Ok my first post guys.
I'm 22 and been pretty irresponsible with my finances so far. I drive a car that costs me way too much insurance and petrol, I spent $10 000 on my credit card buying things, travelling to Europe, pissing away money on piss and girls. I'm your average Gen-Y'er and I am going to piss away my money on such frivolous things as long as I practically can cause you only young once right? Anyway, that aside...
Basically, i'm in a lot of debt but I work enough to keep me afloat. As a result of my indiscriminate ways I can only manage to save up about $2000 in capital and am really keen on getting started. I think I could whinge my way into a $3k loan from my parents to help me sign up a CFD account with Comsec and then cash out the $3k and return it to them.
Unfortunately, $2000 isn't a whole lot of capital and even with Comsec's $19.95 brokerage, the brokerage is quite hefty.
I have no experience trading although I studied Finance and have a pretty good grasp of all the concepts I wanted some more practical advice.
Is it even worth my while? I am thinking of having a portfolio comprised mostly of blue-chips and am focused on capital gains rather than income.
I'm willing to lose all the $2000, since I'm in this for more of a learning experience and getting my feet wet VS trying to turn $2000 into $20 000.
Given the proportionate cost of brokerage, a buy and hold strategy seems to be the most profitable yet given the performance of the market lately, I'm not sure if there is anymore room to give. Plus, i'm not in it for the returns as much as I am in it for the learning experience. Making money wouldn't hurt of course , but i'd rather take risks and learn rather than buy, hold and forget for the sake of return.