At the moment Im income poor ( no job ) but have some $$ sitting around not doing a whole lot except earning a little bit of interest.
So.... I thought I would try my hand at stock market trading
Not for the faint of heart Im sure, and as Im learning im also learning thats its dangerous to not have a plan and to react emotionally to whats happening.
I've dipped my toe into the water buying with a smallish amount of $ at the end of last week.
Ive had a small win with BHP buying @ 26.1 on Friday (great price I picked the bottom pretty well) and selling at 26.96 at yesterdays opening ( I should have held longer and profit taken today if I had bothered to check that commodity prices had risen
)
A small loss with Wesfarmers (17.2 vs 17.16). First purchase and a stupid one at that based on zero research. I managed to escape with a small loss instead of a more significant one.
Today I bought some CBA off the back of todays profit taking on the banks, but they steadily dropped during the day so Im a little behind at this time, but still I bought at a price below the recent averages but I wasnt aware of a reduced profit forecast at the time. Im confident they should bounce back soon.
Also bought some Woolies stock at 26.10 and theyre up right now. I just missed a price spike near end of day when I could have made a tidy profit except my commsec browser session had timed out and I had to login 3 times and missed it
My strategy at the moment is to deal in solid blue chip companies only buying at the bottom of the 5 day cycle, and hoping to sell after a bounce. Reasoning being If I dont make any truley tragic mistakes, its just a matter of time before I can recover.
Its lots of
with some
and hopefully some
and
too.