Looking for penny stock trading mentor/buddies in Adelaide

Hi,

I am currently located in Adelaide, and trying to learn penny stock trading.
I have not much idea of what to do or how to start. Just have been reading many different books and websites etc..

Looking for some experienced to point me to the right direction and guidance. or trading buddies to learn together.
anyone? =)

thanks
Ric

Newbie12 said:

Hi,

I am currently located in Adelaide, and trying to learn penny stock trading.
I have not much idea of what to do or how to start. Just have been reading many different books and websites etc..

Looking for some experienced to point me to the right direction and guidance. or trading buddies to learn together.
anyone? =)

thanks
Ric

Click to expand...

Just my two cents worth Ric but to learn to trade penny stocks you need to have demonstrated to yourself that you can trade stocks from the area of the ASX300 etc first.

If you can do that and learn from your mistakes and general market behaviour then you can move to the faster moving and more erratic behaviour of penny stocks.

Paper trading trading is another option but that doesn't get you over the "this is real money" emotional aspect, a bit like walking a tight rope while it is lying on the ground, the "what if this goes wrong" emotion doesn't exist and doesn't need to be overcome.
It does improve the process application though and trains the entry and exit reasoning if you analyse each completed trade to find your vulnerabilities and reduce the risk of repeating any errors.

Hope some of that makes sense.

Agree with Boggo

Go through Pete’s threads on trading

On Discretionary Spec trading you can have a look
At those seen in my thread Charts of interest.
There are lots of Pennies there.

Looking for someone to “Learn together” is asking for disaster
What is there to share ?

You need structure
Both Pete and I have put up on our threads our structure mine a lot more aggressive than Peters
Mine is in my view more suited to Pennies.
But you have to be setup for it
Have the $$s and be super decisive.

You must learn to read charts as a chartist if your going to TRADE pennies as opposed to investing ——- in anything.
You must learn how to be wrong more often than being right and how to trade profitably from that.
You must learn how to skew the numbers profitably

You must learn how to maximise profit in a day and minimise loss.
How to diminish risk during each days trading while shuffling funds toward maximising profit.
Done correctly it’s a big game of chess with pre determined moves that you know leads you to
Profit.

It takes a long time of dedication to teach a newbie
Time I don’t have.
But if you stick around long enough you’ll find those here including the duck will be happy to answer questions
Why not start a thread like Kid Hustler

“ Learning How to trade Penny stocks”
Collate all you learn and discuss aspects that need clarification
Even trade a paper account. That will help you learn structure.

Good luck it’s worth the effort.
Wish I started at 20 and not 40

tech/a said:

.....

You must learn how to be wrong more often than being right and how to trade profitably from that.

......

Click to expand...

And that bit right there is what you will battle with when you start out, and it is how it will happen.

Thanks for your advices! i really appriciate them!

but let me clarify myself, i am not new in trading. i have been trading forex successfuly for a few years.
but now im interested to try out the penny stock, mainly because my time availibility. next year i wont have time to constantly check on my chart 24/5. and i see penny stock has a fix trading hours and the time is actually suit me well (adelaide time from night till midnight), haha.
so i am completely understand of the pepar tading, trading psychology and stuffs. =)

it is just penny stock trading is completely a different world from forex, and i dont know the first thing about it (i have been reading and doing research) and starting to pick up things here and there.
but i figure it would be great to have someone to guide me and start me off, that can save me a lot of time in terms of things like what broker to use in australia is the best(this is the most important question atm, haha)? what platform to use for charting, the best (most efficient) way to setup the charts (in your experience), what is your daily/weekly routine in trading, etc...

thanks =)

Hey, firstly you should be aware of penny stocks. These are small cap and low-priced shares. One can earn a lot from these stocks or can go penniless. These are high risk investments and the prices get diluted with sudden selling in the market.
Trade with high volumes, if you trade with low volume stocks it could be difficult to get out of it.