Cheers Ammie &
@samcharlotte77, having been in farming/Ag industry my whole life, i am very tuned to the boom and bust reality and i treat risk accordingly.
I am at a stage where i can live without the steady income, plus my job is highly stressful at times and one of my goals is to do more "piece work" when i want and share trading, along with the farm which is perfect on days that probably shouldn't trade i can step out side and and do the never ending work which is farming, and i love it. I would also like to do some contract consulting if i choose or contract farm work.
Some variation would be nice, i was fifo mining for 15 years, so I've done enough work for 2 life times as i would work flat out on my week off on farm.
Day trade is more of an unplanned event with my targets, if there's a buck there ill take other wise will swing, stt mtt or ltt, if your not bound to turning money over every day it increases chances of success IMO.
capital size is important, the more money the smaller the percentage you need and have to manage to be in right volume stocks that can handle it, so hence i will set up blocks of cash in different sizes and use in different classes of stocks, expo mining stocks the most id stick in 1 is 10K max, a blue chip maybe up to 100k but only look for 1% gain. I read on the MGT forum a guy was down 90K - bought in when it took off last year, 90k!!! means id say he stuck in 200K, that stock i own and trade and flat out moving 5k in and out of it, i now only hold it in my smsf as long term for this reason.
There are some really good people on here with advice and some not so good, i check what people are saying has good technicals and its about to boom...and alot of the time i don't see it and the stocks don't run, so by deduction you soon learn what are good indicators and who's worth listening too.
Like wise on you tube many interviews with professional traders, i listened to one last nite with Miah Lee, seems like a to cool for school type of guy but he had many good points and information, it all goes into the knowledge bank to design a strategy that works for me.
I am not an options trader, call or puts, i do favor commodity stocks heavily as at least there are pricing and futures indicators that can help be a catalyst for sp movement, you dont get this with BRN as an example, maybe if the nasdaq has a good day but there's no real lead on stocks like that so i stay away unless i see an op, which i have traded the stock, but i originally bought as i liked the tech.
I don't do shorts either, probably should learn it but i prefer to have a stock to hold, i prefer to look for success rather than demise/degradation.
I have a long way to go until i am across enough stuff to go full time but i feel i am making good progress.
As far as the 90% fail data, i pay zero attention to it, its the same in farming, i did it all from scratch and no family help, the chances of doing that with the deposit requirements, bank criteria and land prices today - id say you have 1% chance of achieving it if a normal wage earner and not born into land or assistance with equipment etc. I've pulled off the near impossible once and will do it again.
Appreciate everyone's words of wisdom and support!!
Cheers, Ant
