I only discovered this forum today and have already found some very valuable advice which I am grateful for. Generally I don't get involved in forums that I read online but this time I have decided to actively participate. This post is more for me than it is for you in that I want to take stock of my situation as a point to move on from.
As a background, I'm 22, from Sydney, and I have traded shares before in 2 seperate periods of time,
- 1st time: bought WSG when it invented number portability or something (I didn't research much at the time ) and nearly doubled my money, but I was greedy and held out for more profits. Now I think the company is either dead and buried or worth about $0.0000001. Lesson learned: don't be greedy.
- 2nd time: recently speculated $10,000 in VBA, HHG, ENE and KIM against recommendations not to and ended up netting $1400, the only loser at the time was ENE and ironically it rose a lot after I sold it. Lesson learned: I fluked it, I need a more solid investment strategy for long term success
Now, however, I am not dealing with play money any more; fortunately for me my business is doing really well and I am now finding myself with large amounts of cash which I need to invest sensibly.
I have been following the principles in "The Richest Man in Babylon" and saving 15% of my income and further I have decided to follow Anthony Robbins' (don't laugh) asset allocation technique resolving that 40% of my investment money will go into the 'safety bucket' and 60% will be in the 'growth bucket'.
This time I am more looking at the buy and hold strategy I read about in "The Warren Buffet Way" as I believe with the power of compound interest I am garunteed success over time if I am meticulous in my approach and diligent in my research.
I look forward to participating in this forum and can't wait to get involved in the community. By the looks of it there is a lot of wisdom in its depth and hopefully, in time, I will be able to contribute too.