In for the thrill

[frampo]

So here's my story. I'm in my mid seventies with time running out on the health front. I spend most of the day in bed but have my trusty laptop to keep me company. Life is a perpetual Groundhog Day and I thought I might try to inject a bit of excitement via share trading. I'm very much a novice and my investment capacity is only $5K-$10K. I know I should read and study all the books on the subject but I just haven't got the time.
Is there some way I can move into the field (without losing my bank overnight) or should I give up the whole idea.
I'd be grateful for advice.

 

[Johno]

Re: In for the thrill.

Im sorry to hear of your predicament. It sounds like your a sure bet at doing your dough if your not keen on doing some research on charting and fundamentals etc....

Perhaps you could just do 2k trades and maybe learn a bit as you go? You will tend to just "run into" problems with trading where you will lose money and you will be forced to at least ask someone how to go about such and such so it doesnt happen again. A good example here is buying on open when a stock has already gapped up overnight and then being left with the parcel when every one else has dissapered. You gotta know how the market works and when people buy and when they sell.

You can wing it if you want and you will still learn, but i expect you will lose at least a quarter of that money straight away before you make any gains. At least give yourself half a chance and look for sectors that are booming. This shouldnt be hard to find.

 

[shaunQ]

Re: In for the thrill.

I reckon it sounds like a good idea, better than going to an online casino, and could imagine myself wanting something similar if was in your situation.

As Johno said, only putting in 2K or so for the moment until you learn more and cover you a little in case the market drops. Only trade high volume, high cap stocks (and only *EVER* 3 letter codes like CBA, BHP etc).

You can't constantly trade, so try and learn many of the basic concepts like Support/Resistance levels. Avoid over-trading which your likely to do because your watching it all the time.

Anyway, I'll let other more knowledgeable people tell you about the best things to learn as I'm just a novice. And you should know I had a similar balance and down around 15-20%, but I've learnt a lot. Don't underestimate the risks.

Edit: Oh and be aware it could be quite stressful, as losing money never feels good.

 

[Sean K]

Nice time to be in for the thrill.

Maybe not a good time for the feight hearted.

Perhaps arguing politics or GW with WayneL et al might be thrilling enough?

I've found Texas Holdem Poker on facebook to be fun in my spare time...

I'm not sure if splashing cash around to lose at this time is a very fun thing to do.

 

[MRC & Co]

I'm not sure if splashing cash around to lose at this time is a very fun thing to do.

Yeh, that's the thing. You would have to be prepared to loose your money, just for the life experience.

Otherwise, it could be a painful experience you probably won't want to experience.

Quick way to invest without blowing up your account and reading all the books, visit thechartist.com.au and sign up.

Personally, if I was you, I would go for it! But I'm not you, so all the best with the decision. As Kennas says, if you are bored, there is always plenty of colourful exchange happening around here.

 

[Julia]

Hello Frampo,

I reckon you're setting a terrific example of how to cope with ageing and failing health.

And, hey, medical prognoses aren't always right. You'll know best what's happening for you.

Is this cash you can afford to lose?

And check your Private Messages box.

 

[dutchie]

Hi Frampo

If your happy to spend $10,000 for 3 or 4 days of excitement at losing your money - then go for it!

Good luck and cheers

dutchie

 

[tech/a]

Trade a demo account and enjoy the satisfaction of the action AND capital preservation.

 

[MrBurns]

Trade a demo account and enjoy the satisfaction of the action AND capital preservation.

Agree.....

 

[nunthewiser]

places arm around frampo,s shoulder and says " come with me young fella, i,ll look after ya ....just so happens i got a m8 in nigeria looking for cashed up investors "

in all seriousness tho m8 maybe listen to tech/a, s idea until it shows you the way

 

[MrBurns]

Yes believe me it will be a thrill if you do your shirt in the demo account and then realise your real money wasn't in there

 

[frampo]

I'm getting the message :dimbulb: Thank you all.

Playing the market with a virtual account is unlikely to get my adrenalin juices running Without trying to solicit any commercial promotion, I wondered if there were any "trading tipsters" who could be relied on.

 

[Cartman]

I'm getting the message :dimbulb: Thank you all.

Playing the market with a virtual account is unlikely to get my adrenalin juices running Without trying to solicit any commercial promotion, I wondered if there were any "trading tipsters" who could be relied on.

gidday Frampo ----- sorry yr not well ---- first question ---- how much would u be happy to make on yr 5-10K and over what time frame? ----- second question ---- how much are u happy to lose of it and over what time frame?

 

[inrodwetrust]

Hi Frampo

Why not give the ASX game a go, http://www.asx.com.au/resources/education/games/index.htm.

Up to $5k to be won & starts soon.

2009 Game

* Registrations 28 January to 17 February 2009
* Trading 19 February - 3 June 2009

A good way to start regardless of your circumstances.

Regards

 

[James Austin]

So here's my story. I'm in my mid seventies with time running out on the health front. I spend most of the day in bed but have my trusty laptop to keep me company. Life is a perpetual Groundhog Day and I thought I might try to inject a bit of excitement via share trading. I'm very much a novice and my investment capacity is only $5K-$10K. I know I should read and study all the books on the subject but I just haven't got the time.
Is there some way I can move into the field (without losing my bank overnight) or should I give up the whole idea.
I'd be grateful for advice.

frampo,
if you are in it for the thrill, but have no experience then i suspect your money is going to disappear. So the way to draw the experience out as long as possible.

1] set up an account with IG. trade the uk ftse 100 from 6pm at $1 per point. set a stop loss at 10 pnts each trade.

2] set up an account with CMC. trade the aus 200 from 8.50am at $1 per point. set a stop loss at 10 pnts each trade.

note: your $15k is likely to be swallowed up by CMC and IG.

but hey, if you're just in it for the thrill its ok. oh, and if you trade carefully, who knows, this $15k could conceivably last you years and your days would be full without a dull moment.

 

[frampo]

gidday Frampo ----- sorry yr not well ---- first question ---- how much would u be happy to make on yr 5-10K and over what time frame? ----- second question ---- how much are u happy to lose of it and over what time frame?

I'd be happy enough just to break even over 12 months but would like my 5k to last at least that long.

 

[Cartman]

I'd be happy enough just to break even over 12 months but would like my 5k to last at least that long.

ok so yr not stressed about whether u make a profit or not ---- in that case what a couple of the boyz above said above is where id head ---

do a quick crash course in technical analysis b4 u go in ---- maybe open an account with GO Markets --- http://www.gomarketsaus.com/download --

practice on the simulator (demo account) so u get a feel for how the market operates ---

put a grand in and trade the micro lots on the major forex pairs ----

micro lots will only cost u 10 cents a pip , so even if u have a coupla shockers itn not gona break yr bank in a hurry ----- u can have a bit of stress free fun with that ---- and if u get good at it you can slowly increase yr lot size to suit yr comfort level ----

u might surprise yourself how u go ----- good luck with it old M8.