First buy

[roadto1mil]

Not true... more like 8th... but first real buy.

Hello! I used to work in Financial Public Relations and really started seeing a new world with stocks, the ASX and in general, investing. My first buys were CBA etc etc...

I'm currently in my final year of my Master's degree in a completely unrelated field and guaranteed income of AU$60k+ starting next year. So things are looking pretty good.

HOWEVER, I do not want to be working in my 40s... 50s... etc. I want to achieve financial freedom and the more I look into it the more I find that investing **CAN** be a ticket to that.

Now I currently live at home and work casual (I bring home approx. 2.5k - 3.5k a month in income, depending). So I have some money to play around with at the moment.

I've set up my first falling buy on Commsec on a pretty lucrative stock, one which a friend of mine turned over $2m in about 4 months (I know what you're thinking... WTF? No I'm serious... he did... bloke is 26 and bought a Rolls and property ASAP). He recommended I do so.

Anyway, I'm keen to learn. I'm only 24 going on 25 so pretty young and always looking for ways to make income other than the 9-5 grind (even though I see that as a necessity these days).

I'm mostly looking for quick capital growth at this stage of my life. Nobody relies on me, no real debt, so I'll go pretty aggressive (or I like to think so).

I'll be on the forums, mostly looking around. Can't wait to take advice from some vets in the business.

Cheers, r21m

 

[OmegaTrader]

Not true... more like 8th... but first real buy.

Hello! I used to work in Financial Public Relations and really started seeing a new world with stocks, the ASX and in general, investing. My first buys were CBA etc etc...

I'm currently in my final year of my Master's degree in a completely unrelated field and guaranteed income of AU$60k+ starting next year. So things are looking pretty good.

HOWEVER, I do not want to be working in my 40s... 50s... etc. I want to achieve financial freedom and the more I look into it the more I find that investing **CAN** be a ticket to that.

Now I currently live at home and work casual (I bring home approx. 2.5k - 3.5k a month in income, depending). So I have some money to play around with at the moment.

I've set up my first falling buy on Commsec on a pretty lucrative stock, one which a friend of mine turned over $2m in about 4 months (I know what you're thinking... WTF? No I'm serious... he did... bloke is 26 and bought a Rolls and property ASAP). He recommended I do so.

Anyway, I'm keen to learn. I'm only 24 going on 25 so pretty young and always looking for ways to make income other than the 9-5 grind (even though I see that as a necessity these days).

I'm mostly looking for quick capital growth at this stage of my life. Nobody relies on me, no real debt, so I'll go pretty aggressive (or I like to think so).

I'll be on the forums, mostly looking around. Can't wait to take advice from some vets in the business.

Cheers, r21m

THIS IS NOT ADVICE

Hi


1) Income
Current 36 k Future est 60k

age 25 real return 3%

saving 10k p.a

retirement 40~ $225,000 retirement 50 ~ $420,000


25k p.a

retirement 40 ~ $560,000 retirement 50 ~$ 1,050,000


savin 10 k p.a age 25 real return 9% ( large or not ???)


age 40 ~ $400,00 age 50 ~1,200,000


Read between the lines.

2) The casino
Why do casino's exist?
To let people hope to be rich and for ego. The house normally wins. If you can read between the lines you will see what I am saying about your friend and the market in general.

3)Have a strategy and realistic expectations


good luck !


cheers omega

 

[minwa]

I've set up my first falling buy on Commsec on a pretty lucrative stock, one which a friend of mine turned over $2m in about 4 months (I know what you're thinking... WTF? No I'm serious... he did... bloke is 26 and bought a Rolls and property ASAP). He recommended I do so.

So he cashed out of the stock already and you're looking to buy it now ?

 

[Gringotts Bank]

So he cashed out of the stock already and you're looking to buy it now ?

forget it.

 

[minwa]

forget it.

I want that Rolls too though

 

[roadto1mil]

So he cashed out of the stock already and you're looking to buy it now ?

Ahh no, he bought in couple months ago, bought out and in several times. He's more of a day-trader.
I'm just dipping my feet in, the buy falling buy happened today. I'm only really d**king around with ~1k atm. Lot to learn

Cheers for that Omega, I love the casino. I'm usually at Crown Casino every weekend on the poker. Great way to kill time and make some extra ~500. Cheers

 

[DeepState]

I suppose if you are only dicking around and going for massive returns, get the most levered position you can and trade it around event dates. EURUSD at 500:1 around non-farm payrolls might be a place to start. Or around the French Presidential election if your provider hasn't lifted the margin requirement. Doesn't matter which direction, really. Zero or hero. Most likely zero.

 

[systematic]

^Wish there was a 'VERY' much like, button, DeepState.

