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Discussion in 'Beginner's Lounge' started by Skate, Dec 17, 2018.

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  1. Skate

    Skate

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    Hey @tech/a you have no idea how instrumental you have been in my success.

    Skate.
     
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  2. Skate

    Skate

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  3. Skate

    Skate

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    Some background information

    One of the first major shocks you will learn is that 98% of Traders lose their money and some investors lose their entire capital, blowing up their account as it is known in the trading circles.

    Skate.
     
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  4. Skate

    Skate

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    Learning

    Learning this was very disheartening and distressing, I had a choice of accepting this fact and cease the idea of trading or take a stance and realise if I was going to play with the big boys I had to educate myself thoroughly as I wanted to be in the top 2%.

    Skate.
     
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  5. Skate

    Skate

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    Motivation

    Another motivation for me to be in the top 2% was the fear of having that dreaded conversation with my wife, explaining how I lost our funds set aside for our retirement.

    Could you imagine that talk?

    Skate.
     
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  6. Skate

    Skate

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    Education is the key

    I’ve read many books and trading articles, I’ve listened to more podcasts than I care to remember, keeping my eyes and ears open, hoping to learn from successful traders, finding out what sets them apart from the average investor, trying to learn the secrets of their success whilst trying not to repeat their failures.

    Skate.
     
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  7. Skate

    Skate

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    Technology

    Technology now makes it possible for anyone who is willing to put forth the effort to be an Investor. In the past, the average investor had no choice but to rely on brokers, financial advisors, and the media for insight into and advice about the investing process. That is no longer the case.

    Skate.
     
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  8. Skate

    Skate

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    Tools

    Investors simply don’t know that investment tools exist let alone how to use investment tools effectively.

    Skate.
     
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  9. tech/a

    tech/a No Ordinary Duck

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    Your right I don’t.
     
  10. Skate

    Skate

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    What do I need ?

    I've included this as new members seek out the basics & as this thread will hang around - I'll explain what is needed.

    This is what you’ll need if you want to start trading:

    • A computer with Internet access. You must be able to access charts and brokers and do research. All the information you need is readily and easily accessible on the Internet.
    • An online brokerage account such as CommSec.
    • A good charting program such as Amibroker.
    • A Data supplier such as Norgate Premium Data. (NPU)

    Skate.
     
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  11. Skate

    Skate

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    @tech/a - that's great, you have added greatly to my wealth (means I won't have to share any of my gains with you)

    Honestly @tech/a without your posts I wouldn't known where to start.

    I'm the first to admit, I didn't know enough to ask the right questions.

    Skate.
     
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  12. tech/a

    tech/a No Ordinary Duck

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    Above all you will need a decent account size
    I’d suggest 50k minimum
    Running a business —-and it is a business is
    Impossible if it’s under funded.

    Good night!
     
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  13. Skate

    Skate

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    @tech/a you have helped me immensely & I'm positive you have helped many others, you have no realisation of the wealth of knowledge you have dumped here over the years.

    This thread was to reclaim what we had in the past.

    Skate.
     
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  14. Wyatt

    Wyatt

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    Nice work there Skate. Kudos to you, although it looks like you are currently in your biggest DD, I thought you mentioned you were 100% cash recently
     
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  15. Skate

    Skate

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    @tech/a before you go, have you another second?

    Skate.
     
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  16. Skate

    Skate

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    Trading is a business

    Truth #1 - You need money to make money

    Forget about taking a $1000 account and turn it into millions.

    That is achieved through gambling, not trading.

    Instead, you should look to make an average of 25% per year (this depends on your risk appetite and trading style).

    On a $1000 account, you're looking at an average of $250 per year.
    On a $20,000 account, you're looking at an average of $5,000 per year.
    On a $600,000 account, you're looking at an average of $150k per year.
    On a $1m account, you're looking at an average of $250k per year.

    @tech/a you know this but others may not.

    This is extremely important point & I wanted to make it before you went to bed.

    Most traders don’t get it.

    Skate
     
    Last edited: Dec 19, 2018
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  17. Skate

    Skate

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    Yes, my trading account is 100% cash

    My investment account still ticking over. (this is a long term strategy)


    Yep, I'm in a big DD at the moment that's the nature of trading. (DD = Draw Down)

    Skate.
     
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  18. Skate

    Skate

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    The Key to Success

    The key to stock market success is properly managing your investments after you buy them. The way to do that is fairly simple.

    • Don’t be afraid to sell.
    • Have a methodology that clearly establishes exit points.
    • Diversify by having a parcel of stocks.

    Investing is not a rigid, structured approach to the stock market with an unvarying set of rules and what works best is highly subjective.

    What works best for me might not work best for you, and vice versa.

    Skate.
     
  19. Skate

    Skate

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    I couldn't help myself

    @Wyatt I remarked that I'll restrain from making further comments..

    Well that didn't last long..

    I'll take @tech/a lead & head off to bed.

    Skate.
     
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  20. Xendragon

    Xendragon

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    Can you name a few good podcasts? I'm looking for some decent ones to listen to.

    Thanks
    Xen
     
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