First time poster, and to be honest just discovered the forum tonight.... but enjoying the learning process.
So a bit about my plan. I have signed up for the SITM Smarter Starter Pack and am doing the course this weekend. Now after reading some of the forums I had second thoughts for a while, but I stand by that decision. I guess my rational is that 4 weeks ago I knew nothing about shares, now I have a reasonable idea of the mechanics. I understand the trading system that they propose, and it works well in my head. Outlaying the $4000 hurt a bit, but I figure that I will have the skills the rest of my life, and considering how much uni costs... well it doesn't sound so bad in perspective. Plus that outlay certainly inspires me to learn the material!!
So, I have just submitted the application for my CDIA Commsec account, which I guess I will only need to use for trading execution (the SITM software seems to tell me everything else I need as to when to enter/exit the trade). I'm starting with $5000, will invest a further $500 per fortnight (alloted from my salary) and hope to have $50000 in two years.
Now I'm not sure if this is a realistic goal or not. I have papertraded, and I've had some success. Though I have not made a single real trade as yet. My calculations would require me to make an annual return of about 40% to achieve my goal (happy to be corrected, I'm no maths guru). Once again, I'm not sure if this is a little over confident.
I intend to to trade purely in shares for the first six months or so before transitioning to either Options or CFD's. I'm quite happy with leverage and managing risk with stop losses. I would spend the first six months getting a better 'feel' for the market, getting my trading plan just right, and learning as much as possible (probably from you guys) on higher leverage trading.
I (like many) am attracted to the idea of only spending a couple of hours a day, wherever I am in the world trading shares. I fully appreciate that $50000 isn't a good capital base to plan to retire on or invest professionally - if it extends my holiday in Rio from one year to two, then I would be more than happy!
So my questions are:
*is this a realistic goal?
*is 40% expecting too much?
*what does a competent trader working with CFDs or Options expect as an annual return?
*how much time would your average swing trader need to spend per day trading (VERY subjective I know, or how much time do YOU spend trading)?
over to you and your expertise!