Trading Where do I start?

Hi All,

I would like to do some part time trading while staying on in my full-time job. I have no experience whatsoever so looking for a heads up on what to do first. Can you guys recommend any trading books that would be useful for me to read? I've also looked into covered calls and feel this could also be a good way to go part-time.

Cheers
Ems

 

Hi Ems,

Trading is great in theory difficult to master in practise. It will take more than a few good books and the odd day course to turn you into a qualified trader.

I can fully understand your motives but it is more difficult than it seems and requires a great deal of time, effort and energy to master.

Speaking from experience it has taken me years of paper trading, learning everything I can and picking the brains of those around me, before I felt comfortable enough to Risk hundreds of thousands on the market.

I’m not saying don’t do it. What I’m saying is start the learning process now and whilst you are learning, if you want to invest align yourself with a good broker. A full service broker will cost you more than commsec, but you’ll learn a huge amount about the market by talking to them on a regular basis. They’ll give you trade recommendations and if they are any good you might just stick with your broker instead of being a trader.

Ems can you give an Idea of how much you want to start with and what your expectations are ( % returns?)

FYI I love options and covered calls can be a great “Bull Market” strategy.

 

A few books to start with:
Trading For A Living - Alexander Elder
The Disciplined Trader - Mark Douglas
The Art of Trading - Christopher Tate
Share Trading - Daryl Guppy + rest of his books...

And when you become an experienced trader:
Understanding Options Trading in Australia
The Secret of Writing Options - Louise Bedford

 

"A full service broker will cost you more than commsec, but you’ll learn a huge amount about the market by talking to them on a regular basis.
They’ll give you trade recommendations and if they are any good you might just stick with your broker instead of being a trader."

If brokers knew what they were doing they would be doing it not you
A broker is nothing else but a salesmen like a car dealer.

Stockbroker's creed: A man is a client until proven broke...