I would change this to:
Invest what you can afford to.
I gamble with what I can afford to lose, but I expect a return on an investment or, at the vey least, to retain most of my capital, so a different mindset is required.
3) Invest what you can afford to lose, majority of people will lose the majority of their money initially.
Sorry, Ceasar73, but I disagree with this. Passion and inexperience are a dangerous combination. You will get far further with an unemotional approach. Passion and emotion preclude objectivity.
Hi Julia , this comes as a suprise to me? I would have thought that the greatest traders had a real passion for it. You telling buffet/lynch etc dont love what they do?
There's a balance that needs to be found ceasar. Obviously, everyone that posts on this forum and invests there money actively must have some kind of passion for it, otherwise they'd have their money in managed funds! I think Julia is trying to ensure you don't get too emotionally involved in what you are doing. There is nothing more dangerous than having a lot of money riding on a particular decision, and also being emotionally attached to the outcome. Being passionate about it is great, being too emotionally involved in any one position can be financial suicide.
Hi Julia, this comes as a suprise to me? I would have thought that the greatest traders had a real passion for it. You telling buffet/lynch etc dont love what they do?
Hi Ceasar,
Note that I referred to the combination of passion and inexperience.
Buffet and Lynch could not be described as inexperienced obviously.
Professor Frink has accurately summed up what I was trying to say.
I remember a post from an ASF member recently (sorry I can't recall who it was) who said he felt bad when taking profits as this meant someone else was losing. That's looking at the business of the market in an emotional sense and will screw up your capacity to make objective decisions.
Instead, if I needed to find a reason for taking profits (which I absolutely don't) I'd suggest my selling those shares gave someone else an opportunity to buy something they wanted.
And I'm not at all sure that passion is a characteristic required to be successful as an investor or a trader. I find investing interesting and financially rewarding, but I would not say I'm passionate about it.
Hope that clarifies what I was suggesting.
Im a super emotional person, I could be in trouble.
Alright. I am an utter beginner, so I'm out for any information I can get at the moment.
One question I have for the moment: I've just joined Etrade and the "Online Account Application Form" I've printed requests submission my "Nominated Financial Institution statement". I'm guessing this will be my bank statement. Now... Do they need the full statement with my transactions or can I just send them the header of the statement with my bank details?
Once this is out of the way, can anyone suggest how I learn a bit more using Etrade? When should I begin investing - is there a training ground?
Same here LOL! But didn't trade anthing for 2 months, while I watched, read... learned.You did what I did - signed up with a broker before buying/reading a single book
Not too sure bout the statement, However you should be able to "blank out" the transactions on the statement and send it through like that. I guess E-trade want conformation of your account.Tayser:
Glad to hear! I'm not yet going to put anything down, but I thought I may as well try to get used to the system if at all possible.
Basically I've got $20K sitting in a St George account getting 4.1% interest. Now I've not been very attentive up until now, but I think it's about time. Does anyone have any suggestions as to where I should invest the money and in what sort of ratio? How much should I leave aside for trading later on and where else can I get a nice interest rate to store the rest?
Also, does anyone have an answer for the bank statement question? Do I need to send them a full bank statement or will the heading suffice?
Tayser:
Glad to hear! I'm not yet going to put anything down, but I thought I may as well try to get used to the system if at all possible.
Basically I've got $20K sitting in a St George account getting 4.1% interest. Now I've not been very attentive up until now, but I think it's about time. Does anyone have any suggestions as to where I should invest the money and in what sort of ratio? How much should I leave aside for trading later on and where else can I get a nice interest rate to store the rest?
Also, does anyone have an answer for the bank statement question? Do I need to send them a full bank statement or will the heading suffice?
Does anyone have any suggestions as to where I should invest the moneyHTML:Does anyone have any suggestions as to where I should invest the money
What do you do for a living? What is your industry?
What are you interests?
Dave
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