1. When and how did you first get exposed to share investing or trading?
My first experience with the market was a while back when I was a junior! My parents decided they were going to buy my brothers and I some shares in the T1 float under their names, of course. These listed in November 1997. What could I say? Cool! It didn't mean much to me then except I had this asset there that I could touch down the track and put to a house. From there, while still not a junior we sold out of TLS and bought into MIM based on my Dad's analysis. I've got to give it to him; he is pretty switched on when it comes to fundamentals! MIM was out the door shortly before they were taken over, and I finally took control of these (small) investment funds just after I turned 18 in 2003, March to be exact. How lucky!
2. On what basis did you make your first investment decisions?
My first investment decisions were based pretty much on other peoples views. I really had no idea what to do myself. Still having a huge influence from my Dad who I suppose you would call a value investor, I bought ALL at $1.70 odd only to see it go to 90c or so. Shortly there after, I made 2 or 3 fluky day trades in ALL based on market depth which I managed to pull off. I'm talking 1c scalps!
After that, having become so intrigued by this thing called "the market", I traded rumours, recommendations and stocks that were in downtrends because they looked "cheap"! I made all the rookie errors, but importantly I learnt from them. I was lucky enough have Kim (Alpha Power) send me some private messages through TINO and introduce me to technical analysis. I will never forget his generosity and selflessness. From here on, I was a "techie" through and through.
3. If you could turn back time, what would you have changed?
I honestly don't think I would change anything. To grow as a trader, you have to make mistakes, plain and simple. The important part is that you learn from them, and I'm working on that! You can have a successful trader tell you exactly how he or she trades, but you have to learn the lessons the hard way or else they just won't sink in. Simple!
4. What do you think are the most important lessons you have learnt in your journey as a trader?
I think the most important thing I've learnt is to develop a style that suits you. It is really easy when you're starting off as a trader to follow what someone else is saying on a forum or in an article etc. but it really won't work in the long run so you must apply your own tact. It's not an easy feat, and there's no easy way to do it apart from jumping in the deep end and making mistakes, finding out what works and what doesn't.
5. Has TINO influenced or helped you in your journey as a trader? If so, how?
Yes definitely. TINO has put me into daily contact with people who are willing to share an immense amount of knowledge and are equally motivated. My first taste of what TINO was about was when Kim corresponded with me via private message when I obviously had no idea. He saw that I needed help, so he helped me. TINO is a great community!
6. In what ways do you think TINO could help you more?
I'm not sure that TINO could offer much more, however it would be nice to have a few more regular posters. It's always interesting to follow the regular posters and get a feel for their style of trading or investing, obviously learning from them and adapting this to your own methods.
7. How would you describe your current trading process and methodology?
As a short term trader, it's imperative to keep in tune with what's moving because that's where the liquidity and sharp price moves are found. Over time, you seem to develop a mental database for what each stock does, so you can spot trends in sectors when you're doing scans.
Keeping that in mind, I run a volume scan in MetaStock and eyeball the stocks for setups which I'll consider trading the next day. When looking for the setups, I keep in mind what the indexes are doing (this particularly applies to large cap stocks). For example, if the market has been weak for a couple days but then starts to strengthen, I will predominantly look for swing-low setups. If the market has been powering on, my main focus will be breakout patterns, triangles, flags and so on.
Also worth noting is the daily task of setting alerts! They are a must for (especially) a short term trader! I normally set alerts on resistance/support levels, but sometimes will set them a tick or two before or after these levels depending on how well I know the stock.
Overall, I find it important to listen to the signals given by volume and price; this can often get you in a trade (or out!) before news is coming. A concept I'm sure most at TINO are familiar with.
8. Describe your typical trading day.
At one stage or another I will run a volume scan. I like to do these the night before, but sometimes I'll leave it until the morning so that I can factor in any overnight moves in the markets to my eyeballing. After this, I make some watchlists and set alerts, read news etc.
During the day, I'm busy managing open positions and keeping an eye on the day's watchlist on top of any alerts that pop up. In any spare time, I browse the forums and check the news again etc. Meanwhile, I use Skype to communicate with another short term trader; it's really useful having two heads and 4 (8 lol) eyes to watch over the market.
At the end of the day, I find it important to wind down because trading can be pretty stressful. Sometimes, I will watch what the UK market does at open, but basically I like to go home and do my own thing. I should have mentioned that I trade from my brother's place on the other side of town, and I like this setup. I find that trading from home, feels like living at work after a while. I like to draw the line somewhere.
9. What do you think is the most difficult part of your job as a trader?
The most difficult part of trading is staying disciplined!
A lot of times, you will have a good run only to get a little cocky and end up giving a portion of it back. When things feel like they're coming easy, it's often a sign to be extra diligent. Likewise, when you're feeling less than enthused, it's often the time to be pushing buttons!
10. Is there a particular aspect you would like to improve in your current investment know-how?
Yes, I'd love to get a handle on fundamental analysis but every time I've tried it hasn't helped my trading because it seems to breed pre-conceptions (a short terms traders worst enemy!). On top of that, I really don't find it too interesting at this stage. I'm sure if and when I have a longer-term portfolio, this may change.
11. What are the essential tools you use as a trader?
Where to start... TINO is a good tool, it helps me keep in touch with like-minded people.
Charts are definitely my bread and butter - just price and volume. I have moving averages on the chart but to tell you the truth I never really take any notice of them whatsoever. To get my daily list of potential movers, I run a "Volume above average" scan in MetaStock and eyeball the results discarding most.
I think it's also important to have some watchlists made for different sectors so that you can look over them during the day.
Setting alerts at various levels is another essential tool for the short term trader.
12. Are there particular books you would highly recommend to other fellow trader?
The old favourite, "Secrets to Profiting From Bull and Bear Markets", by Stan Weinstein is a good one for those starting off with technical analysis. Most of the candlestick charting methods can be found on the web. www.incrediblecharts.com and www.litwick.com are both good sites for this. "Think and Grow Rich" by Napoleon Hill is a good motivational book also, but not specifically about trading.
13. What do you think are the essential qualities of a good trader?
There are three things. I think first and foremost you really have to have a passion for trading. Second, you have got to be willing to put in the effort and third, I think you need to keep an open mind and a desire to learn.
14. What advice would you give to a new trader? Are there any particular common pitfalls you want to point out?
Make your own decisions and keep your losses tight. I'm a lot more discretional with my stop losses nowadays but when starting off its imperative to teach yourself the discipline needed. Also, keep a healthy level of skepticism about you when reading the forums too, things aren't always as they seem.
15. Is there anything else you would like to share or you think will be helpful to mention?
Find a like-minded person who has a similar trading style and communicate with them daily! For me, I was lucky enough to talk on the phone with alanmcg (another active member at TINO) and later met him at the Brisbane Bash. We shared a lot of the same traits as traders and have kept in touch ever since. You'd be surprised the amount of things another party can point out about your trading which then seems so obvious! Duh! Do yourselves both a favour and make it clear that you are going to be blatantly truthful with each other when passing your views also.
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