I have been trading now for 2 years and whilst I have had some success, I have also made a lot of mistakes. I read on a BB the other day someone was advising another poster that the minimum you should buy shares for is £1000 and I agree as otherwise you struggle to make a profit after dealing costs and stamp duty.
Take very little notice of what people post on BBs! At the start I had 2 shares GKN and VOG and I was quite happy with that until someone suggested that I should have more or it would look like I was a gambler! So I set about buying shares in every sector! I have learned that it is a mistake!
For some people share trading is an investment, they buy shares at the bottom, hold for maybe a long time and get a multi bagger, perhaps. For me, I have learnt that I prefer to buy and sell quickly. I would rather make £20-£50 a day rather than wait 2 years in the hope I may double my money. Like I say, it is my style but not for everyone. Now so long as I make more than the combined cost of dealing and stamp duty as clear profit I am happy.
I have also found that for me, it is better to trade shares that have high volume each day and good volatility. If a share can move 4% in a day then I can achieve my objectives. There is nothing I like better than buying some shares, selling them the same day or the next day and then buying them back at a lower price the day after. I can see the number of shares increase along with my capital invested and if I am making more than bank interest then I get a kick out of beating the bank!
Having learnt some hard lessons, this is the way I will be continuing for now. Like I say, it is not for everyone but it does suit me.
Take very little notice of what people post on BBs! At the start I had 2 shares GKN and VOG and I was quite happy with that until someone suggested that I should have more or it would look like I was a gambler! So I set about buying shares in every sector! I have learned that it is a mistake!
For some people share trading is an investment, they buy shares at the bottom, hold for maybe a long time and get a multi bagger, perhaps. For me, I have learnt that I prefer to buy and sell quickly. I would rather make £20-£50 a day rather than wait 2 years in the hope I may double my money. Like I say, it is my style but not for everyone. Now so long as I make more than the combined cost of dealing and stamp duty as clear profit I am happy.
I have also found that for me, it is better to trade shares that have high volume each day and good volatility. If a share can move 4% in a day then I can achieve my objectives. There is nothing I like better than buying some shares, selling them the same day or the next day and then buying them back at a lower price the day after. I can see the number of shares increase along with my capital invested and if I am making more than bank interest then I get a kick out of beating the bank!
Having learnt some hard lessons, this is the way I will be continuing for now. Like I say, it is not for everyone but it does suit me.
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