As with most of the people in this part of the forum, I'm new to trading. After doing some reading I think I kicked off on the wrong foot, and would like to do a bit of damage control (granted my risk of loss is small but still).
A bit about me: I'm in my mid-twenties, make a decent salary for my age, and I'm looking to use the stock market to grow my savings at above bank interest rates. Nothing too risky, but I'd like a good return.
I've only been watching the market for a bit less than a month, and I foolishly started trading straight away! I didn't have an investment strategy, I just did a bit of research and leapt right in. Thankfully I had the presence of mind not to invest too much, so currently I only have $1k invested. Compared to a lot of you, this is chump change.
My plan now: try to cut my losses and get out of the game, then go away, run a demo stock trade for 3-4 months, read lots, watch lots. Once I have a bit more capital to invest, say 6-8k, then I'll start trading for real. I think part of the problem is that I was looking for short term gains, as with small investments you need big percentage increases to even break even.
I've only bought two stocks: USD and QFX. USD seems pretty stable, so it might just be better to keep this. Though given the small investment and me using CommSec, it'd have to raise quite a bit for me to even break even. QFX was a silly buy - I know that now. I seem to have bought on the top of a rise, and I wonder if it's reached its peak. I figure I'll keep the USD, try to sell the QFX and make back some of the brokerage. Would you advise another strategy to cut my losses and start the learning process?
Advice? Comments? Whippings?