Hello everybody, I am new to this forum and relatively new to the stock market and trading in general.
Currently 24, living in Melbourne with a young family and have been unemployed for the past 3 years which I am really hoping to change ASAP.
I had a fair bit of money put aside and one of my bad habits aka betting on the horses gave me a substantial win in the vicinity of 30k+ and thus I decided to invest around 25k into the stock market this April just passed. I basically dove into the deep end without any help, only a good mathematical brain and a decent high school education with an above par ENTER score, which I have mostly forgotten
I made a few trades on SLR, AHZ and BML before finding a stock which was quickly on the rise after I invested my first 8k into it - LNG. My first purchase was at 72cents for $8000 worth, my next was at 94 cents for $13500 worth and then my last trade was at $1.965 for $2900 worth during one of the infamous pump and dump days that LNG had on its way to its current Share Price (anybody familiar with the LNG stock will know exactly what I am talking about)
I currently hold 25,000 shares in LNG and they are sitting at $3.65 - this is the only stock I hold in my portfolio. My average purchase price is just shy of 97 cents, however I am looking to really further my knowledge on the stock market in general and technical analysis and pursue my ambition of becoming a day trader at home with my own capital as I do not have the university education to begin a career at a stockbroking firm or anything else linked to the stock market, and at my current age and situation (son who is 2, still living at home with my parents and my fiance') I would prefer to try and start earning money on a week to week basis rather then try and obtain a university education as my family is relying on me to support them.
I really want to learn a lot about technical analysis and ANY help whatsoever would be so much appreciated. I am planning on taking full benefit of the CGT 12 month holding rule (where I only pay tax on 50% of my profit) and using my initial outlay into the stock market as my capital to day trade, whilst keeping a healthy portion of LNG still in my portfolio as I really believe in the story especially in the LT.
Sorry for the rant, all help is appreciated... cheers