I made a thread a while ago stating my intentions, and got some advice from a few members. I have come back I've decided to begin my journey
I will be opening an account with IB later this week in order to take advantage of cheaper brokerage than Commsec. I have around 10K-12K to play around with. I consider this to be a decent amount of money, seeing as I'm only 19 years of age, and I'm trying to juggle a part-time job and full-time university studies. (If it matters to you, I am studying a Bachelor of Business Degree with a Major in Finance, and Sub-Majors in Econometrics and Statistics)
I actually made my first official trade back in March - but since then I've only made a few more transactions and I've been holding. They are blue chip shares so the going will be slow.
My trading plan is to enter the market with 7.5K invested across all sectors, with around a 25% focus on mining - and the rest spread evenly amongst the other sectors. I do NOT plan to go all in straight away. Rather I'm going to wait until the time I believe is right to buy each stock.
The other 2.5K I plan to use in a high-medium frequency trading manner - somewhat 'gambling' in some people's eyes.
My questions to you more experienced members are this -
1 - Seeing as I will be on the road a lot with work and uni, is there anything I can get on my phone which will help me execute trades with IB? I know there is such an App for Commsec on the iPhone - it would be really great if there was one for IB but I can't seem to find anything
2 - What type of precautions should I be taking for trading stocks? Could somebody give me an example of where they would sell in order to avoid holding onto a company that is going down? How would this differ between the stocks I'm planning to hold, and those which I'm going to trade at a high-medium frequency? (More specifically, what %age loss should I be looking at before I should really be paying attention? - Really just looking for some examples here. I know not everyone will want to reveal their trading methods)
3 - How do I go about transferring my current holdings from Commsec to IB? The ridiculous brokerage at Commsec is making me hold, when my capital gain is >20%! (you can tell I'm not investing that much, and I'm still just a newbie haha...)
4 - How extensively are successful brokers researching? Are they truly reading the papers/announcements of each and every stock they are watching on a daily basis? I'm asking this because I need to know how much time I will need to put into keeping my portfolio in the 'green'. Juggling Uni+Work will make this a challenge, but I'm willing to accept it.
5 - Any websites or links that would help me out are kindly appreciated!
Many thanks in advanced to those who will give me some responses