Daytraders Weekend Aftermarket Lounge 22nd - 25th May, 15338917, page-319 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum

Originally posted by Unexpected85 ↑

Some great posts guys.. Thought I would share my story:

I started reading about 2011 just after I got married. We got $40k in wedding cash and I thought I would "invest" and then build my house for cash coz I thought I was smarter than everyone else.

Everyone I spoke to (people with no general share trading knowledge) said to only back blue chips. So I split my $40k across the likes of BHP, RIO, CSR, etc.

Mind you at the time I'm working full time as a DC manager for a logistics business.

So I have two screens set up in my office so I can work and keep an eye on stocks. After a few weeks, I'm looking and thinking "this is sheet, they only go up or down 1-2% I'll never make money like this.."

So I decide to look into specs. I come across a few, read fundamentals and decide they look good and I can make some serious cash in a matter of days. At the same time I'm read crap from a stock forum (not this one) thinking I'm gonna be a millionaire!

Well, long story short, I lost my $40k and an additional $20k from westpac that I had to pay back and almost my wife.. Things got tight as I blew our savings and left us with next to nothing.

I'm not one to give up though.

So to cover my losses I get a second job working Friday night and the weekend. After 12mths things get better, I get a pay rise in my day job and give up the weekend as it was starting to burn me out! I look back and think I've done well I've almost recovered everything Iost through saving and working extra.

At this stage we've built our house and moved in and are expecting a baby. I decided that our savings account and decided that I wanna have another crack, but this time I take $5k..

I'm now the national manager at work.

I decide to put my whole $5k into CDY and make a profit of $800 that day!

My research has paid off! I notice CDY retrace and buy $30k in one hit ($5800 of my cash and the rest wetpacs). No stop loss coz I'm smart and I know what I'm doing but don't know what a stop loss is... CDY drops 50% .. I keep holding... 2 days later I've lost 80%... Now I have to pay westpac too...

My poor pregnant wife..

I borrow money from family to pay Westpac back.

Again, I manage to recover somehow thanks to bonuses from woto. I decide to reinvest all my bonuses into what I know best and that's the business I work for. As at October last year I own 10% in a $35m turnover a year business..

I'm not one to be beaten, so I think 3rd time lucky. Mid last year I started researching charting and as much as I could. I take $5k and cancel and margin lending or T-3 offers from westpac so I can only play with my money.

I came across Giz 10 commandments and have used them as gospel ever since. I make small $600-$1000 buys, put stop loss in as soon my order is filled and my research starts paying off. In 3mths I've turned my 5k into $16k.. ( mind you I'm still on part time as this)

I cash out my initial $5 and play with $12k.. I continue to research after work and stay up late a lot of nights plotting charts etc - I'm still not great but the basics have worked well for me)..

Between Sept Last year my $12k turned into $85k.. Some stocks such as NXR, PSY, XRO, MBN to name a few, multibagged as I decided to hold shorter term and others I traded on a daily basis with the intention to try and make $200 a day where I could..

Key lessons:

- stop loss is a must
- trade only what you can afford
- the trend is your friend
- get at least a basic understanding of charts
- don't listen to others tips unless they are gonna give you the cash to invest??
- never give up
- never stop learning

I really enjoy trading now I'm making a profit everyday and that's purely because my wins are bigger than my losses and I now have a reading plan that I stick to.

We have been approached (my business) twice in the past year with offers to sell, however we aren't finished yet with building it to where we want it to be.. Unless someone comes up with $30m+ we ain't selling just yet.

But I feel that it's not far away, so that's when I plan to trade full time. Having said that I feel that trading is like a second job for me now as I have more time on my hands simply because I'm not so hands on in the business and have put the right people in place to be able to handle for us.

Hope some enjoyed my post, coz it took my forever to write on my mobile as i arrived to a work dinner early and thought I'd write this while I wait!

Might have another cocktail while I wait...

P.S @Fibonarchery i travel to WA around 5-6 times a year, wouldn't mind catching up for a beer some day if you're up for it.

Expand

Ive been it that situation... served with a bankruptcy notice from AussieX for T3 trading losses that I couldnt repay - about $12k I think.

Managed to negotiate a payment arrangement at last minute of $300 per month until debt was paid off

I never earned a large income from gardening to T3 was the only way I could see myself getting out of my hole ($150k in credit card debt from cash withdrawals to cover previous T3 losses as well to contend with... (tried applying for every credit card there was to repay latest AussieX T3 debt but I had exhausted all options, even loan sharks and Cash Converters wouldn't lend me money.)

I was also permenantly banned from all Comsec and AussieX trading platforms because of all the late payments on T3 debts.

But I knew I need to keep trying (parents not in position to lend me money either)

So I convince my girlfriend to open up a T3 account in her name and we'll split profits

Lost heaps again over and over, borrowed money from mates on pretence of desperate car repairs to repay her T3 debts on time because no way was I sullying her name and risking relationship (never told her about the losses on her account, just repaid them into her stock account with borrowed money from friends.)

Then along came tech boom... and PSY

PSY was a T3 trade on my girlfriends account (she had no money to invest either)

Hence my small PSY position was bought the day before my PSY post on HC, last roll of the dice.

My share of profits from PSY allowed me to participate in the burgeoning tech boom, then the graphite boom, where I made really good money on WMN, WMNOA, MTA, MTAO, GBE and a bunch of others I uncovered.

I used to tell a lot of lies on HotCopper - but those lies were limited to my disclosure at the bottom of my posts...

Often when my sentiment read "buy and held" my real position was "buy and not held"

Classic case of "faking it until you make it"

Even when I had no money and no T3 access I was posting and researching more than ever... truly an obsession.