sharetrader
Page 1 of 2 12 LastLast
Results 1 to 10 of 13

Thread: What to do??

  1. #1
    Junior Member
    Join Date
    Aug 2008
    Posts
    2

    Default 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

  2. #2
    Senior Member
    Join Date
    Jul 2007
    Location
    North Shore
    Posts
    1,088

    Default

    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.

  3. #3
    Legend shasta's Avatar
    Join Date
    Sep 2004
    Location
    Wellington
    Posts
    5,914

    Default

    Quote Originally Posted by Eddie in Auckland View Post
    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.

  4. #4
    SRV is a God STRAT's Avatar
    Join Date
    Jun 2006
    Location
    Auckland, , New Zealand.
    Posts
    4,327

    Default

    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 08:56 PM.

  5. #5
    Guru Crypto Crude's Avatar
    Join Date
    Dec 2006
    Location
    New Zealand.
    Posts
    3,772

    Default

    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
    Nakamoto means of Central origin ...

  6. #6
    Senior Member
    Join Date
    Jul 2007
    Location
    North Shore
    Posts
    1,088

    Default

    I'm actually quite glad I went with CFDs early on in my trading careers...

    1. Learn how dangerous leverage is
    2. Learn how dangerous futures are
    3. Learn how not to blow yourself up
    Disclaimer: Do not take my posts seriously. They are only opinions.

    AMR has sold all shares and is pursuing property.

  7. #7
    Advanced Member
    Join Date
    Dec 2001
    Location
    New Zealand.
    Posts
    1,936

    Default

    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.

  8. #8
    Member
    Join Date
    Aug 2002
    Location
    pukekohe, , New Zealand.
    Posts
    97

    Default

    im 41 and started "playing" the market when i was 18, my dad talked me into robert jones investments, and i turned my saved up house deposit into a fortune in a couple of months.... then the big crash of the late 80's and i was at square 1 again because my dad said it will be ok........ ride it out........ yeah right!
    so..... for 15 years i watched the market and learnt and learnt, then in 2000 i entered again with real money again to build my retirement fund. was doing ok till september 11 2001 NZ time when i placed a large order for AIR as a long term hold.... then came 9.11 US time zone and got hit so hard i laughed........ to shocked to cry.

    that has been my best education.
    im still in the market and am growing slowly but surely for my retirement.

    when the market takes a hit for what ever reason.... i take advantage of it.

    and that for me is the best time to invest and grow.
    investing in my view is far superior than trading.

    buying and selling shares is easy.
    buying and selling shares for profit isnt too hard.
    trading shares as your full time career is very special.

    learn your trade before you commit your wealth.

    good luck

  9. #9
    Junior Member Laxmi's Avatar
    Join Date
    Jun 2005
    Location
    Hamilton, , New Zealand.
    Posts
    22

    Default Get used to stress!

    Quote Originally Posted by AMR View Post
    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.

  10. #10
    Junior Member
    Join Date
    Aug 2008
    Posts
    2

    Default 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?

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •