight forward.
 
Trembling Hand - Do I remember correctly reading a while ago that you were once homeless living on a beach somewhere?

Sorry if I have you confused with someone else.
 

Okay, first of all, i would definately save up the extra 2k if i were you.

1. Yes, you should be watching the market every day and constantly throughout the day if you want to gain an understanding of it. I would suggest that you open up a Commsec account (free) and log in every day and use their depth of market (DOM) data and charting. You will get real live price action there.

2. Volatility depends on the economic environment and what sort of "news" is out there. I find that the most volatile shares are the large caps, but some here may disagree with me. What you are looking for is shares that trade every day and frequently. This is known as liquidity. The reason that some traders go for high liquidity is so that their holdings are easy to buy and sell.

3. Not sure about company announcements as everyone is looking for an edge, but you can find out about the latest economic data (unemployment rates, consumer data etc.) from an online economic calender. The one that i use is www.dailyfx.com.

4. There is no such thing as a quick profit, because if you made it quickly, with no background experience, you will likely whittle it away in the end. There is no such thing as an easy profit. You will need to study and study in order to make consistent, sustainable profits.

My opinion. With 4k, you could open a CFD account with IG Markets and get to know the SPI. You will have to do your research into this, but basically it is the index of the top 200 shares in Australia. It will be far more profitable if you can do this properly with 4k. Basically, you start off with $5.00 point contracts (mini contracts). Do your own research.
 
I can't really add much to the get-rich-quick advice, because I haven't managed it myself, and would be extremely wary of anyone that suggested it was possible.

I do want to add, however, that the ASX game is a great way to start, and it does tend toward a trader attitude, given the short timeline (as opposed to a buy and hold attitude)... on the downside, it only allows you to trade the top 100 or so stocks. As in, you won't find any of the mid-range or little penny shares in there; none of the younger and/or smaller companies, startups, that sort of thing. No floats, IPOs or anything either. Those 'little' companies are often (though not always) where the highest short/mid-term growth potential can be.
 
Wow.. I don't know where to start
Well done on recently getting out of homelessness.

Im going to start by saying please don't consider "gambling" your money for rent or food etc (if you are still in a bad situation). I don't know your situationn so it's not very fair of me to say that but be careful

There is no get rich quick.

1. Should I be watching the stock market constantly throughout the day? If so how do I do that, is it just through the ASX site or do I need to download a special program?

You can basically do whatever you want. If trading for a living you are your own boss. Decide whether you want to scalp or buy & Hold, or something in between. Ultimately this will dictate how long you spend in front of the screen

2. What are generally the best type of companies to watch where their prices go up and down a fair bit throughout the day?

I think the flavour of the month is Bio Tech stocks, but basically any volatile stock can be day traded. Some of the bigger swingers are RIO, Suncorp and Maq bank.

3. What is the best way to find out company announcements before the news gets hold and everyone starts selling off or buying?

Bloomberg and other companies do a news feed. Though im not sure if this would help a new trader.. the market is irrational so trying to rationalise news and trade off it is hard.

4. Any other tips for taking risks and making quick profits?

Go to the casino and put it all on red

If you really want to make a go of it, learn to trade Futures. Go read Trembling hands blog 38 times and his Nothing to Something (i think it's called that) thread, and then spend time on a sim getting a feel for trading.

You said you are prepared to lose that 2k so don't chase me if you do

The sharemarket isn't just an ATM, you have to work for your money. Sadly alot of people don't realise this

Brad
 
i like you

you have a way with words

you got 4k?


come to chat

watch this space
 
mazzatelli1000 said:
Oh no, did you lose it all TH!!!
Posting as a new alias? jk
Click to expand...

Yep from hero to zero when I was 29. In fact not zero, way below zero.

But I was lucky. I managed to come back after a year or two down and very out. Most never get to shake what put them there.

who is jk?
 
Yeah I was joking that you blew up again and are now posting as Assasin

Didn't work to well
 
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