YMYC, page-39

Trading for a living is easiest when you already have sizeable capital so you are not dependent on regular trading gains for your immediate needs. It makes a big difference when your only source of income is your portfolio. To draw $100000 a year long term you really need to be working with a$1m and even then that's tight. Of course you can get lucky. But an AJX doesn't come along every year, and to maximise the gains it was important to be a holder rather than an in and out trader of AjX this year except after the placement. You need to allow for periods of losses or few gains. Bear markets hugely favour investors who are adding surplus money to their portfolio.

I'm retired so dependent on my portfolio, and since the GFC wiped out a big chunk of my capital I have had to concentrate on rebuilding it. Fortunately I took equity risks back in March 2009 that have paid off and now this year AJX et al has helped get me back over seven figures from which anything is possible.

The other trick is to spend very little. Unfortunately my wife loves to travel and shop so that is not an option.

Hot copper does have some genuinely successful investors/traders who are willing to share their thoughts and my best picks this year are also popular on hot copper which provides confidence. So my advice is to scour the comments for ideas and try to avoid getting caught up in the hype usually provided by commission brokers.