MyWildGamble
Betting on yourself is the ultimate gamble. I'm starting with a dream and a few dollars. I'm sharing my journey and if I can help others achieve their dream then it will be a fun ride.
Investing in the stock market has been a passion for me for a long time. I am currently building a portfolio to be able to expand my quality of life. Trading stocks appeals to me, because there are no customers or inventory. You are also not bound to any location if you are connected to the web.
These are my methods and strategies to reach the land of financial independence.
My Daily Links keeps a log of the market and every trade. You want to check the market and what you are holding everyday. Doing this builds a trading history and a record of the decision. Reviewing them improves your percentage of successes. This normally takes a handful of minutes a day to start your research. If you are new to this start by creating a log with the Daily Page and then keep learning as you go along.
My Resource Links contains links to this information quickly and other useful sites I've found. Learning the market and trading is a continual process. Opportunities pop up the more you research.
Economic data impacts the market and I track the actual data. I like to see what the actual numbers were and the chart of that data. I don't listen much to financial news, because there is a lot of noise. I do not need someone to tell me that Housing Starts are increasing, because I see the same things they do. This page are those links.
I review my holdings I'm looking to see if the company is behaving correctly. By that what I'm looking for is to see if the stock is currently being Accumulated or Distributed. Understanding this concept provides a warning sign or comfort. Price is the driving factor and volume confirms the day.
After reviewing the numbers of the day's trading then I check the chart. Techinical Anlyasis to confirms the day's trading.
I am employing a Buy/Write - Covered Call strategy to generate monthly income. This is a conservative method for building wealth. This approach buys a stock and selling an option against that stock. The stock is an asset that you are giving someone a right to buy that from you at a profit. With any options trading you should be familiar with option pricing.
There are a number of Stock Screen Tools that I use when looking for an opportunity. I use a number of Fundamental Analysis key figures that narrow the range.
Risk Management is a method of managing your portfolio. I prefer to taking a conservative posture, because I've worked too hard for too long to have to close another account. The first was out of pure ignorance and having a desire to be active. The second was due to life interjecting at the worst time.
My Reading List page contains a list of books that I've come across. I am constantly reading and I believe that if you change what you read you change your life.