Anyone trade stocks for a living?

[nz320i 0]

I'm interested in hearing in people who are into this big time, what software they use, how to research well etc...

Coal on the ASX atm is pretty great, anyone into it?

Id rather hear from people and not whats written on the web

[antony 0]

If your interested in Coal specifically, I can give you my old mans number.

He will be able to give you all the ins and outs on what its doing.

PM me.

[jjs 64]

Sharechat.co.nz can sometimes be useful

[kerrynzl 3]

Are you refering to buying shares in a listed Mining Co on the ASX.

or Buying and Selling commodities contracts.

I worked as a 'Broker' back in 1987 when the NZ stock exchange was considered the "wild west"

of the financial world.

Back then "insider trading" was considered "smart business acumen", but "shorting" the market was illegal

[jjs 64]

Are you refering to buying shares in a listed Mining Co on the ASX.

or Buying and Selling commodities contracts.

I worked as a 'Broker' back in 1987 when the NZ stock exchange was considered the "wild west"

of the financial world.

Back then "insider trading" was considered "smart business acumen", but "shorting" the market was illegal

How can shorting be illegal? The Securities Markets Act wasn't even in force then, and creating a contract to sell now and buy later is not illegal anyway...

[kerrynzl 3]

How can shorting be illegal? The Securities Markets Act wasn't even in force then, and creating a contract to sell now and buy later is not illegal anyway...

It was against the rules of the stock exchange.There was no provisions for selling short back then

We had ways to get around it though.

Basically we just sold scrip that we never owed, the brokers would carry us for 30 days [ then we would buy them back cancelling out the first order ]

This wasn't margin trading, it was 100% leverage, praying for a bear market [ don't squeeze the bears , they bite ]

[nz320i 0]

Hi, buying and selling energy really, ill get into covered calls/puts when i have more capital, Oil and Coal is great its a lot of volume and volalility but it can bite!

Just if anyone had some good rules they stick/stuck too when trading, i'm trying to get a plan sorted, i haven't quit my day job just yet LOL

Edited May 5, 2008 by Chris C

[kerrynzl 3]

Hi, buying and selling energy really, ill get into covered calls/puts when i have more capital, Oil and Coal is great its a lot of volume and volalility but it can bite!

Just if anyone had some good rules they stick/stuck too when trading, i'm trying to get a plan sorted, i haven't quit my day job just yet LOL

Like Motor Racing. if you wanna make a small fortune out of shares , "start with a large one" Haha!

Seriously though, get somebody to teach you to read a balance sheet [ if you don't already know ] then you can figure out the true intrinsic value of the shares [ asset, debt, equity ratios ]

The share is valued by one of three things.

Asset value [ equity ], Performance yeild , and Market sentiment [ the dangerous part ]

Share dealers use the first two, speculators the last. [ property, in our current climate is similar ]

Try and Hunt down a Book called " The Zurich Axioms" by max gunther . this book will teach you the psychology of a successful investor [ speculator ]

I have used this book successfully in other areas as well [ car dealing, property etc ] It is well worth it, and the Best advice I can give you [ you won't regret it ]

[nz320i 0]

Thank you very much! Ill get that book.

The quote is true too. Haha. Need money to make money!

Edited May 19, 2008 by Chris C

[3series 0]

met a guy in hamilton once who did stock for a living. He worked in his garage and had tv after tv + computer screen after computer screen .. (literally 10's of them, around his garage). Makes a hell of a lot of money but thus has no time to spend it.