Time to spare, direction to head?

[y0ud]

Just stumbled across this forum and cant wait to sink my teeth into it.

I have recently opened a business which leaves me a lot of downtime in front of a computer screen with a lonely internet connection. I have always been interested in trading, but have only recently kick myself into gear and begun reading a few books thinking about bigger investments. After browsing and running into a few areas of trading I'm no so familiar with, i have been left with a few questions. I have a base knowledge of most areas of trading, but would like to know which area would most suit my needs.

Gaining stability from the business is the first priority as it is the location of most of my capital haha. Second highest priority would be figuring out which area of trading i will enjoy and be most successful in. I plan to devote as much time investing my money as i do earning it. Thirdly, i would like a house asap.

-I'm young and can afford (and have the desire) to take high risks
-Plan to devote a high percentage of my income towards the investments
-I'm well disciplined and know where to leave parts of my brain
-Will be able to focus 8+ hours per day on these investments
-Always enjoyed "the rush of the marketplace"

any help/direction will be appreciated!

thanks and i look forward to trawling through this forum!

 

[wayneL]

Just stumbled across this forum and cant wait to sink my teeth into it.

I have recently opened a business which leaves me a lot of downtime in front of a computer screen with a lonely internet connection. I have always been interested in trading, but have only recently kick myself into gear and begun reading a few books thinking about bigger investments. After browsing and running into a few areas of trading I'm no so familiar with, i have been left with a few questions. I have a base knowledge of most areas of trading, but would like to know which area would most suit my needs.

Gaining stability from the business is the first priority as it is the location of most of my capital haha. Second highest priority would be figuring out which area of trading i will enjoy and be most successful in. I plan to devote as much time investing my money as i do earning it. Thirdly, i would like a house asap.

-I'm young and can afford (and have the desire) to take high risks
-Plan to devote a high percentage of my income towards the investments
-I'm well disciplined and know where to leave parts of my brain
-Will be able to focus 8+ hours per day on these investments
-Always enjoyed "the rush of the marketplace"

any help/direction will be appreciated!

thanks and i look forward to trawling through this forum!

Are you attracted to fundamental, or technical analysis?

Do you want to 'trade' or 'invest'?

What time frame are you looking at... minutes? days? months? years?

This is the information we need to confuse you properly.

 

[Sakk]

This is the information we need to confuse you properly.

I like it.

I would add that you should read several trading books, get an understanding of the different styles and see which one you gravitate towards.

 

[y0ud]

3 views, 2 replies. i like.


A have a 6 year lease at the moment, which comes with a slight chance we may have to relocate. I would like to spend the next few months researching trading whilst i get the business running smoothly. I want a few safe investments along the way (money for a house aside), but basically want to spend the 6 years learning the ropes and throwing some money around.

 

[tech/a]

I have recently opened a business which leaves me a lot of downtime in front of a computer screen with a lonely internet connection.

No offence--but

Personally Id be using that time to grow my new business.
If youve got so much down time your not doing enough to grow your business.

Trading can be addictive and expensive both in terms of time and money.
80/20 rule.
Spend 80% of your time in your business and only 20% on trading (and that 20% not in business hrs!).

When you have so much business that your staff looks after it and you can release time for yourself to investigate pet projects---then you'll be in the position to devote time---more so than money!

 

[Trembling Hand]

Personally Id be using that time to grow my new business.
If youve got so much down time your not doing enough to grow your business.

I agree 100%. Learning to trade/invest is a waste of time if you are running a business. You will be robbing from your business's time and resource's to lose money in trading.

Concentrate on your business and make trading a hobby if you have to. And like all hobbies they cost money. You would be mad to let that distract from income generating especially in a new biz. After a couple of years you may wish to swap that around and have trading as your main income source but don't do that with anything but a very successful established biz.

 

[kenny]

Hi y0ud,

What we are all actually saying is "Welcome to ASF! Hope you enjoy your stay."

Please don't let the the allures of trading distract you from building your business. The early stages are the most vulnerable and yet the most open to devoted attention. Like a relationship.

Cheers,

Kenny

 

[Timmy]

Some divergent views, as you have pointed out y0ud. Some pretty good traders advise to spend the time on your business. Probably good advice, but ... some thoughts (not necessarily coherent) and questions for you to answer, only to yourself, don't have to share the answers.

What is the purpose of the business (sounds like a dumb question but not everyone is in business to maximise profits)? If the purpose is profit maximising, how much do you think you will make? (Again, this is for you to answer to yourself). Can you make more money by trading? (You wont even know this without going through the hard yards of learning heaps and giving it a go, so something to think about rather than answer definitively).

You say you have started a new business, so you are probably better off taking the 'spend the time on your business' advice, so maybe my ideas are not helpful, but maybe they will become useful. Trading can be a business too. Difficult business and I think you have to be passionate about it be a consistent success at it. If you have that passion, don't let it fade.

ps. If you do decide to pursue trading as a business would be a great idea to study the posts on ASF of wayneL, tech/a and Trembling Hand.

