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Junior Member
What to do??
Hi guys, I am a fairly new trader with a dream to become independent and even, possibly, a little wealthy (who wouldn't?).
I was sucked into the Optionetics "scam" a few years ago and feel quite burnt by it. It was not that the system does not work, it is that the amount of money you need to spend is not made clear up front. For those who don't know, they entice you to the free 2-hour seminar, where they sell you the course for $4300 odd. Only after the "money back" period is over, do they tell you that you need to spend up to an additional $15k on tools and further education and that the $4300, without the other stuff, is a waste of money...
But, that aside, I have learned a lot. In particular, I have learnt that trading is complex and needs a lot of work and the right mental attitude. I want to continue but frankly do not want to spend the additional dosh only to still be "gambling".
I have just gotten the CMC Markets pack. It all sounds good but having read the thread on here re this, I am a little nervous.
So, to the traders out there, do you have any advice on how I can move forward? Any suggestions gladly accepted!!
Cheers, Eddie
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Don't do what that guy who started the CMC thread did : Overleverage and get wiped out by a 40 point move on the Dow.
Take 5% of your money, open an account and see what it feels like to trade real money. And then decide on your next step
Don't be hesitant about spending a few hundred on books and learning, it's worth it.
Disclaimer: Do not take my posts seriously. They are only opinions.
AMR has sold all shares and is pursuing property.
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Junior Member
Get used to stress!
Originally Posted by AMR
Take 5% of your money, open an account and see what it feels like to trade real money. And then decide on your next step
Don't be hesitant about spending a few hundred on books and learning, it's worth it.
My advice and this is only after several years of learning the hard way.
Sooner or later you must decide what type of investor you wish to become and what type of shares you wish to invest in. Timing unfortunately is everything.
Lesson number !
Only invest what you can afford to loose.
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Junior Member
Thank you!
Hi guys, many thanks for this valuable information. Most if it is common sense but when you get overwhelmed with info and promises, it can become confusing!
I have a good start and a number of books to read, so will start with that. I am fully aware of TA and FA although by no means any good at either, but as you say, learning first before trying is a good plan!
Thanks again from a cold and rainy Auckland.
By the way, when is the siminar and how do you register?
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Originally Posted by Eddie in Auckland
Hi guys, many thanks for this valuable information. Most if it is common sense but when you get overwhelmed with info and promises, it can become confusing!
I have a good start and a number of books to read, so will start with that. I am fully aware of TA and FA although by no means any good at either, but as you say, learning first before trying is a good plan!
Thanks again from a cold and rainy Auckland.
By the way, when is the siminar and how do you register?
Eddie
Sharetrader in NZ has 3 geographical meetings, held approximately after the quarterley results come out...
Auckland, Wellington & Christchurch hold these meetings.
I've taken on the Wellington events
Very informal no sign up process, just a chat over a few drinks & getting to know the people behind the posts, for some meetings there are people (eg. Oiler) that attend from out of the region...
Keep an eye on the NZX thread for details of the next Auckland meeting.
I can't speak for the other areas, but i find the diversity of the people interesting, & with so many different investment/trading styles there is plenty to learn, for not only the newbies, but even the old salts!
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The only additional piece of advice I can offer is never 'bet the house' on one stock, no matter how good it looks.
In my experience, when a stock blows up in your face, it is often for a reason you never contemplated. The danger lies in the unknown.
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Originally Posted by Eddie in Auckland
Hi guys, I am a fairly new trader with a dream to become independent and even, possibly, a little wealthy (who wouldn't?).
I was sucked into the Optionetics "scam" a few years ago and feel quite burnt by it. It was not that the system does not work, it is that the amount of money you need to spend is not made clear up front. For those who don't know, they entice you to the free 2-hour seminar, where they sell you the course for $4300 odd. Only after the "money back" period is over, do they tell you that you need to spend up to an additional $15k on tools and further education and that the $4300, without the other stuff, is a waste of money...
But, that aside, I have learned a lot. In particular, I have learnt that trading is complex and needs a lot of work and the right mental attitude. I want to continue but frankly do not want to spend the additional dosh only to still be "gambling".
I have just gotten the CMC Markets pack. It all sounds good but having read the thread on here re this, I am a little nervous.
So, to the traders out there, do you have any advice on how I can move forward? Any suggestions gladly accepted!!
Cheers, Eddie
The only people that get rich from seminars & the systems they promote, are those promoting them!
I worry when a new person comes onto Share Trader with ideals of instant wealth & wanting to trade, especially when using leverage products!
In reality unless you are disciplined in money management, & have an understanding of the broader market, the economy in general, & can read financial statements then you are up against it from the start.
Do you have an understanding of Technical &/or Fundamental Analysis?
Have you written down your goals, your system/stock selection criteria?
Trading requires total discipline, & there are many useful threads on ST regarding this. (Refer the Investment Strategies Section)
I would urge you to invest into some books & "paper trade" until you feel you are ready to risk your capital.
The markets aren't particularly forgiving for even the most experienced investors/traders at present, so holding cash & learning from the side lines is probably the smartest thing you could do at present.
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Start with just shares and no real money. See how you do. Give youself at least a year. If you succeed on paper then and only then open your wallet. The share market is a mess right now and even the old hands ( which I am not ) are struggling to make a buck. Some are staying well clear altogether.
Last edited by STRAT; 21-08-2008 at 09:56 PM.
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Eddie,
I agree with strat.. start with Shares... CFD's, options come later on...
with CFD's not only do you have to pick the direction, you also have to pick the timing of the move... volatility with options, which are being discounted higher in the current market... dont go short until you work out long...
And finally... make sure you go to the Auckland sharetraders meeting...
later...
.^sc
BITCOIN certified rat poop. NSA created, Expensive to send, slow, can only trade on cex, no autonomy, spaghetti code, has been hacked, accidental Backdoor brc20s whoops, no one building on it, alienated all cryptos against it, volume is fake, few whales control large supply... it will perform though
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Eddie,
Read. Study. Join a good library. Read lots of books. Read books on TA, FA, Buffett, money management, trading wizards, investment gurus, candlesticks, trading, investing, trading psychology, market psychology, learn to read a balance sheet, learn to interpret a chart. Scour the net for quality information (there is a lot out there). Do not give ANY money to ANYONE (other than to pay for books!) Take your CMC Markets Pack and put it on the fire. Don't even open it. Do not buy ANY "black box" system. Don't take sides in the TA vs FA debate - use both. Do NOTHING AT ALL until you have developed a written trading plan for yourself.
The most disciplined, profitable and successful trader that I know refined and developed his system by paper trading it for 4 years before investing a cent! The longer you delay your entry into the market, the less you will lose. To start with, don't even THINK of derivatives - CFD's, options, futures etc.
The more you learn before you start, the less you will lose when you do.
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