Beginners - Introduce yourselves!
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@mick789 welcome and keep posting
As you will find out some very knowledgeable people (Skate and Dr Bourse comes to mind very easily) and some not so and some humorous ones also.
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Hi all - I'm Darrin
I am new to the site but have held shares for many years - mainly for dividends but never trading. Have always been interested in trading shares but didn't have the time with family and work commitments. Now that I am partly retired I have decided that I will try and give trading shares a decent go. Over the years have read quite a bit about technical analysis from websites, etc. and own quite a few books (mainly Guppy) but have never put a complete trading plan together.
With so much information available - trading plans, indicators, exit methods, SL methods, funds protection methods, different charts (like P&F) I tend to get lost in the information and get nowhere and spin my wheels. After much wasted time over the years I have come up with a trading plan which I am currently paper trading with. I am sure there will be adjustments.
I am looking forward to meeting and learning from the community here. Looking thru many of the posts here it seems to have a friendly and helpful vibe.
I am new to the site but have held shares for many years - mainly for dividends but never trading. Have always been interested in trading shares but didn't have the time with family and work commitments. Now that I am partly retired I have decided that I will try and give trading shares a decent go. Over the years have read quite a bit about technical analysis from websites, etc. and own quite a few books (mainly Guppy) but have never put a complete trading plan together.
With so much information available - trading plans, indicators, exit methods, SL methods, funds protection methods, different charts (like P&F) I tend to get lost in the information and get nowhere and spin my wheels. After much wasted time over the years I have come up with a trading plan which I am currently paper trading with. I am sure there will be adjustments.
I am looking forward to meeting and learning from the community here. Looking thru many of the posts here it seems to have a friendly and helpful vibe.
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welcome to ASF
i don't trade myself but some members do
look for @peter2 , @Skate and @DrBourse in the older threads as a starter on styles and stuff
and if getting your feet wet in the trading ring , participating in the ASF monthly comp. is a must ( and entry is free )
should be good practice for trend-trading ( without the cash loss )
cheers and good luck
i don't trade myself but some members do
look for @peter2 , @Skate and @DrBourse in the older threads as a starter on styles and stuff
and if getting your feet wet in the trading ring , participating in the ASF monthly comp. is a must ( and entry is free )
should be good practice for trend-trading ( without the cash loss )
cheers and good luck
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Thanks for the welcome and heads up. If you don't trade I assume you are more investor/dividends (as per your name)?
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yes , although some moves could be mistaken for trading ( i just see an exit/reduce opportunity )
but watching traders and styles can help placing that investment cash in the line early
yes my main aim is create some extra income during my retirement years
but recognizing when traders are particularly active sometimes creates an opportunity for me ( to buy or sell )
not all traders play with penny stocks and those small and mid caps often have investment potential at the time
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Hope not to be a wise guy
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Welcome aboard @Dazza3
Too much information is as bad as not enough.
Glad to see that you are learning by paper trading, very smart move.
Dr Bourse and Skate are two extremely knowledgeable souls along with many others, who are only too willing to give extremely helpful advice.
Ask them and they deliver.
Best of luck and keep posting updates, and your thoughts.
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Thanks for the welcome. I am lucky that my funds are currently tied up in uranium so can learn while that plays out without temptation to start trading too early.
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I take umbrage and resemble that remarkWatch out for the wise guys, their* losing money
*they're
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Hi everyone, I'm Fiona
Trading (specifically, day trading) is something that I've wanted to get involved with for a while. I'm a complete novice and am currently trying to figure out the basics with regards to getting started. After finally making a commitment to learn, I've been reading this forum and checking out other sources of information for a few weeks. I'm really glad there's a local forum with a great community to be part of!
So far my journey has been something like this:
Comment made by people that know about trading: Buy [insert asset class here]; they're a great investment!
My response: OK cool. I'll pick some up when I'm down at the shops (has no idea how you even purchase a stock)!
My 'knowledge' thus far is that:
- broadly speaking, the main asset classes can be divided into shares/bonds/currencies
- buy and sell orders go through a broker. You need to set up an account and deposit an initial balance
- you can monitor market charts and place orders through brokerage trading software platforms
- some common ways to try and read the markets include, technical and fundamental analysis
- different tax rules apply in Australia depending on if you a classified as an investor or trader
Once I've finally set up an account and figured out the ATO requirements; I'll be reading a ton of learning material, develping my system and testing it with paper trades. When I'm ready, I'll start trading with a $20k starting balance.
