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Some advice for a noob

  • 10-02-2015 10:12am
    #1
    helimachoptor
    Moderators, Science, Health & Environment Moderators Posts: 21,693 Mod ✭✭✭✭


    Have previously dabbled in spread betting but am now looking to buy shares, probably about 30K worth (will diversify etc)

    What is the best way to do this? apologies for the noob question..


Comments

  • #2
    SouthBank
    Registered Users, Registered Users 2 Posts: 23 ✭SouthBank


    What did you learn from dabbling in spread betting?


  • #3
    helimachoptor
    Moderators, Science, Health & Environment Moderators Posts: 21,693 Mod ✭✭✭✭helimachoptor


    SouthBank wrote: »
    What did you learn from dabbling in spread betting?


    Very risky given i couldnt devote a lot of time to it, did it for just over a year but lost a large chunk of profit in one day when i couldnt get to a computer after making a bet.

    would prefer to invest, get dividends/appreciate in value and ultimately not have to spend a lot of time on it


  • #4
    ballyharpat
    Registered Users, Registered Users 2 Posts: 1,833 ✭✭✭ballyharpat


    I would recommend reading books, if you really feel like making a gamble, take 5k and use that for a year-or beter still , start a virtual portfolio for a year of money to dabble with for a newbie.....Given the current unease in |europe and the knock on from what could be a slowdown in China, until you have a feel for the market, \i would stay out and just educate myself on it.
    Perhaps invest in Prize Bonds for 12 months.....just my advice.....


  • #5
    arrowloopboy
    Registered Users, Registered Users 2 Posts: 1,154 ✭✭✭arrowloopboy


    The best way to do this ?, probably spread betting , you still get the dividends but pay 0 tax to the man , if you make money.
    You dabbled , their in lies the problem , how could 1 bet wipe you out ????
    We're you risking more than 3% per trade , we're you using a guaranteed s/l , we're you trading something way to volatile for the amount of time you could dedicate to the trade , did you have a pre defined plan ????
    Or we're you just dabbeling ???


  • #6
    helimachoptor
    Moderators, Science, Health & Environment Moderators Posts: 21,693 Mod ✭✭✭✭helimachoptor


    arrowloopboy wrote: »
    The best way to do this ?, probably spread betting , you still get the dividends but pay 0 tax to the man , if you make money.
    You dabbled , their in lies the problem , how could 1 bet wipe you out ????
    We're you risking more than 3% per trade , we're you using a guaranteed s/l , we're you trading something way to volatile for the amount of time you could dedicate to the trade , did you have a pre defined plan ????
    Or we're you just dabbeling ???

    Took what was essentially a punt on something and it went badly wrong, i was dabbling and not using huge money, similar to whats posted above, i had a demo account for a while and then had moved to real cash but was betting small enough, so when i made my first bigger bet on a volatile stock.. and then basically got held up in meetings and couldnt get back to my laptop and that was most of the money gone.

    Regarding my plan.. i had about 10 companies in different areas i had researched extensively during my demo time. Over about 9 months i had made about 9k, however given that it was a demo i was more open to taking risks so thats why it went to that level.

    Once i was using my own cash i was using small amounts and the company i took a punt on wasnt one of my 10 originals, but i had done research obviously not enough!


    I may go back to spread betting but tbh, i dont have a huge amount of time with work to keep an eye on stuff so that is my concern


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  • #7
    arrowloopboy
    Registered Users, Registered Users 2 Posts: 1,154 ✭✭✭arrowloopboy


    helimachoptor wrote: »
    Took what was essentially a punt on something and it went badly wrong, i was dabbling and not using huge money, similar to whats posted above, i had a demo account for a while and then had moved to real cash but was betting small enough, so when i made my first bigger bet on a volatile stock.. and then basically got held up in meetings and couldnt get back to my laptop and that was most of the money gone.

    Regarding my plan.. i had about 10 companies in different areas i had researched extensively during my demo time. Over about 9 months i had made about 9k, however given that it was a demo i was more open to taking risks so thats why it went to that level.

    Once i was using my own cash i was using small amounts and the company i took a punt on wasnt one of my 10 originals, but i had done research obviously not enough!


    I may go back to spread betting but tbh, i dont have a huge amount of time with work to keep an eye on stuff so that is my concern

    I trade/invest solely via spread betting , I check in most days to move stops , but I could go 3 days without checking in, if I was busy,trading ftse 100/250 companies , things generaly don't move much more that a % or 2 a day , that's the time i can commit to trading , hence I don't trade fx or oil or other volatile instruments , you have to have a trade plan which matches the amount of time you can commit to it , and a plan that needs more of your time dosnt necessarily Mean better returns


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