Slightly more than a week ago, I decided to try an experiment with myself. As I've never tried trading before, I wondered how I'd fare in the attempt so I decided to test out my ability.
This led me to scan a couple of stocks and "stock pick" so to speak, based on indicators. Each transaction is noted down in an excel sheet to allow as accurate a record as possible.
As to the names of the stocks I'm too bashful to say at this time. I've "added" another 2 counters over the last two days though. Suffice to say that in a week plus, the portfolio seems to be performing quite well. Well, better than I expected anyway. Nonetheless, It's just a personal test, with nothing to boast about. A personal challenge.
My aim in this private experiment is:
1) To see how well indicators work and which indicators work for each stock (and for me)
2) To experience what it's like to trade
3) To learn what is important to do for each trade
4) To build up some confidence in the trading area
Like most experiments, there are limitations. First of all, there is no actual money involved so my emotions are held in check without much trouble. I realize this. That said, even if I do do really well, I'm not going to plunge into it and bet the house. I also realize it's a gradual process of being able to handle each trade with a sum of cash that isn't going to cause me to lose sleep over. Secondly, I'm also not going to be able to learn to handle loses, which is more important than handling winnings, so I've read in many articles, blog posts and books. This is why if and when I do decide to trade on a month to month basis, I'll start in small amounts to further build up my confidence and competence.
I will be fine tuning this little experiment along the way the more I learn. So hopefully, in time, I'll be proficient at another way to generate income.
Wish me luck,
~K
P.S. By the way, any tips on how to start trading efficiently or trade in general would be most appreciated so feel free to leave as many comments as you please. Many thanks in advance. =)
