Past financial year:
Regained my interest in the share market at the turn of the calendar year after ignoring my portfolio for nearly 5 years and big losses. Could say it was paralysis at racking up those losses that made me not sell. My interest was whetted by a super enthusiastic work colleague with excellent FA skills who was able to turn about a $300K portfolio into close to $1M in the space of 6 months and a desire to try and claw back some of my losses.
What worked well:
GMM - Was part of my portfolio 1.o and was lucky enough to watch it appreciate over the year with the lithium buzz as well as canny deal making from Michael Fotios who would have to be in the top calibre of management on the ASX IMO.
Putting aside most of the emotion and attachment I had to "favourite" stocks which had cost me money but I was still holding eg KAR. By freeing up some cash, was able to enter more prospective stocks.
Using some TA and FA skills to find some winners such as CXO, GMR, PSM, TYK etc. Previously I'd just jump into anything that was "hot".
I decided from the beginning not to frequent the DT threads as I am not set up to day trade being 6 hrs behind and not wanting to fall for the hype of the "next big thing".
Finding the BT and STT threads. Probably the two most informative threads on HC.
Improving my TA by doing as much reading as possible and trying to get my head around the study of volumes.
What didn't work well:
Letting winning positions slide to losses eg CXO where I simply didn't follow what my chart and lines were telling me.
Not taking profits on GMR when at 3 bags.
Having multiple open bids the day the market tanked 120 points about three weeks ago and all were hit when I was asleep and having to take losses and sell stocks to free up funds. Note to self - Never leave open bids near current price action in case market tanks.
Things to do this year:
Keep reading up and refine my TA understanding.
Work on developing an exit plan and use trailing stops more.
