Smart beginnings?

[adamim1]

Well I am also new.

The way i have chosen to learn is to start by visiting this forum. I read through the forums here which gives you a starting point of what sort of things i could be investing in (RP, potash etc). I actually went through a heap of different threads then would look them up on the ASX and do some research on the forums and other sites. I remember seeing MAK @ 22c and putting it on my watch list and watch it go up and up, i eventually got in @ $2. I've also made it a habit to watch the market and share prices everyday on particular companies. I eventually want to do a stockbroking course to get my head around some specifics stuff, but i've just invested small amounts into different companies to sort of practice. I eventually want to be able to understand the market and make charts etc, but all comes with time.

 

[snowjunior]

Looking back I would have made a thousand changes, of course. But number one would of been to find a mentor that had proof that they are trading profitably and willing to lend a hand in guiding me in the right direction.

If you really want to know what steps you should take find a coach. Just like any performance task (musician, sports person, chess player....)

Okay, i'm sure you know my next question then..

How do i go about finding a mentor? i'm in adelaide so anyone around there that could spare some time?

 

[Trembling Hand]

I will be in Adelaide tomorrow but will be busy drinking red wine and eating until I fall over

what you first need is a touch of experience with some general knowledge that you can get with a couple of books.

 

[Wysiwyg]

If you really want to know what steps you should take find a coach. Just like any performance task (musician, sports person, chess player....)
Not a salesman selling you drums, tennis racquets, chess sims, or holly grail trading courses!!

Rant, Rant........

What an excellent piece of advice. Life coaches (not sharemarket) I know of are $123 an hour so to make good use of `one on one`tuition be sure to have all your questions and subjects organised beforehand.

Are there any one on one share market coaches in Australia?

 

[sleepy]

In that time I blew just under $80,000. Not only trading losses but also data, software, computers, brokerage, books, subscriptions, accounting fees & legals. I know because I have always traded as a biz and always keep full details. That also was 4 years probably taking a good few hours most days away from productive working time. How much would I estimate that cost me, a lot more.


Looking back I would have made a thousand changes, of course. But number one would of been to find a mentor that had proof that they are trading profitably and willing to lend a hand in guiding me in the right direction. If I was in the US or UK I would join a prop shop to be around real traders. Not slippery sales people looking to flog a course in trading education set up for the starry eyed punter.

Great post, TH.

sleepy

 

[nizar]

A very telling statistic is that of all the very successful traders/investors on this forum how many are recommending your thousands are best spent on a course? It's always newbies and first posters that want to find out about courses.

Very good point.

I think the reason behind this is because most people want to be successful without doing the work. Reminds me of a Jessie Livermore quote I read the other day.

You can't just pay the money and get places quicker. Doesn't work that way if you want to be successful in the markets.

 

[professor_frink]

Okay, i'm sure you know my next question then..

How do i go about finding a mentor? i'm in adelaide so anyone around there that could spare some time?

In the wonderful age we live in, what with microwaves, cordless telephones and the internet, you don't necessarily have to go out and find a mentor you can have meetings with.

Once you've sat down and read a couple of books and are starting to get an idea of where you want to go with your trading, you can come to a forum like this one, find someone that is where you want to be and start asking a few questions

 

[nizar]

Once you've sat down and read a couple of books and are starting to get an idea of where you want to go with your trading, you can come to a forum like this one, find someone that is where you want to be and start asking a few questions

Tend to agree -- This is exactly what I did.

 

[Wysiwyg]

Very good point.

I think the reason behind this is because most people want to be successful without doing the work. Reminds me of a Jessie Livermore quote I read the other day.

You can't just pay the money and get places quicker. Doesn't work that way if you want to be successful in the markets.

Hi nizar , I`m wondering if you would like to share what your reasoning is behind that quote by Jesse L. Why does it not work that way?Is it because of unwritten rules within the system that evryone `has` to abide by.

 

[nizar]

Hi nizar , I`m wondering if you would like to share what your reasoning is behind that quote by Jesse L. Why does it not work that way?Is it because of unwritten rules within the system that evryone `has` to abide by.

I cant remember exactly how the quote goes, I think I read it on somebodys signature on a forum (not sure if its this one).

It goes something like, the average punter does not want to put in any work, or any research, at all. What they are after is somebody to tell them exactly what to do in order to make money.

 

[nizar]

Hi nizar , I`m wondering if you would like to share what your reasoning is behind that quote by Jesse L. Why does it not work that way?Is it because of unwritten rules within the system that evryone `has` to abide by.

You can't just pay the money and get places quicker. Doesn't work that way if you want to be successful in the markets.

Please note that: The above, which after reading your post again I gather is probably what you are referring to, is PURELY MY OPINION.

 

[snowjunior]

Hey guys,

Just thought i'd post an update to the start of my journey.

First of all, i'd like to say a thankyou for the advice given in the last few posts.

I forgot about doing any sort of course, and realize now after reading some more books (currently soaking up Darryl Guppy's Approach to Sharetrading, and also his Trend techniques (just to start with) that i don't need to. Also downloaded Incredicharts for free and have been monitoring and learning with the free EOD data they provide.

Reason for this now, is that after checking out the Hometrader seminar and speaking with them one-on-one about it, i received an email and a callback (as although keen to get started, was not keen on $7000 payment) asking if i wanted to go back for another chat.

Basically, they were willing to knock $2500 OFF THE PRICE of the course for a 'once-off' deal. ($1500 off the course, and $990 weekend short course for free)

Made me wonder how many people forked out 7k just after the seminar.

Anyway, told them 'no thanks' and left it at that. Will stick with the books, free data, and opinions/thoughts on the forums to develop my own style and go from there. Thought any other beginners would be interested to know.

Snow.

 

[professor_frink]

Hey guys,

Just thought i'd post an update to the start of my journey.

First of all, i'd like to say a thankyou for the advice given in the last few posts.

I forgot about doing any sort of course, and realize now after reading some more books (currently soaking up Darryl Guppy's Approach to Sharetrading, and also his Trend techniques (just to start with) that i don't need to. Also downloaded Incredicharts for free and have been monitoring and learning with the free EOD data they provide.

Reason for this now, is that after checking out the Hometrader seminar and speaking with them one-on-one about it, i received an email and a callback (as although keen to get started, was not keen on $7000 payment) asking if i wanted to go back for another chat.

Basically, they were willing to knock $2500 OFF THE PRICE of the course for a 'once-off' deal. ($1500 off the course, and $990 weekend short course for free)

Made me wonder how many people forked out 7k just after the seminar.

Anyway, told them 'no thanks' and left it at that. Will stick with the books, free data, and opinions/thoughts on the forums to develop my own style and go from there. Thought any other beginners would be interested to know.

Snow.

Snow,

check your PM box!

 

[Michael9]

I'm very new too and have all the same questions you do. I wish I'd known about this site in particular before spending my money ($3800) on daily CFD and trader reports . One thing I find important is that there is enjoyment and satisfaction in the learning itself. The incentive of acquiring enough knowledge to get into overall positive territory is powerful but if it's likely to be a while before people like you and me get the expertise and confidence of senior site members. In the meantime, enjoying the learning (and in a supportive environment) is a considerable side benefit.