Australian (ASX) Stock Market Forum

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Max here... hi everyone! Hopefully this short post will be the first in a step to making a killing on the stock market!
 
hi all,

just wanted to add my recomendation for the book "$1 million for life" by ashley ormond - perfect introduction for beginers. i think it was in this thread i first saw it recomended and its just awesome. explains everything in a simple way and uses plenty of real life example/figures about how to run your finances from budgeting to types of investment and even super. very thorough and very good. almost finished it and feel ready to hit the road to a better future.

i will say though that it has put me off short term trading as a way to generate income, i have decided i'm an investor pure and simple, and will build wealth through property and shares until i have enough to stop reinvesting the income and start living off it.

simple as
 
I reckon Frank Watkin's book "Exploding the Myths" is an excellent book for a begining trader. Super simple to read, it tells you all about the myths, traps and pitfalls out there. Things like listening to your broker for advice, the hot tip syndrome, buying cheap selling dear and many others. The book contains detailed instructions on how to develop a trading plan, and, how to actually trade to succeed in the markets. For $34.95 its awesome.
 
kam75 said:
I reckon Frank Watkin's book "Exploding the Myths" is an excellent book for a begining trader. Super simple to read, it tells you all about the myths, traps and pitfalls out there. The book contains detailed instructions on how to develop a trading plan, and, how to actually trade to succeed in the markets. For $34.95 its awesome.
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Thanks Kam; might look into buying this book very soon. :)
 
New to trading

Hi guys :)

I'm new to this site, and I'm relatively new to trading as well. I was hoping that you guys could help to set me in the right direction.

I've only been looking into trading on the stock market for about a month now, so I only have a very basic knowledge of how the stock market works. I've watched videos and read a few things that a friend showed me, and I am interested in day trading options.

I was wondering where the best point to start with this would be? I have been reading about candle charts mostly, as well as identifying trends and patterns in stock market data.

My current understanding of day trading options, is that you are looking to identify an edge that puts the odds in your favour, and then act upon that edge, and through sticking to specific rules you have made for yourself (based on how much you are willing to risk), you will be able to make consistent winning trades. Is this basically the concept?

I am not looking for a 'get rich quick' scheme as I know the only way you can be successful on the stock market is if you educate yourself about it (as well as gain experience), just like all things in life. I'm more interested in learning about how I can become a consistently successful trader so that I can make a living out of it whilst taking risks I am comfortable with. Any helpful advice would be appreciated. :)

Lastly, I am also aware of the psychological effects trading can cause such as emotional pain, fear, greed, etc. and I was wondering if anyone has any advice on how to manage these? From my current understanding, I think the more you think like a robot and the less emotion you bring to your trading, the more consistent your results will be :)

Thanks for any help you guys can give me, I do really appreciate it.
 
Hi bmar711,

Firstly, welcome to ASF! :)

I have merged your introductory thread with the "New to the game" thread where those new to the stock market introduce themselves and often ask a few basic questions. I'm sure someone will be along to respond to some of your questions soon.

My initial advice would be to start working your way through the "Beginner's Lounge" forum, reading threads on topics that interest you. The site search function is a very useful tool and I would familiarise yourself with it as quickly as possible so you can track down threads on topics that interest you. With almost 15,000 threads here at ASF there are plenty of interesting discussions worth reading and absorbing.

Some tips on making the most of the site search function can be found here: https://www.aussiestockforums.com/forums/showthread.php?t=8380
 
For those who were asking about studies and what not, I'm a recent Commerce/Law graduate and I am doing all my learning as if I just fell off the back of a truck, from all of you guys.

Everyone needs some specific accreditations if you want to get into advising etc RG146 and others.

Trading with your own money is a good start, paper trading just didn't cut it for me. It's not real money so you don't really care as much and you're not in a frame of mind like you would be if it was your money.

I recommend opening an online trading account (I use Bell Direct, Interactive Brokers is cheper and I intend to eventually use them but you need 10grand and you'll get hit for not doing a certain amout of trades and a few other things). Put some coin in something relatively safe, keep building your capital and keep track of your stocks and most importantly diversify, so always be reading and looking for what's going to be your next stock to invest in. Start with shares learn learn learn then delve into other securities. I'm very excited to get going.

