Dump it Here

[Skate]

Not bad for a bicycle mechanic!

Hey @tech/a you have no idea how instrumental you have been in my success.

Skate.

 

[Skate]

@captain black is another member who helped me immensely.

Skate.

 

[Skate]

Some background information

One of the first major shocks you will learn is that 98% of Traders lose their money and some investors lose their entire capital, blowing up their account as it is known in the trading circles.

Skate.

 

[Skate]

Learning

Learning this was very disheartening and distressing, I had a choice of accepting this fact and cease the idea of trading or take a stance and realise if I was going to play with the big boys I had to educate myself thoroughly as I wanted to be in the top 2%.

Skate.

 

[Skate]

Motivation

Another motivation for me to be in the top 2% was the fear of having that dreaded conversation with my wife, explaining how I lost our funds set aside for our retirement.

Could you imagine that talk?

Skate.

 

[Skate]

Education is the key

I’ve read many books and trading articles, I’ve listened to more podcasts than I care to remember, keeping my eyes and ears open, hoping to learn from successful traders, finding out what sets them apart from the average investor, trying to learn the secrets of their success whilst trying not to repeat their failures.

Skate.

 

[Skate]

Technology

Technology now makes it possible for anyone who is willing to put forth the effort to be an Investor. In the past, the average investor had no choice but to rely on brokers, financial advisors, and the media for insight into and advice about the investing process. That is no longer the case.

Skate.

 

[Skate]

Tools

Investors simply don’t know that investment tools exist let alone how to use investment tools effectively.

Skate.

 

[tech/a]

Hey @tech/a you have no idea how instrumental you have been in my success.

Skate.

Your right I don’t.

 

[Skate]

What do I need ?

I've included this as new members seek out the basics & as this thread will hang around - I'll explain what is needed.

This is what you’ll need if you want to start trading:

• A computer with Internet access. You must be able to access charts and brokers and do research. All the information you need is readily and easily accessible on the Internet.
• An online brokerage account such as CommSec.
• A good charting program such as Amibroker.
• A Data supplier such as Norgate Premium Data. (NPU)

Skate.

 

[Skate]

Your right I don’t.

@tech/a - that's great, you have added greatly to my wealth (means I won't have to share any of my gains with you)

Honestly @tech/a without your posts I wouldn't known where to start.

I'm the first to admit, I didn't know enough to ask the right questions.

Skate.

 

[tech/a]

Above all you will need a decent account size
I’d suggest 50k minimum
Running a business —-and it is a business is
Impossible if it’s under funded.

Good night!

 

[Skate]

@tech/a - that's great, you have added greatly to my wealth (means I won't have to share any of my gains with you)

Honestly @tech/a without your posts I wouldn't known where to start.

I'm the first to admit, I didn't know enough to ask the right questions.

Skate.

@tech/a you have helped me immensely & I'm positive you have helped many others, you have no realisation of the wealth of knowledge you have dumped here over the years.

This thread was to reclaim what we had in the past.

Skate.

 

[Wyatt]

Nice work there Skate. Kudos to you, although it looks like you are currently in your biggest DD, I thought you mentioned you were 100% cash recently

 

[Skate]

Above all you will need a decent account size
I’d suggest 50k minimum
Running a business —-and it is a business is
Impossible if it’s under funded.

Good night!

@tech/a before you go, have you another second?

Skate.

 

[Skate]

Trading is a business

Truth #1 - You need money to make money

Forget about taking a $1000 account and turn it into millions.

That is achieved through gambling, not trading.

Instead, you should look to make an average of 25% per year (this depends on your risk appetite and trading style).

On a $1000 account, you're looking at an average of $250 per year.
On a $20,000 account, you're looking at an average of $5,000 per year.
On a $600,000 account, you're looking at an average of $150k per year.
On a $1m account, you're looking at an average of $250k per year.

@tech/a you know this but others may not.

This is extremely important point & I wanted to make it before you went to bed.

Most traders don’t get it.

Skate

 

[Skate]

Nice work there Skate. Kudos to you, although it looks like you are currently in your biggest DD, I thought you mentioned you were 100% cash recently

Yes, my trading account is 100% cash

My investment account still ticking over. (this is a long term strategy)


Yep, I'm in a big DD at the moment that's the nature of trading. (DD = Draw Down)

Skate.

 

[Skate]

The Key to Success

The key to stock market success is properly managing your investments after you buy them. The way to do that is fairly simple.

• Don’t be afraid to sell.
• Have a methodology that clearly establishes exit points.
• Diversify by having a parcel of stocks.

Investing is not a rigid, structured approach to the stock market with an unvarying set of rules and what works best is highly subjective.

What works best for me might not work best for you, and vice versa.

Skate.

 

[Skate]

Feel free to ask me any question

I'll restrain from making further comments..

I'll do my best to answer more succinctly than the last.

Skate.

I couldn't help myself

@Wyatt I remarked that I'll restrain from making further comments..

Well that didn't last long..

I'll take @tech/a lead & head off to bed.

Skate.

 

[Xendragon]

Education is the key

I’ve read many books and trading articles, I’ve listened to more podcasts than I care to remember, keeping my eyes and ears open, hoping to learn from successful traders, finding out what sets them apart from the average investor, trying to learn the secrets of their success whilst trying not to repeat their failures.

Skate.

Can you name a few good podcasts? I'm looking for some decent ones to listen to.

Thanks
Xen