Hello. Thank you in advance for anyone who takes the time to read this.
I am 26 years old. I have a 200k share portfolio. I have built it over time by buying a blue chip when I have had some money spare. Once I have bought, however, I have just left my money in there - as I doubt any of my "educated" guesses are worth my time and the brokerage. My knowledge of shares goes as far as knowing what dividend yield is.
I have now decided to take a look into being more involved with my portfolio as my time is nowhere near as valuable as it once was; meaning that I have more time on my hands and I need to find new ways to supplement an income. I am currently at my very initial stages of researching this possibility.
I am not interested at this stage in day trading, but Im thinking more in the line of making up to 3 or 4 trades in a week. I am with Westpac Broking at the moment, who charge brokerage of $25 or 0.11% (whichever the greater). Is this rate competitive? I feel if im going to buy and sell on a weekly basis, this is very important.
I have considered outsourcing the research/expertise to a share advisory and blindingly following their advice. Not only is it safe to assume they can pick better than myself, but I have theorised that if the advisory is large/influential enough, their advice would be somewhat self-fulfilling. Unfortunately, initial signs are not looking good for this particular get-rich-quick scheme of mine. Finding a thread in this forum on the "The Australian Stock Report" (an advisory Ive assumed is the, or one of the, biggest for Australian shares) has not filled me with confidence in their skills and influence. But this approach, or something similar, I have yet to rule out.
In the aforementioned thread, the idea of using what was called a "full service broker" was also mentioned. What kind of fees do such brokers charge? Im assuming they vary alot? Are there any recommendations for such brokers?
I figure, even if I do put the research and study in myself to become a profitable trader, that I should initially use either a share advisory to follow "blindly" or a full service broker while I gain the knowledge and confidence required.
As for my own research and study. I would like to learn some techniques and tricks to trading shares on a weekly/daily basis in a way which is profitable and worthwhile with a 200k portfolio. What techniques, books, websites, programs, and other learning tools can anyone recommend?
I like the idea of initially trading just shares because a) i know what they are and b) trading in shares of companies, logically to me, seems to be an area that even an extremely novice investor should show a positive expectation in.
Please feel free to enlighten me of my ignorance though.
I truly appreciate any advice and comments given.