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No Ordinary Duck
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There is some serious silliness being posted on this thread.
The official "ASX is tanking!" panic thread
- Thread starter RexBudman
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- asx asx tanking panic
$24ish for MQG might be a bit much in this market, if things remain volatile, but medium term it's not necessarilly that bad. It was going for $40 just a few months ago. My MQG shares are currently down about 55% on what i paid for them, if I'd had some spare cash I'd probably buy some more.
Unfortunately I missed out on buying any bargains recently, but I don't think this volatility is a anywhere from over, so hopefully we will all have some more chances to make some money, lose some money, and learn some things.
I'm not mch older than you guys, and this past week ive lost more than I could save in a whole year, but I think the best thing ie learnt is not to worry or stress too much about what the market does on a day to day basis. And to stick to my plan.
Unfortunately I missed out on buying any bargains recently, but I don't think this volatility is a anywhere from over, so hopefully we will all have some more chances to make some money, lose some money, and learn some things.
I'm not mch older than you guys, and this past week ive lost more than I could save in a whole year, but I think the best thing ie learnt is not to worry or stress too much about what the market does on a day to day basis. And to stick to my plan.
My goal is to gross 100k this year.
Having 1m cash is not that outlandish of a goal.
If you said $1m cash by the time you're 30.. then you might be pushing it.
1m cash @ 6.8% p/a = 68K/year ---> The entire world can eat my dust...
At the moment I have the Shidas touch, eveything I touch turns to sh*t hahahaha...
Screw it - Am going back to my roots, back to RFE until their operations are in full progress...I'd say they are under-valued atm - oh well, day trading will have to wait
I should be able to gross 70-80K from my business but probably net 40% of that... I hope you meet your goal, Alex...
Alex & Rex,
You guys really need to stop and have a think about what you are doing. Please search through the forum especially the beginners section as neither of you are ready to be trading especially day trading ASX stocks.
Having the goals you have is fine but you need a realistic and workable plan to achieve them, just saying I want $1m cash or I want to gross $100k this year is not going to get the job done.
I've blown a $50k account thinking I knew what trading was all about and I could just make it work without the proper education, experience, skills or tools but you don't have to lose money to become a good trader, unfortunately that is the only way most of learn to respect the market.
You guys really need to stop and have a think about what you are doing. Please search through the forum especially the beginners section as neither of you are ready to be trading especially day trading ASX stocks.
Having the goals you have is fine but you need a realistic and workable plan to achieve them, just saying I want $1m cash or I want to gross $100k this year is not going to get the job done.
I've blown a $50k account thinking I knew what trading was all about and I could just make it work without the proper education, experience, skills or tools but you don't have to lose money to become a good trader, unfortunately that is the only way most of learn to respect the market.
Will do mate - you are 100% correct...
Actually, my goal is not share market related. Its career related. So infact, I am getting the job done
But yes, we are both nieve, and we will get burnt.
Sometimes thats the only way some people learn.
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My goal is to gross 100k this year.
Having 1m cash is not that outlandish of a goal.
If you said $1m cash by the time you're 30.. then you might be pushing it.
If you are twenty-something, take the market easy, the market is a nasty and crazy fella that can eat you alive if you are not careful.
Rex, if you expect the market to raise why do you buy MQG? A single stock is not going to follow the market every a single day, there are some ETF out there that track the market and even then playing short term is a risky business.
The first thing to learn is not to make money but to preserve it, do you understand? Capital preservation is the first skill to master in this game.
Once you learn to preserve it you start making some money and the whole process takes time, years to be honest, be patient, learn and play small.
If you are twenty-something, take the market easy, the market is a nasty and crazy fella that can eat you alive if you are not careful.
Rex, if you expect the market to raise why do you buy MQG? A single stock is not going to follow the market every a single day, there are some ETF out there that track the market and even then playing short term is a risky business.
The first thing to learn is not to make money but to preserve it, do you understand? Capital preservation is the first skill to master in this game.
Once you learn to preserve it you start making some money and the whole process takes time, years to be honest, be patient, learn and play small.
Excellent advice, thankyou. I will note this as well as everyone elses advice - and I thank you all for taking the time to do so.
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My goal is to gross 100k this year.
Having 1m cash is not that outlandish of a goal.
If you said $1m cash by the time you're 30.. then you might be pushing it.
You guys need to sit down and think what is realistic.
I'm not going to pretend to be a great trader or investor however I have finally found an area of the market that I can profit from and enjoy.
Im 22 now (so about your age) and first started investing in shares when I was 12. I sunk everything I had into a stock ($500 worth). Now you read on these forms and other sites that its not working doing unless you have $5k, $10k or $20k or whatever someone says but that $500 was the best thing I ever did. Sure brokerage sucked and it took a while to be in profit but it taught me many valuable lessions. (I was not trading day to day I focused on longer term investments). I was also self taught as my parents never touched shares and I had to find out how to actually buy, etc, etc.
