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Another newbie

Discussion in 'Beginner's Lounge' started by Johnny Oddsocks, Jun 27, 2020.

  1. Johnny Oddsocks

    Johnny Oddsocks

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    Jun 27, 2020
    Hi All. Looking forward to this new journey.

    I'm 58 soon and have bugger all super. It isn't going to reward me well, my pension 'non entitlement' will be partial as the wife will still be earning after i get to retire. I don't have enough time to long term for a return in decades like the she does.

    So... I'm plan to use swing trading (day trading won't suit my life) as a means of working smarter instead of harder to support myself through the rest of my life. I have finally had enough of the hard physical grind and want to make an income while i sleep.

    I have come late to the table of investing and trading. I would like to thank my son who at 25 has already got himself on the path to wealth and for getting me started.

    Both the wife and I have got into the market in the last couple of months. Her goal is her future 30 years from now, mine is the right now.

    I have an account with CMC markets, the only platform I have explored. Seems to work pretty good for me and I have been taking time to learn its ropes.

    I have done a lot of online learning, website, youtube and paper books as well. I think I know everything I will ever need to know to become a millionaire! JOKING!! ''You know nothing Jon Snow''

    I realize I have an awful lot to learn, money to be made and lost and made. My focus is on developing strategy and rules and ignoring the emotions as best one can. I have been spending time learning how to read RSI, volume, the MACD, Bollinger bands and the moving average as well as candlesticks. Somewhere in all these I know is the answer...

    I have started with a capital of 10K. Based on what I have learnt so far I have been testing the waters of trading. Turned the 10K into 12K and then lost the gains. I'm back to my starting base of 10K and currently now plotting my next move. I enjoyed seeing my holdings grow, and although one does not like to lose, i was also ok with losing the gains so far as part of a learning curve. Some of the losses were from stop loss triggering and a couple from cutting my losses as stock plunged beyond what i was willing to risk.

    I guess that's me in a nutshell for now.

    Skate and frugal.rock like this.
  2. tech/a

    tech/a No Ordinary Duck

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    Oct 14, 2004
    Somewhere in these I know is the Answer!

    How do you know?

    You are taking the path of many and likely to
    Have very similar results.

    search some of Pete’s threads
    frugal.rock and lindsayf like this.
  3. MovingAverage

    MovingAverage Smoke me a kipper

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    Jan 23, 2010
    starting with 10k....good luck my friend
    frugal.rock likes this.
  4. debtfree


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    Aug 21, 2008
    Welcome @Johnny Oddsocks, I have included the links of some of @peter2's threads that @tech/a has mentioned above. A lot of reading but they are pure gold. Take notice of these 2 guys, they are the real deal.

    Peter2's Live Portfolio Trading Links:
    1: Feb 2015 to Jun 2015 >> https://www.aussiestockforums.com/t...entum-setup-trading-thread.29536/#post-860397
    2: Jun 2015 to Feb 2018 >> https://www.aussiestockforums.com/threads/asx-momentum-trade-book-part-2.29971/
    3: Jan 2018 to Sep 2019 >> https://www.aussiestockforums.com/threads/p2-momentum-trade-book-part-3.33744/
  5. Chronos-Plutus


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    May 22, 2020
    Well: I don't swing buddy; straight as an arrow for a constructive, structured, and profitable trade.
  6. peter2


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    Jan 12, 2008
    I'm only responding because my name was mentioned. Your first task is to create a set of instructions/rules/guidelines that will be your trading plan. A plan helps you apply your trading strategy consistently and helps you survive while you gain experience.

    Surviving with such a small starting amount of capital is going to be very difficult. IMO there's a 95% chance that you won't survive. That's how tough it is to do what you're considering. You've already gone 10K to 12K and back to 10K. This indicates to me that you're risking too much already.

    Myself and many others on ASF are willing to provide helpful suggestions if you ask properly. Show us that you're working on your plan and we'll help.

    I would certainly recommend that you read through @Skate 's "Dump it here" thread in the beginners section to appreciate the benefits of a fully automated trading style.
    ducati916, qldfrog, Skate and 4 others like this.
  7. Johnny Oddsocks

    Johnny Oddsocks

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    Jun 27, 2020
    Thankyou all for the comments and yes I will read those threads and links. The reason I am here is to learn... I want to be one of the 5% who make it work, even modestly. I have a trade that can always support me as well but I would like to get off the tools more as I age.

    I am working on rules and guidelines to work by as i realize that just winging it and going by gut wont cut it. Like most people starting out I had a play and made some money so now its time to do it right. Sure I made some mistakes, I think that's part of the learning curve. Just don't want to make too many of them!

    I know 10K isn't going to do what i need it to do so it has to grow. I'm not going to achieve my goal in a short time.

    I hope any future dumb/ ignorant questions will be tolerated as i proceed.

    Thanks all.
  8. Dona Ferentes

    Dona Ferentes

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    Jan 11, 2016
    There are no dumb questions; only dumb answers.

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