Dear ASF Members
I'm obsessed with the sharemarket - I have been since the age of 14 when I completed the "Introduction to the Sharemarket Course" run by the Australian Stock Exchange. My lecturer was Roger Montgomery, who as most seasoned investors would know focuses on long term value based investing.
I left school at the age of 15 in order to pursue my passion, which in hindsight was not necessarily the smartest move I could have made. Never the less I've completed a Diploma of Business with the intention of moving on to study commerce at university. I've realised however that whilst an academic background has its advantages, it does not really focus on what I want to spend my career doing - trading stock full-time as a private trader.
I'm now 20 and after a few years of tossing around various career ideas in my head I keep coming back to my dream of spending each day following the S&P200 and analysing charts. For most people this may sound like a boring and mind numbingly dull occupation however I find it incredibly exciting and the idea of competing against professionals from the comfort of my own home office excites me.
Originally I was under the impression that the only way to profit from sharemarket was through taking a long term approach and investing in companies trading below their intrinsic value. Then as I researched further I discovered the wonderful yet risky world of derivatives. CFDs specifically excite me.
At the present time I have very little capital to invest and I do not consider myself at all educated enough to place trades that I believe will have a high chance of profit. I have done some limited trading in the past and learnt that in order to succeed in this industry I need to spend some serious hours educating myself. I donít plan on ever working in the finance industry and my job at the moment is completely unrelated to finance.
What I do possess is extreme determination and a burning desire to make my dream a reality. As most of you would know the world of finance is diverse and I have limited myself to spending time educating myself in the following fields:
- General Market Conditions
- Money and Risk Management
- Basic Fundamental Analysis
- Advanced Technical Analysis
- Trading Psychology
In my current line of work Iím putting away several hundred dollars a week into a high interest saving account. The majority of the friends I went to school with are studying four-year university degrees in their chosen fields. Before I put another cent into the sharemarket my plan is to spend four years spending every spare moment I have in researching, reading, analysing charts and paper trading.
At the age of 25 I want to quit working for somebody else and seriously begin my trading career. At this stage I will have several years of education on my five chosen fields and a reasonable amount of capital. Using the five fields above is it reasonable to expect that I will have success in daily short term trading or am I chasing a dream thatíll ultimately end in disaster?
I do have time on my side and as Iíve stated I really do have a genuine passion for the financial markets. In fact itís the only career in which I could view myself as working in for the rest of my life.
Can anybody on ASF give me some advice as to his or her opinion of my plan and goal? I currently subscribe to The Bull via RSS feeds, I have a subscription to the Australian Financial Review and will soon be subscribing to Nick Radgeís technical analysis service. Iím slowly building up a library of technical analysis texts and would appreciate any recommendations on what to buy next. I use Pro-TA charting software as well as WebIRESS for intra-day charting. Iíve also created my own website at for blogging what I have learnt throughout the day. Sky News Business, CNBC and Bloomberg are on my television for entertainment purposes.
Itís commonly quoted that 95% of traders loose money, I want to be in that 5% and would appreciate all comments and opinions.
Thank you in advance.