Anyone that investment didnt turn out to be too crash hot, neither did the one after it. I then began to undertake serious research and started to understand why stocks moved and what everything meant. I focused strongly on fundamentals and stuck to companies in the ASX 200. I then made 40% on a stock that was taken over shortly after I bought it (my reserarch indiciated it was a good turn around story) and my next two investments have been my best performers to date. By this stage I was older and had started to investment larger sums of money.
I then branched out and traded index options when I was 16 (made some good returns but also lost on individual stock options due to a lack of liquidity and time decay). I traded CFDs which I enjoy and still do when time permits.
Anyway this is not to gloat but more to point out that investing/trading is like a journey and that the biggest benefit, if you are in fact working and/or studying from home, is time monitoring and learning about the market. I specifically left my job to run a business from home that provides me with cashflow (so I can eat) and allows me to trade and research as much as I desire.
Anyway to sum up all that read, learn, research and dont chase dreams. Find your niche and learn it to the best of your ability.
In the meantime protect your capital. I have never gone all in or been crazy with my money and as a result I have not lost significant amounts in a stock or trade. This principle will allow you to buy the most important thing that is integral to your long term success in the market "time and experience".
You wont find that in a book or the net
Paul,
Good advice mate.
My goals were not from trading stocks - rather trading stocks is my way of creating a bump in my portfolio. I am currently trying to grow my business base in order to reach my goal.
All in all, I'd say you, as well as many others on this thread, are correct. I will stick to my long term stocks that I have researched quite a bit on. They did prove to yield a profit within a few months however my desperation started end of july, beginning of August around crash time.
I'll give day trading a miss, and focus on the long termers that I have knowledge about.
Good advice mate.
My goals were not from trading stocks - rather trading stocks is my way of creating a bump in my portfolio. I am currently trying to grow my business base in order to reach my goal.
All in all, I'd say you, as well as many others on this thread, are correct. I will stick to my long term stocks that I have researched quite a bit on. They did prove to yield a profit within a few months however my desperation started end of july, beginning of August around crash time.
I'll give day trading a miss, and focus on the long termers that I have knowledge about.
skc
Goldmember
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Enough about young people and what they do/don't know about markets.
Here's an uplifting article from the press about the latest development.
http://www.theaustralian.com.au/bus...financial-stocks/story-e6frg916-1226113655115
Here's an uplifting article from the press about the latest development.
http://www.theaustralian.com.au/bus...financial-stocks/story-e6frg916-1226113655115
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Be careful you don’t end up in any of these groups:
The born-again traders: this group heard somewhere that W. Buffet or P. Lynch were great investors, and decide to emulate them, borrow a couple of books and start researching companies here and there and finally, the time to commit money has come and a ‘value portfolio’ is constructed. Nothing can go wrong, can it? After all, everything has been purchased to a discount to its ‘intrinsic value’. After a while most of their holdings show a profit, “man, this is easy” they think... they buy more and more and so the story goes. One day, the market tanks, blood is everywhere. This is when their real call in life comes, an idyllic moment... “why I didn’t have a stop loss in place?” They think, in no time they have been converted and know everything about averages, RSI and of course, everything about the great “Fibonacci”. For them, everything has become clear, the time to sell everything has come, they are sure a “bear” market has begun and it will decline for months, perhaps years. “In these volatile times, I will make my money back in no time doing short-term trades” they think. The end result? The remaining of their capital is destroyed.
The born-again investors: this second group heard somewhere how great George Soros was and how he alone broke the Bank of England and blah blah. After some more research, their super-heroes of childhood are replaced by this guy. They feel they are ready to trade and make some real money. Money goes into the market and profits are made here and there and of course some minor or irrelevant losses here and there, life is good, they love the market. Then, after all their indicators announce a new bull market is in the makings, they commit all their capital.... suddenly, the market tanks. “What happened? Is it because I didn’t do proper research” They think. In no time, the conversion to the other side of the “force” happens. The idolatry to Soros has been replaced to one to Benjamin Graham. “Stuff those stupid charts” they say, after all, they now know and understand that their stocks have “intrinsic” value and if they hold long enough they will come back one day. Guess what? That never happens. end result? They end up in even deeper sh*t.
