Paddy Murphy
Junior member
- Messages
- 17
- Likes
- 1
Hi Lads my name is Paddy Murphy from Cork. I am new to this trading lark and trying to get to meet up with some Irish traders who are trading. Do you lads meet up anywhere. I done a few trades on Eircom and lost some money. I then bought Elan at around 11 euro only to see it go down. I sold it at around 2.50 euro only to see it go up again. Is it possible to make money trading at all or am I better off backing the horses.
Thanks
Paddy
Thanks
Paddy
Paddy,
I dont make a living from this but I have a very keen interest. I actually love doing it and making a living from it would be a bonus. I wrote first on this thread to try to find guys in Ireland who were doing it. Unfortunately, there were no similar replies and just a lot of squabbling. The trader map thing shows me that there are many members in Dublin but I have no idea where to meet them or anything. I would love to know if they had a board or something as I may eventually have to move to Ireland.
Ireland is probably the worst country in the world that I can think of for trading as its almost impossible to trade unless its in big ££. The commissions, which are all suspiciously the same, charged by the stockbrokers in Ireland make it difficult to succeed. The next worst way but still better is to go through a UK broker although that means you have to open a UK bank account. If at all possible, if you have a European or US account, you could do it through there as costs are so much lower.
As for Elan and Eircom, my suggestion is that you stay away from volatile stocks like that, especially Elan. I tend to avoid stocks that i dont understand the politics of, like oil, banking, pharmaceuticals etc. Stick to what you know. After 2 years of doing this part time, I am up probably around 10-15% which is not too bad for a starter. For a starter, I recommend that you start off by reading up. Let your capital grow and in the meantime, read the Dummies Guide to Stocks and Shares and other such books. If you read that and are still gagging for more info, then maybe you really are interested in it. I think the biggest mistake is getting into stocks without really having an interest. You also need to decide if you want to invest or trade. You need to start small(almost impossible in Ireland as you need to clear 10% on a £1000 trade just to break even thanks to the scandalous stockbrokers fees and 1% Stamp Duty) and make many trades to learn. Unfortunately, one learns the most from one's mistakes.
Let me know if you know of any boards where Irish traders frequent!
Paddy Murphy
Junior member
- Messages
- 17
- Likes
- 1
Jan,
Thanks for replying to my post. I am new to this trading lark as mentioned and I had an account with Bloxham Stockbrokers in Cork. When I lost some money on Elan I gave it up. I see you are in Dublin. I bet you don't get much Murphy's Stout up there .lol.
I know of some people who set up an investment club with the TICN. I went to some of their money talks meetings but it was all to much for me. They had charts on all the walls in the room. I thought at one stage I saw a chart on the ceiling too. What I found hard to grasp was this 4 x 4 thing they were talking about. I put up my hand to ask was it a new type of land rover or something. The teacher did not like it at all. He told me that this was not a place for jokers and that trading was a very serious business. But when I told him I was serious he apologised. Thanks for the tips and if you don't mind me asking you how did you get in on this trading lark. I find it very hard to understand. I can back a horse no bother and I know that if I am wrong I will lose my bet. But with this trading lark I can bet on a stock and lose a lot more than I expected. Do you think I will be able to do it someday. Part time for me is fine as I have other income from several other things but if I can make some more money with trading stocks then I will give it my best shot.
Thanks.
Paddy
Thanks for replying to my post. I am new to this trading lark as mentioned and I had an account with Bloxham Stockbrokers in Cork. When I lost some money on Elan I gave it up. I see you are in Dublin. I bet you don't get much Murphy's Stout up there .lol.
I know of some people who set up an investment club with the TICN. I went to some of their money talks meetings but it was all to much for me. They had charts on all the walls in the room. I thought at one stage I saw a chart on the ceiling too. What I found hard to grasp was this 4 x 4 thing they were talking about. I put up my hand to ask was it a new type of land rover or something. The teacher did not like it at all. He told me that this was not a place for jokers and that trading was a very serious business. But when I told him I was serious he apologised. Thanks for the tips and if you don't mind me asking you how did you get in on this trading lark. I find it very hard to understand. I can back a horse no bother and I know that if I am wrong I will lose my bet. But with this trading lark I can bet on a stock and lose a lot more than I expected. Do you think I will be able to do it someday. Part time for me is fine as I have other income from several other things but if I can make some more money with trading stocks then I will give it my best shot.
Thanks.
