The guy on Today Tonight said he made, $50,000, and $60,000 in a matter of weeks. How is this possible????
Did not see story, what was he doing???/[
]Hi ianbiller,
One way you could do this is to do a “FLIP”.
This is where you buy a ppty, undervalued in the current market, which is likely to be in demand.
You sign your contract at say – $200,000 with 120 day settlement. Settlement day 11.01.04
then,
You onsell it again in a month or so, for it’s true value of say $265,000 with a settlement date of 11.01.04.
Just beware, this can be risky, and you have to pay stampduty on the sale I believe.
Hope this makes sense to you.
PS…..This may not be the way the person on Today Tonight did it, it’s just one of many.
Bye,
Del
the story was about share trading
its really quite irresponsible to promote such a story, but thats journalism for ya
nevermind, it will help my book sales soon lol
hi crashy
i think the question refers to Tues night on TV because ianbillers post was at 6.24 before TT was aired.sadly once again TT shows how easy it is to make money and offer great advice ???? most of the people i know who are traders aren’t making much cash at all. what areyou seeing with your friends?
regards westan
most of the people i know who are traders aren’t making much cash at all. what areyou seeing with your friends?
regards westanMost traders don’t make much because of poor technique, inexperience etc., but the biggest reason is that most traders are undercapitalized.
You need a fair amount of capital to make a living AND retain some profits for compounding.
THE MORE THE BETTER!
Trading is pretty much comparable to normal business in this regard… look to have about 250k minimum plus great survival skills[
]i know people with this amount and more
westan
i know people with this amount and more
westanThey could always write a book i suppose
it takes money to make money.[}
]wayneL
the point i’m making is even the people i know with money aren’t finding it easy to make money trading. Some of these are experienced traders. thats what i see
westanWestan,
2 points here:
1/ Trading is dead simple but its not easy[?] The mathematics involved are about 3rd grade standard(thankfully[
]) It is the psychological factors that make it hard. Not many manage to overcome these, and thats why most struggle.2/ Trading teqhnique tends to be quite poor. Most traders I know are “breakout” traders…they’re buying when I’m looking to sell. The most successful traders I know buy at support and sell at resistance. Thats why its psychologically hard; you are buying when the chart looks like s**t and selling just as the chart looks good to most people.
If you lined up twenty plumbers only one would be doing really well. Does that mean that plumbing is not a good business? Of course not!!!…..it’s the same old 95/5 principle that applies right throughout humanity.
How many property investors are doing REALLY well? I personally dont know any. But of course we all know we can be property millionares overnight, just like Henry Kaye said[
]3/ (yeah I know I said 2 points[:0)]) It is hard to tell who is really doing well!!!!
Taking myself for instance, I hardly spend a cent ’cause I’m keeping as much capital as possible in the account for compounding until I’ve got 1.5-2million in there. Then I can live off dividends and not trade every day if I don’t want to.
Hence, I live in a modest home, I drive a 1964 volkswagen, and wear the same old rags I’ve had for years.
Hardly a picture of wealth but thats the way I like it!Just wait till the next sharemarket boom and everybody will be saying how easy it is again, just like right now in the property market.
Soon many many property investors will be whinging about property. Then it will be up to the 5% with the tenancity and will to make money in a flat/down market who will be secretly laughing all the way to the bank.
Cheers
Waynewayne,
spot on mate. I’ve only just started learning the ‘art’ of trading, and have been paper trading for the last 6 months whilst i’m building starting capital… technically it’s not that hard once you understand the ‘rules of the game’, but it’s the emotion and psychology that’s the difference between a sucessful trader and an educated gambler…same as IP investing i reckon… this all seems hard and daunting to me at the moment, but once you get to know some of the tricks and tips, it all unfolds… another reason most fail is that most don’t understand the psycology of the market, and don’t have a trading plan and diary. These are the keys IMO for sucess in the SM.
cast your minds back a few years when the stockmarket was the favourite, and RE was out… now as market cycles move up and down everyones attention has shifted to RE.. sound familiar??… i feel that in the next few years the RE market will be very tough indeed, and everyone will shift their focus back to the stock market once there are reports of big gains to be made…
and btw, i know alot of people who are making pretty good gains in the market atm, and once the ‘boom’ hits, they will be the next people on Today tonight…
[]
like all investing however, you have to have delayed gratification for it to work…otherwise you’ve just got yourself another job!.cheers
Dallas
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]) It is the psychological factors that make it hard. Not many manage to overcome these, and thats why most struggle.
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