The born-again traders: this group heard somewhere that W. Buffet or P. Lynch were great investors, and decide to emulate them, borrow a couple of books and start researching companies here and there and finally, the time to commit money has come and a ‘value portfolio’ is constructed. Nothing can go wrong, can it? After all, everything has been purchased to a discount to its ‘intrinsic value’. After a while most of their holdings show a profit, “man, this is easy” they think... they buy more and more and so the story goes. One day, the market tanks, blood is everywhere. This is when their real call in life comes, an idyllic moment... “why I didn’t have a stop loss in place?” They think, in no time they have been converted and know everything about averages, RSI and of course, everything about the great “Fibonacci”. For them, everything has become clear, the time to sell everything has come, they are sure a “bear” market has begun and it will decline for months, perhaps years. “In these volatile times, I will make my money back in no time doing short-term trades” they think. The end result? The remaining of their capital is destroyed.
The born-again investors: this second group heard somewhere how great George Soros was and how he alone broke the Bank of England and blah blah. After some more research, their super-heroes of childhood are replaced by this guy. They feel they are ready to trade and make some real money. Money goes into the market and profits are made here and there and of course some minor or irrelevant losses here and there, life is good, they love the market. Then, after all their indicators announce a new bull market is in the makings, they commit all their capital.... suddenly, the market tanks. “What happened? Is it because I didn’t do proper research” They think. In no time, the conversion to the other side of the “force” happens. The idolatry to Soros has been replaced to one to Benjamin Graham. “Stuff those stupid charts” they say, after all, they now know and understand that their stocks have “intrinsic” value and if they hold long enough they will come back one day. Guess what? That never happens. end result? They end up in even deeper sh*t.
Julia
In Memoriam
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"Fire in your eyes"? "Revenge"? Ditch the emotional rhetoric and take a considered approach to actually acquiring some education.Everything in life is a game- some games are harsh and others are fun; some are necessary. The main thing is that you win and leave the rest for dead. If you lose, respawn and try again...
I picked up MQG because of the overnight up-trend of the DOW. Since the DOW's performance reflects on us during our session I figured an early bargain buy should ascertain a small profit by the afternoon. My speculation could be very well off but at the time I thought I made the right choice - and the only reason I think it is wrong is because of its performance at this time. I got in at 23.98 and it is hovering at 23.70 even though the buy demand exceeds the sell demand which in my view should bump a price higher from simple supply and demand...
Again my speculation could be very well off the mark but I am determined to learn. I hate losing and I always come back with fire in my eyes for revenge. Just like Gankutsuo, the Count of Monte Cristo
What nonsense.
Julia
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+1.
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Hi Guys,
I thought I would post these 2 videos to give some perspective to those who have been freaked out by the recent falls.
I thought I would post these 2 videos to give some perspective to those who have been freaked out by the recent falls.
Last edited by a moderator:
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Be careful you don’t end up in any of these groups:
The born-again traders: this group heard somewhere that W. Buffet or P. Lynch were great investors, and decide to emulate them, borrow a couple of books and start researching companies here and there and finally, the time to commit money has come and a ‘value portfolio’ is constructed. Nothing can go wrong, can it? After all, everything has been purchased to a discount to its ‘intrinsic value’. After a while most of their holdings show a profit, “man, this is easy” they think... they buy more and more and so the story goes. One day, the market tanks, blood is everywhere. This is when their real call in life comes, an idyllic moment... “why I didn’t have a stop loss in place?” They think, in no time they have been converted and know everything about averages, RSI and of course, everything about the great “Fibonacci”. For them, everything has become clear, the time to sell everything has come, they are sure a “bear” market has begun and it will decline for months, perhaps years. “In these volatile times, I will make my money back in no time doing short-term trades” they think. The end result? The remaining of their capital is destroyed.
The born-again investors: this second group heard somewhere how great George Soros was and how he alone broke the Bank of England and blah blah. After some more research, their super-heroes of childhood are replaced by this guy. They feel they are ready to trade and make some real money. Money goes into the market and profits are made here and there and of course some minor or irrelevant losses here and there, life is good, they love the market. Then, after all their indicators announce a new bull market is in the makings, they commit all their capital.... suddenly, the market tanks. “What happened? Is it because I didn’t do proper research” They think. In no time, the conversion to the other side of the “force” happens. The idolatry to Soros has been replaced to one to Benjamin Graham. “Stuff those stupid charts” they say, after all, they now know and understand that their stocks have “intrinsic” value and if they hold long enough they will come back one day. Guess what? That never happens. end result? They end up in even deeper sh*t.
Thats right no matter what you have to stick to your plan, whether you are an investor of a trader,
( provided you had a sound plan in the first place)
wayneL
VIVA LA LIBERTAD, CARAJO!
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Tyson,
Re the first video you posted, fair comment from the old fart regarding long term investment of stock, yet you seem to reject this thinking when it comes to property.
Cognitive dissonance?
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In what way. I am a longterm investor in property. I have made many posts in the property thread saying this.