My medium term goal is to hopefully start transitioning out of my current full time job; and have 1-3 days dedicated to day trading; (dependant on my level of success).
So, there you have it! I hope to chat with some of you along this journey!
Fi
Trading (specifically, day trading) is something that I've wanted to get involved with for a while. I'm a complete novice and am currently trying to figure out the basics with regards to getting started. After finally making a commitment to learn, I've been reading this forum and checking out other sources of information for a few weeks. I'm really glad there's a local forum with a great community to be part of!
So far my journey has been something like this:
Comment made by people that know about trading: Buy [insert asset class here]; they're a great investment!
My response: OK cool. I'll pick some up when I'm down at the shops (has no idea how you even purchase a stock)!
My 'knowledge' thus far is that:
- broadly speaking, the main asset classes can be divided into shares/bonds/currencies
- buy and sell orders go through a broker. You need to set up an account and deposit an initial balance
- you can monitor market charts and place orders through brokerage trading software platforms
- some common ways to try and read the markets include, technical and fundamental analysis
- different tax rules apply in Australia depending on if you a classified as an investor or trader
Once I've finally set up an account and figured out the ATO requirements; I'll be reading a ton of learning material, develping my system and testing it with paper trades. When I'm ready, I'll start trading with a $20k starting balance.
My medium term goal is to hopefully start transitioning out of my current full time job; and have 1-3 days dedicated to day trading; (dependant on my level of success).
So, there you have it! I hope to chat with some of you along this journey!
Fi
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Hi @Fiona96, learning to trade successfully takes a long time so I advise that you look at it as a long journey and set milestones to reach along the way. If you find that you are enjoying the journey then chances are that you'll find success waiting for you at some point near the end.Hi everyone, I'm Fiona
Trading (specifically, day trading) is something that I've wanted to get involved with for a while. I'm a complete novice and am currently trying to figure out the basics with regards to getting started. After finally making a commitment to learn, I've been reading this forum and checking out other sources of information for a few weeks. I'm really glad there's a local forum with a great community to be part of!
So far my journey has been something like this:
Comment made by people that know about trading: Buy [insert asset class here]; they're a great investment!
My response: OK cool. I'll pick some up when I'm down at the shops (has no idea how you even purchase a stock)!
My 'knowledge' thus far is that:
- broadly speaking, the main asset classes can be divided into shares/bonds/currencies
- buy and sell orders go through a broker. You need to set up an account and deposit an initial balance
- you can monitor market charts and place orders through brokerage trading software platforms
- some common ways to try and read the markets include, technical and fundamental analysis
- different tax rules apply in Australia depending on if you a classified as an investor or trader
Once I've finally set up an account and figured out the ATO requirements; I'll be reading a ton of learning material, develping my system and testing it with paper trades. When I'm ready, I'll start trading with a $20k starting balance.
My medium term goal is to hopefully start transitioning out of my current full time job; and have 1-3 days dedicated to day trading; (dependant on my level of success).
So, there you have it! I hope to chat with some of you along this journey!
Fi
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@Fiona96 Welcome aboard Fiona. You seem to the nuts and bolts in the right order.Hi everyone, I'm Fiona
Trading (specifically, day trading) is something that I've wanted to get involved with for a while. I'm a complete novice and am currently trying to figure out the basics with regards to getting started. After finally making a commitment to learn, I've been reading this forum and checking out other sources of information for a few weeks. I'm really glad there's a local forum with a great community to be part of!
So far my journey has been something like this:
Comment made by people that know about trading: Buy [insert asset class here]; they're a great investment!
My response: OK cool. I'll pick some up when I'm down at the shops (has no idea how you even purchase a stock)!
My 'knowledge' thus far is that:
- broadly speaking, the main asset classes can be divided into shares/bonds/currencies
- buy and sell orders go through a broker. You need to set up an account and deposit an initial balance
- you can monitor market charts and place orders through brokerage trading software platforms
- some common ways to try and read the markets include, technical and fundamental analysis
- different tax rules apply in Australia depending on if you a classified as an investor or trader
Once I've finally set up an account and figured out the ATO requirements; I'll be reading a ton of learning material, develping my system and testing it with paper trades. When I'm ready, I'll start trading with a $20k starting balance.
