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Discussion in 'General Investing Discussion' started by joanmc, 10th May, 2009.

  1. joanmc

    joanmc Well-Known Member

    Joined:
    10th May, 2009
    Posts:
    72
    Location:
    brisbane
    wow am I glad I found this site!!

    I am a property investor first but since Christmas I have been making my living from trading shares.

    I have been looking for something like this as I find it a bit lonely as none of my family or friends invest and I am now nearly desperate for someone to talk to:eek:

    I have read a huge number of investing books and am basically self taught with my trading, I don't follow any one's system other than the one I have set myself.

    I am looking forward to posting and chatting on the forums :)
     
  2. Chris C

    Chris C Well-Known Member

    Joined:
    2nd Apr, 2008
    Posts:
    1,327
    Location:
    Brisbane, QLD
    So what books have you read, and which of them have had the biggest impact on your investing life?
     
  3. voigtstr

    voigtstr Well-Known Member

    Joined:
    24th Jan, 2007
    Posts:
    679
    Location:
    Hobart
    What's your system?
    How do you pick the shares to watch? How do you determine when to buy them? How tight a stop loss do you apply? How do you choose when to sell them (if at all)(if not stopped out)?

    I'm thinking of trying Darryl Morley's method, once I've got a savings goal out of the way...
     
  4. joanmc

    joanmc Well-Known Member

    Joined:
    10th May, 2009
    Posts:
    72
    Location:
    brisbane
    Good morning. the books that really stand out for me are Rich Dad , Poor Dad (robert Kiyosaki), How to be rich and happy (hans Jakobi), Millionaire mindset (Pat Mesiti all time favorite), How to build a multimillion dollar property portfolio ( michael Yardney), all of Anita Bells books. I take in everything and then go with what works for me.

    My trading system...hmmm...you will probably all laugh but here goes...

    I started by watching a few shares (about 10) that I understood i.e banks miners, companies that I knew. I watched their charts go up and down looking for how much they can move over a day or two. then when I felt they were at a lowish point I would buy in a block of 1000.
    Then depending on the share when it had moved about 50 cents I would sell and take my $500. As I got used to the 10 I was using I started looking for more to add. I read investing magazines so I would look at their stories and recommendations and if I felt it made sense I would add that share to my watch list to see how it moved.

    My list is now about 25 shares, some are little and I buy blocks of 10 000 and look for a smaller move, but generally I am looking for either 400, 500 or 1000 profit per trade. If everthing starts going against me I will pull out with only 50 bucks and sit and wait.

    So far I am averaging 4000 per week profit so I am pretty happy with that. I keep tweaking what I am doing and which shares I am buying.

    Oh yeah and I read their financial statements too before I decide to buy and I try to keep to high volume movers.

    that's about it.:)
     
  5. usaqa

    usaqa New Member

    Joined:
    18th May, 2009
    Posts:
    1
    Location:
    VIC
    Hi there, sounds like a good system, you maybe could try writing options in the US market. I've been doing it for about a year & using a LOC from a property, its been pretty darn good. Use collars for protection, and easily recoup any losses. Sounds like you have some decent buying power, you could be getting average 5% return a month on the US market. Free trade ideas on this blog:
    Options Trading - Low Risk Strategies for the Conservative Investor