I would just like to take this opportunity to introduce myself to the forum. I was first introduced to options trading through one of the many seminars that are out and about back in mid 2003. I had been saving hard for an overseas trip to be taken later in the year and after the razzle dazzle of the preliminary 2-hour seminar, I was thinking that this would be an easy way to supplement my savings. The presenter told tales of how some of his students were backpackers who pop into internet cafes once in a while, check up on whats going on in the market, place there trades and are kept in beer money for the next month or two.
When the follow up phone call happened a week later. I happily forked over the $3000+ thinking it would be small fry compared to the lasting benefits. I attended the seminar and tried hard to get all my accounts set up before I left but luckily never actually got into trading because I’m sure that if I had, all my spending money would have evaporated within the first month or two.
Over the past year I’ve tried to get back into the trading game without much success. I ordered a book on CFD’s late last year and was convinced that this was the answer. I promptly lost all my capital within approx two months due to poor money management and risk analysis. I then saved another wad and decided to finally follow up with options trading. The last of this has been whittled away just recently for largely the same reasons as before, it seems that whenever a couple of indicators or patterns show a decent breakout, I can’t see anything but dollar signs and load up on contracts to replenish previous losses. Then when the position starts to go against me, I hang on for grim death hoping that it will turn around and it isn’t too long until I’m left with nothing.
Anyway, I will start to wind this up now, I have saved up another amount for trading and this time last week I was planning to attend an Optionetics seminar and hopefully this would be the Holy Grail that I had been searching for. However, while doing my due diligence I came across this forum and have now decided that perhaps the following may be a better course of action:
- Join Aussie Stocks Forum
-Buy and read ‘Options – a complete guide for investors and traders’ by Guy Bower
-Subscribe to Nick Radge’s ‘Chartist’ and paper trade it for 2 months
-Join the ‘Australian Technical Analysts Association’ and attend the monthly meetings with a view to studying their Diploma in Technical Analysis
-Purchase Nick Radge’s Building a Profitable Trading Plan Using Technical Analysis
Hopefully once I’ve completed these preliminary steps, I will be ready to test the water again.
Can I conclude by thanking everyone who participates on this forum, you have created an invaluable resource for beginners and those who are just starting out such as myself. Any comments that you could provide regarding continued education in the art of trading would be most appreciated