I'm another newbie with delusions of granduer...
I've been inspired by Robusta's thread (great read btw), so in an effort to blunt any bad habits before they develop too far and accelerate my learning, I thought it would be a good idea to start documenting my progress on a public forum. At the very least, it will force me to own up to mistakes, better justify my decisions and hopefully make a positive contribution to this forum by providing a beginner-level, process-based perspective on my investment choices.
I've been lurking for some time now and have read many excellent threads from start to finish, but Robusta's in particular is one that I have been able to relate to a lot. Why's that? Well, 1. value investing makes sense to me, 2. I will also be using a Line of Credit to buy shares, and 3. I actually work for one of the companies Robusta currently has in his portfolio
A little background... I'm in my late 30's, and while I haven't yet made a single trade in the sharemarket, it's been something I've been interested in for a long time... for one reason or another I haven't progressed it to the stage of actually buying shares, but now the time is right and preparations are well under way. Line of Credit will be finalised next week (just waiting on the valuation to see exactly how much they'll let me have, but everything is approved and ready to go). I haven't opened an online trading account just yet - will start that process in the next few days... I've done that on purpose so that I won't be tempted to jump in and start throwing money around the second the LoC money becomes available - kind of a forced cooling off period if you like
...as for my trading plan - more on that in a few days (I'm in the process of sorting a few rules and getting some structure around it at the moment), but generally a focus on fundamentals and portfolio management are high on my ideals list.
Things I am currently doing now:
1. Reading "Bulls, Bears and a Croupier", by Matthew Kidman (and really enjoying it)
2. Putting together an Investment Plan... process is important on my list of priorities - and hopefully it will help me avoid a few mistakes.
3. Cleaning the house/yard getting it ready for valuation
4. Opening an online trading account
...which brings me to a question.
After some examination and deliberation, I'm leaning towards Bell Direct as the place to open a trading account. It's not a decision that I am completely sold on yet... the only platform I've really had any sort of a play with before is ETrade (my father uses them), but even that was a pretty limited look around.
Is there anything (obvious) I may have overlooked that should make me consider a different online broker? Comsec is the other main contender I was looking at - is there any compelling reason why you would recommend Comsec (or another broker) over Bell Direct? If you were starting from scratch today and could choose any online broker - what would you choose?
Anyway, that's long enough for my first post I think - will add some more detail over the coming days.