I've interacted with poster's like roadto1mil before, several times - always very polite and (hopefully) helpful - as is my policy in the Beginner's Forum (we so easily forget, IMO)

I can't interact with this one; don't have the energy, but I'm posting because this thread made me reflect on how oddly our brains work.

Trader A:

"I'm poor, so I need to take a big risk and shoot for the stars..."

"I'm decades behind, so I'm trying to make up for lost ground..."

Whether we agree with that excuse or not, we at least understand it. (Reminds me of the Biblical proverb that says - paraphrasing - we all understand the thief who was only stealing food because they were hungry, even though they'll still be in trouble..). i.e. It might not be the best wisdom, but we get why they're doing it.

Trader B:

"I'm pretty well set up, living expenses taken care of (thanks to Mummy and Daddy, even though I'm a grown Man/Woman old enough to have kids of my own), no real cares, about to hit a guaranteed income of 60k+ per year (with a real value far greater if I keep leaning on Mummy and Daddy). I'm clever too; clever enough (and disciplined and hard-working enough) to get a Master's Degree, not just a Bachelor's degree"

And yet; the brain in this person comes to the conclusion:
'therefore I need to make quick capital return'
i.e. 'I don't really know what I'm doing, but I can afford to penis around (special thanks to Mummy and Daddy), so I'm going to try and hit the big time, baby. Oh, and I have a 'friend' who just made 2M. WTF? F-Yeah!

instead of their brain coming to the logical conclusion...
'gosh, I have it good. I'm about to make a decent income for a person my age, and I'm clever enough to get a Master's. So, in the financial area of life, I pretty much don't need to take any risk at all. Because time AND decent income is on my side, I can be very, very average - and do very, very well. I can even take a decade to educate myself on how to really be a winning investor as well - but in the mean time just grind out the savings and do basic investing while learning...and retire really well off. I'll have enough capital that I'll be able to risk 10 or 20% of my capital on my own ideas around investing and not do any harm if I screw up. Plus, at least it will be an educated guess, because I took the time to try and learn. And that's just the financial area of my life. I'm actually an almost 25yo man or woman; I don't want to penis around with 1k in the market or 500 at iron pyrite casino. Instead I think I'll branch out on my own, get a place to live on my own, maybe get a nice g/f or b/f, use my education...maybe explore some of this entrepreneurial, creative bent in a business at least. Whether or not it succeeds, at least I'll be trying to add value rather than play around in zero-sum, soul sucking poker, futures trading or whatever. And I'll learn more, too.

Okay, okay - over the top? Maybe. But this is my contribution, challenge, heart-felt plea, compassion, empathy, frustration and well-meaning toward this young newbie, who (if they were being honest in the first place) has their whole life and a world of opportunity ahead of them...all without any need to take any kind of excessive risk. But all the best, either way.

 

[roadto1mil]

^Wish there was a 'VERY' much like, button, DeepState.

I've interacted with poster's like roadto1mil before, several times - always very polite and (hopefully) helpful - as is my policy in the Beginner's Forum (we so easily forget, IMO)

I can't interact with this one; don't have the energy, but I'm posting because this thread made me reflect on how oddly our brains work.

Trader A:

"I'm poor, so I need to take a big risk and shoot for the stars..."

"I'm decades behind, so I'm trying to make up for lost ground..."

Whether we agree with that excuse or not, we at least understand it. (Reminds me of the Biblical proverb that says - paraphrasing - we all understand the thief who was only stealing food because they were hungry, even though they'll still be in trouble..). i.e. It might not be the best wisdom, but we get why they're doing it.

Trader B:

"I'm pretty well set up, living expenses taken care of (thanks to Mummy and Daddy, even though I'm a grown Man/Woman old enough to have kids of my own), no real cares, about to hit a guaranteed income of 60k+ per year (with a real value far greater if I keep leaning on Mummy and Daddy). I'm clever too; clever enough (and disciplined and hard-working enough) to get a Master's Degree, not just a Bachelor's degree"

And yet; the brain in this person comes to the conclusion:
'therefore I need to make quick capital return'
i.e. 'I don't really know what I'm doing, but I can afford to penis around (special thanks to Mummy and Daddy), so I'm going to try and hit the big time, baby. Oh, and I have a 'friend' who just made 2M. WTF? F-Yeah!

instead of their brain coming to the logical conclusion...
'gosh, I have it good. I'm about to make a decent income for a person my age, and I'm clever enough to get a Master's. So, in the financial area of life, I pretty much don't need to take any risk at all. Because time AND decent income is on my side, I can be very, very average - and do very, very well. I can even take a decade to educate myself on how to really be a winning investor as well - but in the mean time just grind out the savings and do basic investing while learning...and retire really well off. I'll have enough capital that I'll be able to risk 10 or 20% of my capital on my own ideas around investing and not do any harm if I screw up. Plus, at least it will be an educated guess, because I took the time to try and learn. And that's just the financial area of my life. I'm actually an almost 25yo man or woman; I don't want to penis around with 1k in the market or 500 at iron pyrite casino. Instead I think I'll branch out on my own, get a place to live on my own, maybe get a nice g/f or b/f, use my education...maybe explore some of this entrepreneurial, creative bent in a business at least. Whether or not it succeeds, at least I'll be trying to add value rather than play around in zero-sum, soul sucking poker, futures trading or whatever. And I'll learn more, too.