My medium term goal is to hopefully start transitioning out of my current full time job; and have 1-3 days dedicated to day trading; (dependant on my level of success).
So, there you have it! I hope to chat with some of you along this journey!
Fi
Smart move to paper trade for a period of time, this gives the knowledge department time to assess the market and movements.
Hop on board with Skate and Dr Bourse, two very knowledgeable souls who share their knowledge willingly.
Keep posting and ask and the answers will come forth.
Research ie DYOR most important.
Good Luck
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Hi everyone, I'm Fiona
1. Trading (specifically, day trading) is something that I've wanted to get involved with for a while.
2. When I'm ready, I'll start trading with a $20k starting balance.
3. My medium term goal is to hopefully start transitioning out of my current full time job; and have 1-3 days dedicated to day trading; (dependant on my level of success).
Fi
Hi Fiona,
1. Why do so many novices want to start with day trading? Mostly it is because of [3] they want to day trade for a living and give up work.
(a). To day trade successfully and give up work, you need lots of intra-day volatility and a ton of leverage. Which also means that you can lose lots if you are no good at it.
(b). Then you need a strategy. When to get in, when to get out, when to do nothing.
(c). Lots of patience. You will spend more time sitting staring at the screen than actually trading in the market. If you don't, you'll watch the screen even longer because you'll have lost all your capital.
(d). While you are actually in a trade, seconds to minutes depending on your emotional strength, your adrenaline will be flowing freely. The more leverage you use, the higher your adrenaline flow will be.
(e). When entering a trade, getting a fill is an issue. Giving up a couple of ticks or pennies is not an option in day trading. That is the difference between entry and exit. You will find that the small hesitation in taking the trade means that you miss the correct entry point. After watching the screen for 3 hrs to get that price, you hesitate a fraction, and boom its gone. LOL.
2. So 20K leveraged x5 will allow you to day trade where the pennies that you earn will translate it dollars that you (potentially) take home.
3. Good luck.
So the reality is this: prove that you can trade profitably on a swing basis. Let's say somewhere between 1 week and 2 week holding period. If at the end of a year, using real money, forget this paper trading nonsense, then if you still crave day trading, then you will at least have a shot at succeeding.
Paper trading is really really misleading.
Paper trading does not prepare you for losing money.
How you lose money is everything.
I could show you 5 strategies that all (potentially) make money. They only work if you lose money in the correct way.
jog on
duc
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i found paper trading useful , in discovering which strategies are deeply flawed , rather than which will succeed when cash is on the line
sure that is less useful once you near trading as a major source of income , but you did save those extra $$$ in the learning phase , it also helps you detect shares that seem to have risen ( on the rumor ) in the prelude to major news ( some disclosures just seem to leak into the market , early )
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Mr divs,
Sure, to develop a strategy, you need to paper trade/test it.
Thinking that it's profitable due to its success on paper is an error. So many strats. look great on paper but they cannot be traded by anything other than a robot.
Emotionally they just kill you or grind you to dust over time.
Knowing or discovering which strats. you can actually trade...is a whole 'nother thing.
So I've been trading since 2000. My first market was a bear.
I day traded. I didn't sleep. Eventually, it just physically exhausted me. Went to swing trading, 3/4 days...
Today my positions are 12 - 18 months in duration. I sleep like a baby.
jog on
duc
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my success on paper was very erratic , some might say haphazard , certainly not good enough to start putting cash onto my ideas
i did pick some winners but was usually too far back in the line to get the entry order filled , one can only surmise whether the exit ( that never was ) would have been successful as well
however the failures were very educational ( but at least not costly )
... and i didn't even factor in an unreliable ISP at the time
i found it very hard yakka to get anything like a theoretical income approaching half a decent wage
so went investing ( almost )100% instead and kept the regular job ( at the time ) to provide a reliable income
to those that can and do trade for a living , well good for them , i wasn't good enough at it , so i tried something else i was better at
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Hello everyone, I hope everyone is doing well. Could you kindly let me know where you locate the ASX stocks that performed the best over the past quarter in terms of earnings? Is there a website where we can obtain this information? gathered in one location? Many thanks
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Hey @ducati916, thanks for your comments and insights. Lots of realness in there. I need to hear this stuff
