Archive through October 08, 2005

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spider

Member

Post Number: 2243
Registered: 10-2002

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Votes: 2


Friday, October 07, 2005 - 12:44 pm:

jimdene,
like everyone here who read your post, I felt your pain/frustration/disapointment.

I would love to offer you some advice, but you didn't ask for any.

If you were looking for advise, you might like to go back and reread smallworld's post.

When the pain that comes from losing capital starts to subside, and you you feel like investigation the causes for the loss, post a few questions on this or a new thread, and I think that you will find that most of the serious traders have been where you are, and that they would love to help.

Just something to think about.......................

your stops have helped you to protect most of your capital, and you are still in the game.
Most people believe that making money is the purpose of trading, the wise ones realise that the most important thing in trading is to protect your capital.

spider.

kate

Member

Post Number: 143
Registered: 04-2005

Rating: N/A
Votes: 0


Friday, October 07, 2005 - 12:51 pm:

The estimated cost of hurricane damage in the US is $200 billion and will boost the building industry, unfortunately it will add to the existing inflation levels and mean interest rates won't stop going up any time soon. Peter, I don't think the DOW will go up any time soon, however when RIN and JHX (if you can excuse their past behaviour) finish going down
they may be worth buying.

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arthur_gibson

Member

Post Number: 103
Registered: 01-2005

Rating:
Votes: 1


Friday, October 07, 2005 - 01:47 pm:

jimdene

You did not ask for advice, but I'll give it, because that's the sort of guy I am, right or wrong.

DON'T trade shares. Don't buy any more and certainly don't short them.

Trading is incredibly difficult. It is one of the most difficult things in the world to do successfully and don't believe anyone who tells you otherwise. Even Rene Rivkin failed in the end. If you continue, it’s highly likely that you are going to lose the rest of your capital. Trading is addictive and can be very destructive. You sound as if you are new to the game and I say again: Don't do it.

I'm sorry, but that's my best advice to you.

(Message edited by arthur_gibson on October 07, 2005)

Arthur Gibson

tony_m

Member

Post Number: 372
Registered: 01-2003

Rating:
Votes: 2


Friday, October 07, 2005 - 02:24 pm:

Jimdene, I dont think too many would have escaped unharmed from the last few days of mayhem so you are not alone. I gather you have started at the more difficult end of the market, trading shortish term with daily charts, hence the tight stops?

It is a bit easier in my opinion to start with weekly medium/long trend trading/investing with a more prescriptive process something like Alan Hull's active investing or look up some of Snifter's posts over the last couple of years on this forum.

I think it is easier to learn on the job that way and to hone your overall market skills with somewhat lower risk before you think about day or intraday trading, a much harder proposition IMO. I went the weekly route and the results have been good but of course a lot of this has been in the last 3-4 years and the market has been kind.

However the results have always been between 2 and 3 times the going market performance so weekly chart trading does not necessarily equate to low returns.

Hope this helps and happy to provide more detail if you need it....Tony_M

arthur_gibson

Member

Post Number: 104
Registered: 01-2005

Rating:
Votes: 1


Friday, October 07, 2005 - 02:35 pm:

And I'll tell you another thing. $50,000.00 is not enough to trade shares and $20,000.00 is zilch. Your profits will all get eaten up by overheads. That is if you make any profit.

Please ignore the previous poster. Put your $20,000.00 into CBA shares and forget all about it for the next fifteen years. By 2020 you will have a nice profit. Any other course of action will lead to ruin.

Arthur Gibson

hilarius

Member

Post Number: 1155
Registered: 04-2004

Rating:
Votes: 1


Friday, October 07, 2005 - 03:05 pm:

Arthur

I am afraid you are entirely wrong

My wife started with $2,500 and added a little from time to time

She bought BHP around $9, got Bluescope for nothing, bought WPL around $12 and breaking her own rule (only to buy shares beginning with B and W) bought Coles and Southcorp cheaply, and has more than doubled her money since starting

She never sells unless I force her to and enjoys getting larger dividends

They may be small and irrelevant amounts to you ... but she is not on the road to ruin and while she may not be on the road to riches either she is living proof that you don't have to lose money

With Best Wishes

Hilarius

I come in peace to share my thoughts and to shine my candle light on possible long term opportunities

thommo78

Member

Post Number: 64
Registered: 05-2005

Rating:
Votes: 1


Friday, October 07, 2005 - 03:19 pm:

As you say Hilarius, everything is relative. It seems amazing to me that some people can't appreciate that.