 

[white_goodman]

Are you attracted to fundamental, or technical analysis?

Do you want to 'trade' or 'invest'?

What time frame are you looking at... minutes? days? months? years?

This is the information we need to confuse you properly.

what is more commonly used tech anlaysis or fundie, should you use a combo of both?

do people that use tech anlaysis pay any attention to market announcements or financial projections or purely price and volume?

 

[y0ud]

thanks for all the responses! Quickest replying forum i have ever been a part of.

Without saying to much, the business is like running a storage facility. it will require me to open and close doors. Zero staff, Very low maintenance. I am aware of how much time i will have to spend on growth and maximizing profits and that is why i am here on this forum, asking the questions about trading i am asking.

That said, I do not know what level of day trading i am interested in, IF AT ALL. I don't know enough about it yet, which is why i am here hoping to be pointed in the right direction. I like the basic fundamentals of the highs and lows of day trading and would love to be involved. But to what degree (if at all) is where i need help.

Concerns for my business aside, back to the questions at hand.

The way I'm looking at day trading, at what ever level it may be, is buying and selling on a very regular basis. Requiring strategies, research and discipline. Hopefully adding a bit of extra income to my life on a daily basis.

 

[prawn_86]

Hi Y0ud, welcome to ASF.

For some starting reading I suggest these links in order (top to bottom):

https://www.aussiestockforums.com/forums/showthread.php?t=9904

https://www.aussiestockforums.com/forums/forumdisplay.php?f=20 (search through this sub forum, its gold)

https://www.aussiestockforums.com/forums/showthread.php?t=1345

https://www.aussiestockforums.com/forums/showthread.php?t=10405

https://www.aussiestockforums.com/forums/showthread.php?t=8896

That should keep you going for a while. Also learn to use the advanced search function. It saves a heap of time and questions.

cheers

Prawn

 

[tech/a]

Quickest replying forum i have ever been a part of.

We all have too much time on our hands and should be growing our business.

 

[SGB]

Hi Y,

If I could throw something in also that has not been mentioned.

Its important to understand that trading is work, ongoing work that never stops.
Its not gambling, wishing or hoping something may happen. Its actual work, whether you decide to incorporate it fulltime, a hobby, or a second income.

SGB

 

[Trembling Hand]

Concerns for my business aside, back to the questions at hand.

The way I'm looking at day trading, at what ever level it may be, is buying and selling on a very regular basis. Requiring strategies, research and discipline. Hopefully adding a bit of extra income to my life on a daily basis.

Good I hope you enjoy the years ahead that it takes to become profitable. In the mean time two things,

1. Your goal should be to learn correct skills to trade. Therefore forget about making money especially "extra income to my life on a daily basis". If you are talking about daytrading that will require at least 6 months on a sim probably more then about a year building execution skills and comfort with swinging some volume. As 95% of punters ignore this,

2. Make sure you don't lose more than a few % of your capital in the first year. Do this by starting out extremely small.

As these will probably be ignored welcome to the best zero sum game in town.

 

[y0ud]

fantastic forum haha, seriously, hats off to you all.


i am not looking to me a trade/invest for the next 12 months at the VERY least. I plan to research, read and practice as much as i can before i put a REAL cent into anything. Basically i want some opinions on what is most suited to my situation. Im looking to devote a lot of time to trading. I will budget to take big risks and would like to know which area of trading is the most volatile, or exciting even. cfd vs forex etc etc. i would be happy to put forward anywhere upwards of 30 hours a week to trading and learning the ropes. I also am well disciplined and will never get emotion in the way.

so from the view of someone in the know, which area of trading would suit my ways of thinking best (This is pre me reading into all areas to discover this for my self) ?


thanks so much for the links and advice.

 

[prawn_86]

Sounds to me that if your after volatility and excitment rather than profits you should just head off to the casino

Seriously though, its just a matter of you finding a style and platform that suits you. We cant do that for you

 

[tech/a]

As these will probably be ignored

Which leads me to a couple of my favorite quotes.

Many receive advice, few profit by it.
Followed with
A good scare is worth more to a man than good advice

All the best.

 

[Timmy]

Hey y0ud, the business, self-storage type thing? Where is it located? What's it called? (Minor plug should be OK for someone who has started such an interesting thread!).

 

[Trembling Hand]

As these will probably be ignored

Where have I heard that before. :horse:

 

[y0ud]

Sounds to me that if your after volatility and excitment rather than profits you should just head off to the casino

Seriously though, its just a matter of you finding a style and platform that suits you. We cant do that for you

haha, it was on the cards, don't you worry.

spark has turned to flame



brb, finding style and platform



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