Share trading forums

Another place you can go for advice and information are the numerous sharemarket forums on the Internet, often attached to one of the online broking houses. These sites can be found via internet searches and attract all the denizens of the deep, at least from Plankton up to Sharks anyway.

There are some great pieces of information in some of the postings on such sites, but also a lot of lies, rumours and deliberate attempts to mislead. You must remain cynical and careful and take the time to learn who you can trust. Despite the pitfalls, we recommend spending time at some of these forums if you are new to the market, as they are very helpful in learning the language and concepts of the market place.

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One personification of a smart gambler is my friend Richard Farleigh, who by his mid thirties had built his net worth from nothing to substantially over $100 million. His site www.farleigh.com makes interesting reading.

I hope that the above advice will help you to avoid some of the many pitfalls of investing in the Australian sharemarket. Remember, knowledge is power. Read everything you can get your hands on and take an interest in the financial pages of your newspaper. Be very cautious and cynical at the outset. As a famous chess grandmaster once said, 'the blunders are all there on the chessboard, waiting to be made'.

 

Guy West

Managing Director OZmium Pty Ltd
Former professional share trader

 

 

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