What's a wee minnow like myself supposed to do arthur? paper trade until I've got $1mill+ in trading capital to play with?? I might not end up with a position until I'm 70 odd!

morton

Member

Post Number: 34
Registered: 05-2005

Rating:
Votes: 1


Friday, October 07, 2005 - 03:21 pm:

it is better to have a good system and a little money, than a bad system and alot of money.

it's all about % returns.

smallworld

Member

Post Number: 347
Registered: 01-2004

Rating: N/A
Votes: 0


Friday, October 07, 2005 - 03:44 pm:

You are a funny guy arthur, when is your BBQ?

hilarius

Member

Post Number: 1156
Registered: 04-2004

Rating: N/A
Votes: 0


Friday, October 07, 2005 - 03:56 pm:

Actually Arthur

I owe you an apology ... my trading return on capital (larger than my wife's) is fairly lacklustre considering the amount of time I spend squinting at my screen

So you are quite right about trading not being easy

I only live a stone's throw from your friend McLaren so maybe we should have a BBQ around my pool and see if a little of his wisdom could be distilled into a beer or wine glass?

Your messages keep me entertained and interested on quiet days

Keep up the good work

Hilarius

I come in peace to share my thoughts and to shine my candle light on possible long term opportunities

archer

Member

Post Number: 1016
Registered: 11-2002

Rating:
Votes: 1


Friday, October 07, 2005 - 03:58 pm:

""You'll never get anywhere reading Hull and all that lot. Read yourself rich by following my posts and start figuring out what colour you want your Merc to be.""

Arthur you say some ridiculous things
You bought the banks at the exact high also remember
IF you can trade you can make a living from a 20g CFD account

hilarius

Member

Post Number: 1157
Registered: 04-2004

Rating: N/A
Votes: 0


Friday, October 07, 2005 - 04:01 pm:

And another thing

Does anyone remember who it was in the Forum who makes all his or her money reviewing his or her weekly charts for one hour on a Saturday?

I consider myself time poor when I'm stuck at the computer and time rich when I am away from it

Hilarius

I come in peace to share my thoughts and to shine my candle light on possible long term opportunities

deanrosario

Member

Post Number: 889
Registered: 11-2002

Rating: N/A
Votes: 0


Friday, October 07, 2005 - 04:18 pm:

All looking very gloomy.

The XJO couldn't even bounce today!

And it looks like the 4th day in a row that the Dec05 SPI has been hit hard on above average volume - some serious shorting of the market suggests the big boys have surrendered?

At least Dow Futures are trading above yesterday's close, so maybe the SPI after-market won't get hammered like yesterday - it fell 40+ points in 30 minutes after the share market closed.

"It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." George Soros

arthur_gibson

Member

Post Number: 106
Registered: 01-2005

Rating:
Votes: 1


Friday, October 07, 2005 - 04:30 pm:

Wow, you people are good!

I wrote that post and then changed my mind and deleted it sixty seconds later. But lots of you saw it and responded.

You must be hanging on my every word - Well done, you will grow rich that way.

It was a good post of mine, but a bit stupid.

As for those banks, I sold them again on the Monday and made thousands of dollars profit. Like I say, I only own Westfarmers right now and I wish I didn't own them.

Talking about the banks, do you notice that they are falling more heavily today? That might be a good thing: "In a fall, the best stocks go last". (James Cramer). The bottom might be closer than we think, in price, if not in time.

James Cramer said a memorable thing about stocks this morning, he said: "They are pewking 'em up right now." - Nicely put James.

Jimdene: Wait till I tell you to buy CBA and then put your twenty grand in it. You'll do just great.

(Message edited by arthur_gibson on October 07, 2005)

Arthur Gibson