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My plans and goals

Discussion in 'Introductions' started by kolonel, 21st Jul, 2007.

  1. kolonel

    kolonel New Member

    Joined:
    20th Jul, 2007
    Posts:
    2
    Location:
    Melbourne, VIC
    Gday all,

    My name is Rob, and this is the first time i have said "stop waiting and do something".

    I am looking into the share market, and have spent the last week reading website to website about systems, charting etc..... very confusing at times.

    I have basically accrued an extra $10k, work full time, and wanted to learn more about share trading. My goal is to supplement my current income, and to earn a healthy living of the excess.

    I have looked at some of these seminars (upto $5k cost) and was told the best places are sites like this. The software available looks like another language to me at the moment, but wanted to get some input from you guys into the best way to start off.

    I currently have $10k invested in COE (from a tip) which i bought at .785, and was told to sit for a few months. I've also got 180 shares of WOW which i got when i worked at DSE many years ago. Got them for $3.60 a share and thought nothing of them back then.

    Look forward to any feedback, advice, material, suggestions for a complete novice to get started.

    Regards
    kolonel
     
  2. Bantam Roosta

    Bantam Roosta Well-Known Member

    Joined:
    7th Feb, 2007
    Posts:
    115
    Location:
    Canberra, ACT
    Welcome. It's good to see your trying to get ahead.

    My first tip, don't take tips from people. Paraphrasing Simon, if you take 'tips' from people you are the biggest fool. Especially when that tip makes up two thirds of your entire portfolio.

    I would just spend some time, reading up on different strategies and following the market to get a feel for how it reacts to different stimulus.

    Keep reading this site. Also, look at the ASX site. Great source of information.

    Apart from that, if you have any specific questions that haven't already been asked on here, ask away and we'll do our best to help you out.

    BR
     
  3. kolonel

    kolonel New Member

    Joined:
    20th Jul, 2007
    Posts:
    2
    Location:
    Melbourne, VIC
    Thanks for the informed reply.

    What would you recommend to be the best strategies/charts/formulas etc to follow for someone new to the world of investing ?

    Have access to some software for charting, but having trouble understanding some of the components which decide what graph to use. What sites would you recommend to visit for easy to understand ways to use them ?

    Was hoping to look at short term trades, and have heard of people setting limits to make life easier. Is this something done with the brokering ?

    Would you also recommend using a broker, or doing it through the internet ? Who would be the ones to use on internet ? Etrade, Commsec etc ?

    Sorry to sound like a complete noob, but seem to have saturated myself with so much information, sites, software etc. i dont know where to start.

    I started watching a stock, SDL, on the 14th of this month and was wondering what system would be used to monitor something like this ? Sorry if i sound like an idiot, but am fascinated with the way these things work.

    Thanks again.

    Regards
    kolonel
     
  4. Bantam Roosta

    Bantam Roosta Well-Known Member

    Joined:
    7th Feb, 2007
    Posts:
    115
    Location:
    Canberra, ACT
    I'll leave the trading to someone else as I don't trade and won't pretend to know what I'm talking about. Don't worry about sounding like an idiot. I sound like one every second day (Every day if you ask my wife).
    Using the internet, you are still using a broker. E-trade, CommSec etc are brokers. You can't trade shares without using a broker of some description. Internet brokers are a lot cheaper ($20-$40 per trade) than any other form, with service levels to match (they merely execute your orders and don't provide any advice or help). I use CommSec and do all my buying through them, but I also do my own research. Full service brokers are great if you want someone to hold your hand and help you out with your purchases, but I don't know the full scope of their services as I've never looked into using them.

    BR
     
  5. Tropo

    Tropo Well-Known Member

    Joined:
    17th Aug, 2005
    Posts:
    3,394
    Location:
    NSW
    The best way to go is to read one or two books about trading + attend some seminars and search this forum for more info...

    Christopher Tate - "The Art Of Trading"
    Daryl Guppy - "Share Trading"
    Stan Weinstein - "Secrets for Profiting in Bull and Bear Markets".
    ;)