Paddy
Hi Paddy,
Sorry to hear about your losing trades - it does hurt when you watch a stock drop so much, and I guess you've learnt the hard way a couple of the lessons of trading - cut your losses early, and don't fall in love with your stocks.
I don't trade the Irish market, only the UK and US. IMO the ISEQ is too small to trade efficiently, but here's my tuppence worth about the UK and US markets (all in my very humble opinion, of course!!)
The different markets require different approaches. The UK FTSE 100 and 250/350 suits a dividend+growth strategy, where you're looking for high-yield (dividend) stocks that are undervalued, for a long-term hold. Check out any of Peter Slater's books for guides on how to select these.
UK AIM stocks currently suit value investing - you're looking for stocks that the market undervalues. There are many strategies for stock selection here, but unfortunately most of them require a bit of accounting knowledge and the willingness to spend a bit of time looking at P/E ratios, PEG ratios, news flow and contract wins, Director's dealings, institutional buying. There's also money to be made in speculative stocks (tiddler oil explorers and the like), but I don't really see these as investments, more of a gamble.
The US market imo lends itself more to classis technical analysis - charts, price, and volume - combined with strong fundamentals. Look for market leaders and sectors, and choose stocks that have good earnings backed by strong volume. I'm personally a big fan of William O'Neil and his book How To Make Money In Stocks.
In all of the above, you're looking to select the correct buy point, a target for selling, and a point at which if your stock drops you're going to get out, no ifs or buts. Sorry, but you're really going to have to invest some time in your learning to study charts and accounts. Traders' psychology and risk management are also good topics, this site is a great place to start.
It's like the horses in one respect - if you treat investing as gambling and bet everything on the horse with a name that sounds right, then you're going to end up going home with nothing but a few torn ticket stubs and an empty wallet. You need a reason to buy each stock, and if you only make 20% a year in the first couple of years then you're doing very well.
If it's any consolation, I've been trading now (part-time) for 5 years or so. In the first year I was up 100%, in the second year I thought I knew it all and finished the year with only 10% of my capital left. I've now recovered to the point where I can comfortably gain 40% or so in what has admittedly been a good few bull years. Hopefully I can protect my capital this time!!!
Shano (currently London, soon to be Donegal...)
Sorry to hear about your losing trades - it does hurt when you watch a stock drop so much, and I guess you've learnt the hard way a couple of the lessons of trading - cut your losses early, and don't fall in love with your stocks.
I don't trade the Irish market, only the UK and US. IMO the ISEQ is too small to trade efficiently, but here's my tuppence worth about the UK and US markets (all in my very humble opinion, of course!!)
The different markets require different approaches. The UK FTSE 100 and 250/350 suits a dividend+growth strategy, where you're looking for high-yield (dividend) stocks that are undervalued, for a long-term hold. Check out any of Peter Slater's books for guides on how to select these.
UK AIM stocks currently suit value investing - you're looking for stocks that the market undervalues. There are many strategies for stock selection here, but unfortunately most of them require a bit of accounting knowledge and the willingness to spend a bit of time looking at P/E ratios, PEG ratios, news flow and contract wins, Director's dealings, institutional buying. There's also money to be made in speculative stocks (tiddler oil explorers and the like), but I don't really see these as investments, more of a gamble.
The US market imo lends itself more to classis technical analysis - charts, price, and volume - combined with strong fundamentals. Look for market leaders and sectors, and choose stocks that have good earnings backed by strong volume. I'm personally a big fan of William O'Neil and his book How To Make Money In Stocks.
In all of the above, you're looking to select the correct buy point, a target for selling, and a point at which if your stock drops you're going to get out, no ifs or buts. Sorry, but you're really going to have to invest some time in your learning to study charts and accounts. Traders' psychology and risk management are also good topics, this site is a great place to start.
It's like the horses in one respect - if you treat investing as gambling and bet everything on the horse with a name that sounds right, then you're going to end up going home with nothing but a few torn ticket stubs and an empty wallet. You need a reason to buy each stock, and if you only make 20% a year in the first couple of years then you're doing very well.
If it's any consolation, I've been trading now (part-time) for 5 years or so. In the first year I was up 100%, in the second year I thought I knew it all and finished the year with only 10% of my capital left. I've now recovered to the point where I can comfortably gain 40% or so in what has admittedly been a good few bull years. Hopefully I can protect my capital this time!!!
Shano (currently London, soon to be Donegal...)
