Hi guys. I've started trading on comsec quite alot recently. I'm 20 years old and doing a commerce degree at uni.
In about 3 weeks - Currently i'm sittting with about 37k in the market, with holdings in
.. I started off with a share pack, then realised I didn't really want stocks with franked dividends (I don't think I'll be much higher than the threshold, so it makes sense to me to get unfranked dividends and pay tax on them through my income threshold?
Anyway I've made a couple positive trades as well, which as been good.
sold arrium at 80c, got around 14% out of it,
sold EPX for a healthy profit of around $300, or like 7%? ish
axxium at around 13% (since gone up like 350%)
and a couple other small profits, no smaller than $100 (I don't want to be chewed up by brokerage, but I have around $400 ish credit left).
Needless to say, im starting to worry about capital gains tax. Ilukai s looking really good and I wouldn't mind realising them if they creep a little higher, and over the course of the year I'd have to pay capital gains on that? Is it llegal to just dividend strip at the end and realise like a $5000 loss or something?
Also, is it wise for me to continue in equities? Or is it better to use your capital in some other way? I've been told to consider CFD's (but i'm wary) or options.
I want to get my brokerage % down, so i've started trading at like $8000 per share... Though I've heard HSBC may be cheaper than commsec?
Also, if anyone could reccomend any readings that would be fantastic. ultimately I'm someone who'd love to dedicate 30-40 hours a week to reading/analysiing - and ultimately buying and selling. However at the moment I'm essentially just throwing darts at a board, striking luck a few times. I try do fundamental analysis on stocks I buy etc, yet only in the most basic sense.