Trading Shoud you learn to trade first

what is everyones thoughts on trading!

Should you learn how to trade first on the share market with share trading teachers like home trade or wealthwithin or just go and have a go yourself!

What do the traders think on this site?

I am considering learning about how to trade with either hometrade or wealthwithin(Diploma of share trading) good idea or not?

 

Very good idea !!!
HT is good for beginners (there are few good brains over there).
Teachers may speed up your learning process.
But before you do anything ask yourself, WHY would you like to be a trader !!!.
If you think that trading is an easy way to make money - think again !!!!

 

I would like to learn to trade so i can manage my money also. Do others just get people to manage money for them as managed funds, Navra etc?

 

You do not need to learn how to trade if you want learn how to manage your own money.

 

Though you do need to learn how to manage money to learn how to trade

 

Correct.
But I got an impression that Triu is trying to learn how to manage his own money (kind of home budget).
Sure....the key factor in trading/investing is money management!!

 

Have a look at Profit Source and Value Gain. Together they do fundamentals and technical analysis. I think they are very good bits of software. I use them both.

They work all over the world if you want to trade something other than Australia too.

Be careful though. You can spend a fortune in trading education.

 

Hi Triu,

I'd say that it depends on why you're learning to trade as alluded to already. I personally never learnt to trade and never intend to. I simply haven't got the time to apply to either the learning or the execution of a trading strategy. I engage professionals in my team to perform that role as I do with most of the other key wealth creation roles in my team.

I use fund managers for my stock exposure and I focus instead on selecting the appropriate fund. In that way I am outsourcing this to that person who I know is a much better trader than I could hope to be.

Similarly, I have a professional mortgage broker, accountant, architect, financial planner etc. as I couldn't hope to do all those roles myself.

I guess it comes down to whether you have the time to commit to the endeavour and how that fits within your greater wealth accumulation strategy. For me, its a No.

Cheers,
Michael.

 

Thanks Michael that was what i was alluding to. Just asking the question what you guys do to make sure your money is managed so that you have some kind of control over it.

I like the idea of seeking out the managed fund and who is running it. Also making sure that your capital is increasing.

My question was maybe not clear enough. Does anyone here study the financial diploma for there own education interests?

 

Im doing a charated accountant degree out of interest.... but not many people would...

id say if youve got the time then its a great idea. However there are uni courses who all they want to do is take ur money and get u to pass, this wouldnt be worth ur time or money

 

Sorry, I didn't answer your question properly in my first response.

I would only recommend trading with 10% of your invested capital.
If you have 10k, only invest with 9k and trade with 1k.

If you have 100k, only invest with 90k and trade with 10k.

With the 10k you have set aside to trade, treat it like a business. Every dollar that needs to go towards trading should come out of that 10k.

With every dollar you set aside for making more money, 0.90 goes to investing and 0.10 goes towards trading.

If you blow your original 10k trading or on seminars, don't add more than 10% of your saved money to building your bank bank up.

This way, you are guaranteed to never lose the game of making and keeping money.

Trading has high risk and low tax benefits.

I have spent 10s of thousands of dollars on learning to trade. But it was never more than 10% of my net worth.

I trade with half a percent of the net worth of my investments.