I think you should spend some time reading up. Like I said, after several such books, if you are still left gagging for more info maybe stocks are for you. However, it requires patience and should not really be seen as gambling. And as shano pointed out, you do need to understand charts. There are no shortcuts. Good luck with it!
Paddy Murphy
Junior member
- Messages
- 17
- Likes
- 1
Shano,
I am glad to see we have more traders in Ireland.I have read your post and I must tell you that I am a little worried as I feel this is way over my head. As I mentioned I went to the TICN money talks and after I was more confused than before I went in. I can back horses all day long and I am not worried about it. For some reason when I back a stock I feel all jittery like. It is as if I know I am going to lose. Maybe this is because of my past losing bets but I am not sure. You mentione UK AM stocks. Does this mean that you trade these before noon. Do you trade other stocks after noon. I just listened to what people were saying was going to go up and then I just bought it. I am willing to do some reading but I do prefer reading the racing section of the newspapers. This William O'Neill fellow. Is he Irish and do you know what part of Ireland he is from. Maybe we can contact him and meet up for a few pints of murphys. I am sure if he gets a taste of murphys he will talk to us and maybe he can give us some tips. You also mentioned that this site is a good place to start.If you know where I should look that would be great. I prefer reading the sites than books as my eyes are not the best and I can make the writing bigger on my computer.Maybe we can meet up if you are planning to come to Cork sometime.
Thanks.
Paddy
Paddy Murphy
Junior member
- Messages
- 17
- Likes
- 1
I have got a few books from a friend of mine Jan and will do some reading over the weekend. Can any of you point me to some good places on this site that may help me. I am sure there is a lot of stuff here and it will be all over my head but if you can tell me of some good basic stuff it might help me a lot. Thanks for the help.
Paddy
rathcoole_exile
Guest Author
- Messages
- 3,925
- Likes
- 767
I'm glad to see this thread finally seems to be getting back to normal after the strange diversions of the very strange CYOF. But reading through the pages it seems that nobody ever did get around to arranging a meeting or a social ? Surely there must be enough traders in Dublin at least to get something organised ? What about Belfast ? I saw one post from a guy there, I'm back home at Christmas, i wonder if it's worth trying to organise a social up North ?
Not too sure about Belfast. I would suspect Dublin might be the place but it will be tough. I think by nature traders keep a low profile!
Paddy Murphy
Junior member
- Messages
- 17
- Likes
- 1
how about meeting up in Cork. I know a great few watering holes and the Murphys beats the Guinness hands down every time, lol. Jan, I must say these books are confusing me a bit and I will have to start asking some questions on the other threads. Thanks for the help. Lets keep in touch here and hopefully we can all meet up sometime this year.
Paddy
Paddy
Paddy Murphy
Junior member
- Messages
- 17
- Likes
- 1
Jan, I just done a few posts in the first step thread. A chap by the name of Wasp replied but I think I may have upset him a bit with my reply. Do I need to be careful what I ask as I dont want to make any enemies. All I want to do is get a few tips for making some money with this trading lark. I dont mind sharing some of the bookies money if I win.Thanks.
Paddy
Paddy
Paddy Murphy
Junior member
- Messages
- 17
- Likes
- 1
Hello ratchoole. Who is this CYOF fellow you mentioned. I have looked back through the pages here and I think this fellow may like a bet or two. Do you know if he is still posting here and what threads. How do I find the threads he has posted in as I want to read some more of what he has to say.Thanks.
Paddy
Paddy Murphy
Junior member
- Messages
- 17
- Likes
- 1
Hello lads. Have you all gone on holidays. I will check in again later to see if any of you are home.
Paddy
Paddy
Hi Niall - Just getting started! Am in Dublin. If you know of any social groups or meetings please feel free to let me know. It would be nice to share info with people.
Gavin.
Dublin
Im looking forward for a chance to meet and have a nice chat about trading.
(Dublin, one year in Spread Betting so far
contact me on [email protected]
Im looking forward for a chance to meet and have a nice chat about trading.
(Dublin, one year in Spread Betting so far
contact me on [email protected]
dub
I'm from dublin as well. I'm testing some systems by Livermore on commodity and currency market. I was interested what platform do you use to trade, are in Dub some worth brokers? I have already arraived to Dub. If there are any meetings about forex, I'm wide open,\
my mail : [email protected]
I'm from dublin as well. I'm testing some systems by Livermore on commodity and currency market. I was interested what platform do you use to trade, are in Dub some worth brokers? I have already arraived to Dub. If there are any meetings about forex, I'm wide open,\
my mail : [email protected]
