Newbie here to learn

Hi everyone who reads this, im a newb here and just wondering if anyone has tips and tricks on trading. I have opened up a comsec account with a small amount of funds and i am very keen to learn how to do trading, comsec website is a bit daunting but hey i am going to give it a go.... Better than wasting it on crap or beer!

I know nothing about stocks, money (well how to spend it) and trading.. Even down to do you pay tax on what you trade....

Thanks for those who respond, this is starting to get exciting.

There is a heap of useful info here:
https://www.aussiestockforums.com/forums/forumdisplay.php?f=9

monners said:

Hi everyone who reads this, im a newb here and just wondering if anyone has tips and tricks on trading. I have opened up a comsec account with a small amount of funds and i am very keen to learn how to do trading, comsec website is a bit daunting but hey i am going to give it a go.... Better than wasting it on crap or beer!

I know nothing about stocks, money (well how to spend it) and trading.. Even down to do you pay tax on what you trade....

Thanks for those who respond, this is starting to get exciting.

Click to expand...

Good luck with your endeavours mate, I'd definitely consider reading some information online and even grab a book or two about stocks from your local library if your too tight (like me) to buy them.

Two of my favourite books I read when I first decided to learn about the market:

• How I made $2,000,000 In the stock market - Nicolas Darvas
• Secrets for Profiting in Bull and Bear Markets - Stan Weinstein

I'm sure there would be a lot of other great books you could read but reading these two books in that order will definitely give you some useful information.

Don't throw all your money in straight away, educate yourself and you will have much better success in the market.

All the best.

Julia said:

There is a heap of useful info here:
https://www.aussiestockforums.com/forums/forumdisplay.php?f=9

Click to expand...

Thanks julia

matthewdean said:

Good luck with your endeavours mate, I'd definitely consider reading some information online and even grab a book or two about stocks from your local library if your too tight (like me) to buy them.

Two of my favourite books I read when I first decided to learn about the market:

• How I made $2,000,000 In the stock market - Nicolas Darvas
• Secrets for Profiting in Bull and Bear Markets - Stan Weinstein

I'm sure there would be a lot of other great books you could read but reading these two books in that order will definitely give you some useful information.

Don't throw all your money in straight away, educate yourself and you will have much better success in the market.

All the best.

Click to expand...

Will check these books out for sure, thanks mate all the best

Hi Monners,

There is some stats around on this that were done in relation to the Korean Share Market but frankly I can't be arsed to go find it so we will run from my imperfect memory.

About 95% of people who start trading fail within a fairly short period of time. That's an extremely high failure rate. Do yu want to be one of the 95 or one of the 5?

You need to be asking yourself why is there such a high failure rate amongst traders.

Here are some answers....

Positive and Negative feedback - As emotional creatures we become emotionally invested in an asset. This emotional investment influences our investment decisions... and it shouldn't. When we inevitably get burned from becoming emotionally invested, the negative feedback we experience (ow that hurt I don't like to lose money), means that many leave and write off the opportunity trading brings.

Lack of skill - Because of circles of influence, just about everybody knows someone who is an active trader or investor. They perceive no differences between their acquaintence and themselves and so attempt to trade with no knowledge. The average length of time to become an expert at anything is 10,000 hours.

No plan - Without a plan you are planning to fail. Understand your methodology and your level of positive expectancy. You need to clearly identify what your trading goals are so that you can measure your success or failure against these goals.

Self Awareness - 40% of people are kinesthetic. (This means that they learn by doing it. - No don't tell me how to do it, don't demonstrate for me. I'll give it a go and you tell me whether I did it wrong). 40% of people will put real money down because they feel "It doesn't have any meaning if it's not real money". Backtesting and forward testing are essentially meaningless to a strongly kinesthetic person.These people can still become successful traders...they do however tend to blow out their first account and almost universally are highly determined individuals. Know what kind of person you are - it will only help you.


Cheers

Sir O

P.S.

Check out the thread in my signature.