Many years ago I read a book which had a great impression on me, 'Rich Dad, Poor Dad'. Ok, many people have criticized this book, but for me at the time (and still now) this is a gem of a book for noob traders, to get your head thinking right. This week past for me was not a spectacular week, 2 profitable days and 3 losing days. I placed no trades, spent the week gardening, coffee shop and newspaper reading every morning for 2 hours, worked on my hobby a little of building a quadcopter which skims across the ocean and generally did not a lot as my wife is overseas atm so I'm standing in as caretaker for her hundred of pot plants. So what did my passive investments achieve? Approx $62.50 an hour after tax based on a 40 hour work week.
Here is updated progress results, now only 1 position remaining regarding this journal after selling Beach Energy on Friday. The BUB position, underwater $2387.40, there is a fine line between being in love with a stock (not a good idea) and being confident to wait and hold onto a losing position.
Now in the real real world, these are my results. There were no buys this week, only the Beach Energy sale so for the most part sitting once again twiddling thumbs. Lousy week on the ASX, 11 days the general ASX market here has been falling, Mining has been falling 6 days, Energy falling hard 4 days, so all in all my positions not suffering too much. The strong USD has been causing the primary damage to my results as largely holding Metals.
My goodness !!! What a scary title. It reminded me of my old days where I was trigger happy and pulled the machine gun trigger till all my accounts wiped out multiple times. I prefer this title : Active investor gets out the sniper gun
Hehe, the reason being during January I was 100% out of the market therefore sitting in cash. My style is to buy & sell swings in metals prices and invariably when USD is weak most metals will rise. Being flat and when Metals turned up, it was more a case of letting loose a large barage of money into multiple positions rather than picking off here & there. Unfortunately so far this year it has been a struggle to get wins into the bag quickly. Last year for example for 12 months I had a miserable something like 5% portfolio profit, then on the 13th & 14th months this went to 25% portfolio return. Yeah, so invariably my experience has been, smash into the market fast furious, then bale out fast & furious.
End of week update. Though I have re-entered Beach this week at a 11c discount to previous sell price I will not add, Journal will conclude when current position BUB.AX sold.
In the real world of trading, last couple of weeks have been tough on the ASX, our market copping a hammering from the inquiry into Australian bank corruption which is opening up new cans of worms nearly every day which is having a negative effect on our major indexes due to the banks which hold the majority capitalization on the ASX. The strong USD has been offset by a weak AUD so the stocks I'm mainly concerned with haven't fared too bad. Currently I'm working on a 'super-algo', taking my time putting it together, looking forward to running it in real time maybe in a weeks or so's time. I will run it in conjunction with intraday snapshots, my data provider is Norgate.