Firstly, I am as new to forums as I am to share trading so if this thread is not appropriate, I will understand if it gets ďinsert appropriate wordĒ (Told you I was new to forums)
Why am I posting at all?
1) It will be a form of discipline for me that, from my brief perusal on the net seems to be essential to share trading.
2) Potentially others contemplating share trading will gain some insight by avoiding the pitfalls that I heedlessly stumble into (and heaven help me) be able to incorporate into their own journey any steps that I make in the right direction
3) Feedback from other forum users (though it may be brutal at times) will possibly give me some direction, highlight my mistakes etc.
4) Note that further updates to this thread will be intermittent as I expect that my time will be devoted to reading and getting an initial understanding of what Iím in for
My expectations are very few at the moment with the exception that I will at least increase my knowledge in this field.
At this stage I certainly canít envisage myself as a full time trader. At best I canít see myself making my first real trade until 12-18 months time. In all likelihood, I will find that share trading is not for me and put my money in a managed fund (or under the mattress). Whatever the outcome I eagerly await what lies ahead. I envisage toil, stubbed toes and hope that the pits I fall into donít have sharpened bamboo stakes at the bottom.
Why share trading?
What makes me think I can be one of the 10% that lasts beyond a year? There are big fish in the market and Iím sure they eagerly await me as a tiny morsel to gulp in or spit out as they choose. Even the smaller fish will have teeth and survival traits.
I suspect everyone has different motives but for me it probably boils down to the following:-
1) Over the years I have put money into the market without too much strategy apart from some token diversification and following some sector trends. Judging by some of the unrealised capital gains I have, I consider myself to be reasonably lucky. But luck cannot be all that I rely on and either I get more knowledge or I get out of the market.
2) The market has a certain mystique about it. My curiosity, propensity for numbers and problem solving makes finding out how the market works very alluring.
3) I like a bit of a gamble. Yep I can hear everyone saying ďWarning! Warning! Do not enterĒ. I know this is potentially a weakness and something that I will need to be aware of.
My first Step.
At this stage Iím treating this venture as a hobby. I can hear most of you scoffing (and for many, scoff may be to light a term). However, as Iím not sure that I will get to physically trade, why not start off small and see where I progress. (Donít forget that hobbies can become a passion).
While there seem to be many broad methodologies, technical analysis intrigues me and it is solely for this reason that I will investigate this first.
As I want to limit my initial capital outlays I will forego seminars and even charting platforms until such a time as I feel ready to progress. (Probably my first pitfall)
So my-self education will begin with books. I guess that there are a plethora of books than novices should read. Due to the fact that I will initially focus on AUS stocks, and that I have seen their names bandied around I will start my library of with some Wilson, Radge and perhaps a bible (say Murphy).
Well time to start ordering and get stuck into some reading.