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Experienced people's thoughts and advice please

Discussion in 'Beginner's Lounge' started by knackers323, Mar 18, 2016.

  1. knackers323

    knackers323

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    hi everyone

    I'm new here and only recently started investing. Ive opened a managed spot gold account, just starting small for now.

    they are a international company but only relatively new to Australia. Ive been talking to their traders a fair bit and there is no doubt they are very clever people and the numbers they have shown me of their work are very impressive.

    I have also watched them trade and they do know what they are doing.

    however I understand it is not always smooth sailing and there will be bad times.

    my trader gives me the option but advises that I only risk 1 or 2% of my capital per trade. this is obviously for safety but he says he can still make my balance grow this conservatively.

    anyone have any thoughts on this?

    thanks for your help
     
  2. Knobby22

    Knobby22 Mmmmmm 2nd breakfast

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    Trading is not easy. If they are so good why would they bother chasing small commissions from you?
    Being based overseas you have no comeback.
    I hope I am wrong but be prepared to learn a valuable lesson.
     
  3. skc

    skc Goldmember

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    Can you explain what is a managed spot gold account?

    Are you sure you can correctly make that judgement given your level of experience?

    This is a very common and sensible approach to risk management. Nothing wrong with that.

    What's the name of the company? You'd get a pretty quick response if something is fishy.
     
  4. Value Collector

    Value Collector Have courage, and be kind.

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    Were you contacted via a cold call (eg, they contacted you rather than you contacted them)

    Because this sounds a bit dodgy to me.

    If you are new to investing, just put your money in a standard asx 200 index fund, and save a portion of your wages into it also.

    If over time you want to be more active and attempt to beat the market and get a higher return then learn to invest and start directing part of your money into other investments.
     
  5. nioka

    nioka

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    I'd run for the hills myself but then I'm often wrong. Let us know how you fare. Keep control over your trades. :2twocents
     
  6. knackers323

    knackers323

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    hi guys thanks for the replys.

    no I wasn't roped into it. I'm not concerned with it being a scam or not just wondered if anyone had gone with the gold option before and how it compares with shares .

    I actually ran into an old friend of mine and he is pretty high up in the company. we began to keep in contact again and I actually asked more and more about. he didn't try to push me into it at all.

    he was able to introduce me to the top trader for their new Sydney office. ive been talking to him and trying to learn all I can.

    they have the option of managing your own fund with a platform but ill leave it to the experts for now while I'm learning on the practice mode on the program.

    thanks again for the concern guys
     
  7. hamli

    hamli

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    Personally, I don't limit myself to one commodity or product.
    I trade gold and many other products via futures /GC. It's liquid. So are the options on futures for /GC which I can use to define my risk.

    Clearly you are new, so unless you invest time to learn the above stay away... as it's a volatile product and not uncommon for it to make a over a thousand dollar swings intra day/day to day.

    Learn to invest your money yourself ... or suffer the fees that managed funds take.
     
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