Mal
 
mallymcl said:
keep building your capital and keep track of your stocks and most importantly diversify, so always be reading and looking for what's going to be your next stock to invest in. Start with shares learn learn learn then delve into other securities. I'm very excited to get going.
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So what have you short listed and why?
 
Ahh I'm in with FMG, CPL, CCC and QHL now.

PEK/CCC were on my shortlist and I bought into CCC just this morning.


Reasons have been mainly just what I've read. I can't do my own chart analysis yet but I've been reading other people's on the stocks. I'm pretty basic at the moment, I'm going off ASX announcements, price history and general company outlook.

A big problem with my portfolio is it's not diversified but I've just been focusing so much on Junior Mining companies after that "8 Junior likely take over targets" or whatever it was came out. So I followed NEC for a while then went trying to find companies LIKE NEC. Been reading about REE but i'm not quite convinced with what i've read to buy Lynas or anything yet.

I have relatively small holding in my stocks but it definitely helps my hunger for info.
 
A question People.......

I have quite a few SBL shares i have been sitting on for a bit....... today in my portfolio there is a share turned up called SBLR which i didnt pay for or order. There is quite a few of these shares and i would like to keep them if i can........

How do i keep these shares? How do i pay for these shares??
 
G'day forum. First post post. Just signed up to do some trading. My only other shares are with the company I work for. I was looking to get on the Avanco rise but now I read that the major stockholder has sold off a heap of shares and it's brought it back to 16c. Wondering if it's worth jumping on now or waiting..

Anyhow g'day.
 
mallymcl said:
Ahh I'm in with FMG, CPL, CCC and QHL now.

PEK/CCC were on my shortlist and I bought into CCC just this morning.


Reasons have been mainly just what I've read. I can't do my own chart analysis yet but I've been reading other people's on the stocks. I'm pretty basic at the moment, I'm going off ASX announcements, price history and general company outlook.

A big problem with my portfolio is it's not diversified but I've just been focusing so much on Junior Mining companies after that "8 Junior likely take over targets" or whatever it was came out. So I followed NEC for a while then went trying to find companies LIKE NEC. Been reading about REE but i'm not quite convinced with what i've read to buy Lynas or anything yet.

I have relatively small holding in my stocks but it definitely helps my hunger for info.
Click to expand...


Hi guys..this is my first post. Im a new investor, started trading last few months, made about $200 profit from 2 months of trading. I have alot to learn, Im currently trading through Comsec.

I have no idea what to buy or when to buy.

Mal. I was just lookinig into your companies, it seems you have more insight, your timing is perfect. CCC went from 5 to 7, i can learn alot from you ;).

Hope i can get a better understand from joining Aussie Stock forum.
 
Ding said:
A question People.......

I have quite a few SBL shares i have been sitting on for a bit....... today in my portfolio there is a share turned up called SBLR which i didnt pay for or order. There is quite a few of these shares and i would like to keep them if i can........

How do i keep these shares? How do i pay for these shares??
Click to expand...

From what i understand, shareholders received 1 SBLR share for every 8 SBR share held. You would have received the SBLR's free of charge. You can sell them on market if you wish but if you are a holder of SBLR on 20 October you can then pay an extra 2c per SBLR to convert to the normal SBL. Basically this rights issue give shareholders the chance to buy more shares at 2c per share. The SBLR's are yours to keep until 20 October. You can either sell them on market before this date or keep them and pay 2c per SBLR you hold to convert to SBL. If you do nothing, they expire worthless.

Hope that makes sense.
 
johenmo said:
I have focussed on risk management - position sizing, exits, stop loss, type of trader - has taken nearly 12 months and have recognised I am not what I thought; stock selection - filtering out those that don't fit, and reading charts - particularly price movement and volume.

Like Vito, made $ years ago and thought I was good enough. It's confusing and the road ahead isn't mapped out. Read the thread about how many hours to be an expert.

Be persistent and realize good preparation beats good luck more often than not.
Click to expand...

I could have written something very similar about thy journey too.
 
hangseng said:
That post was done so long ago, I am wondering what you are on lol:D
Click to expand...

Yeah I know! I am new here. I was reading this thread from the beginning and suddenly ... whoa ... a chance to be witty!

It was way too personal, please forgive me!
 

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