Okay, okay - over the top? Maybe. But this is my contribution, challenge, heart-felt plea, compassion, empathy, frustration and well-meaning toward this young newbie, who (if they were being honest in the first place) has their whole life and a world of opportunity ahead of them...all without any need to take any kind of excessive risk. But all the best, either way.

Thanks mate
No I agree, no need to use "Mummy and Daddy" though. I do have savings and am looking at houses, only issue is can't get a loan on a casual income for obvious reasons so can't do much in that regard.

I've just seen many people very close to me make stupid money in the space of 1-2 years, whether it is through property, stocks, business etc.

Thanks though, I am here to learn

 

[rb250660]

So he cashed out of the stock already and you're looking to buy it now ?

Clearly the strategy here is for the Rolls owning mate to offload his shares to the OP, he's no fool. That much is obvious. The OP will be paying for that Rolls in part soon. Maybe he can get a lift to school in it sometimes.

I've just seen many people very close to me make stupid money in the space of 1-2 years, whether it is through property, stocks, business etc.

I'd be much more inclined to ask your very close people for the learning you seek instead of bunch of randoms like us. Really...

Anyway, I'll get back to grinding it out on my road to 1mil.

 

[systematic]

Thanks mate
No I agree, no need to use "Mummy and Daddy" though. I do have savings and am looking at houses, only issue is can't get a loan on a casual income for obvious reasons so can't do much in that regard.

I've just seen many people very close to me make stupid money in the space of 1-2 years, whether it is through property, stocks, business etc.

Thanks though, I am here to learn

Good post back. I have hope!

On the house thing, let me take one sentence or so to clarify. I get what you mean re: getting a loan and buying, and how cool that would be.
But that's not what I meant.
I don't mean saving for a house. I mean, get out and rent. Be your own person, pay your own bills (maybe you do now) etc. It's more common for younger ones to stay at home now, but there would be a real value in you going out on your own. Go and rent a place, work a job/study etc.

I'll say this though; I concede that I get what you mean re: people making stupid money in only a couple years via business, real-estate, equities etc.

My encouragement is - and if you only hear this once, I'd like to make sure you get the chance - you honestly have the chance of making stupid money over a good, long-term by being sensible and conservative. Some people you admire now, may not be doing well in years to come.You have fantastic potential; please don't waste it

 

[Modest]

I'd be much more inclined to ask your very close people for the learning you seek instead of bunch of randoms like us. Really...

This x100

 

[Gringotts Bank]

This x100

His very close people don't exist. Great thread though.

 

[roadto1mil]

His very close people don't exist. Great thread though.

Feel free to PM me and I'll throw you names, you can take a look for yourself. Not everyone hangs around broke bums

 

[rb250660]

Not everyone hangs around broke bums

Then what are you doing here?

 

[roadto1mil]

Then what are you doing here?

Bored, you?

 

[OmegaTrader]

Ahh no, he bought in couple months ago, bought out and in several times. He's more of a day-trader.
I'm just dipping my feet in, the buy falling buy happened today. I'm only really d**king around with ~1k atm. Lot to learn

Cheers for that Omega, I love the casino. I'm usually at Crown Casino every weekend on the poker. Great way to kill time and make some extra ~500. Cheers

THIS IS NOT ADVICE DYOR

If you can understand the difference between a profitable poker player and gambling you will understand my main point.

A gambler hopes and plays game with no edge. He sees winners and hopes to be one. He see the big wins, excitement etc.


A poker player understands variance, a bankroll and ev. He understands hourly rate and opportunity cost of time/labor and capital. He understands the erosive power of the rake and when he has no edge against the competition.

There needs to be fish and there needs to be enough people for volume.

I don't know the stakes you are playing / competition but 5bb/hr would be good considering how slow live games are.

At 2/5 cash table stakes that would be $25 per hour. Remember at 100 buy-in that would be $500 buy in. A bank roll would then need to be 20-100 times that ...

So a bankroll at those stake would need to be $10,000-$50,000. I would want at least $25,000 personally.

Anything less than 2/5 if available would be uneconomical. Tournaments would be even slower and to be economical would have to most probably have a higher bankroll.

I doubt $500 a week would be achievable given your outlined financial position. Unless you are under bank rolled.

I hope you see what I am saying.

Don't fall for the high life and glamour. That is what they want...

I don't know if you are getting it .

But caveat emptor- I can't hold you hand

cheers