Newbie trading diary

  • I thought it might be a good idea to keep a trading diary to look back on and help me learn from the mistakes I'm inevitably going to make.

    Disclaimer first: Please don't follow me for advice. I fell out of love with football some time ago and couldn't even name half a dozen players in my team (Villa), so I'm not up to date with the current game. I'm here for a bit of fun, not to make millions. I have some experience in stock market and currency trading (not successfully) and some experience playing poker (with some success) I haven't bet on a football match since 2011 FA cup final (Which was last match I went to) (I lost the bet). My day job is in property, and I have a bit more time on my hands to look in to Football Index, so thought I'd throw £100.00 in and see what happens. If you want to see how quickly I'll lose it all, read on...

    Result! Within milliseconds of signing up I've increased my net worth by 10%! This was due to a signing on bonus. I'm tempted to quit while I'm ahead, but I'll plough on for shits and giggles. I'm obviously aware that any 'bonuses' offered by gambling companies are no more than a 'loan' and they will most likely have their money back with interest very quickly. We'll see.

    So my first decision was to buy some goalkeepers. They tend not to get rotated out much and seem to be very cheap in the index. So I buy a few. I never exceed 5% of my capital on one player so for now I'm buying a handful of shares in each keeper. Then I do a bit of research. Why are goalkeepers so cheap? Yeah, I can here you all shouting at the screen. Buying first and researching later is NOT the way to invest. Lesson 1 learnt. Seems the 'Matrix' is biased against goalkeepers. OK, live and learn - move on. But what do I do now? Selling up will lose me some commission and keeping them will mean I have dead money just sitting there. I'll resist an instant sell and will hold until I can decide on a proper strategy. Any advice gratefully received. Should I cut loses early and bite the bullet or hold for a while?

    The next morning I have a look at the media rankings and decide to have a punt on some familiar faces making headlines as well as a few others who I hadn't heard of before but seem good value.

    I also happened to see large amounts of money being punted on Julien Draxler, so thought I'd give him a whirl too. Is it possible to shadow trade other investors btw?

    So my holding at the moment are:
    Lukaku, Rice, Wiltshie, Alisson, Rooney, Draxler, Mari, Pickford, heaton, Henderson, Leno, Ederson and Arrizablaga

    Investment £100
    Portfolio £55.73
    Funds $54.74
    Total value: £110.47
    Profit/Loss £10.47

    Also if you're reading this and want to know how to claim your £10 bonus, let me know and we can both make a few quid : )

  • @NewUser602080 hi and welcome to FI! You have obviously fell out of love with football but I generally believe FI might turn that around. Tbf to FI, they pay the bonus and you can either reinvest or withdraw without any issues. I recommend before investing anymore you research and also read the pinned post "All things football index".

    I would also be a tad careful on following other players buys as you could end up buying at a peak price. I always recommend just watching for the first day or two getting a feel for how everything works unless you have a real idea on who to invest. I dont really want to give an opinion on the players as everything can change so quickly but whilst GKs aren't necessarily sought after an introduction of a GK match day dividend would be huge (I'm not aware this is in the pipeline at all or even discussions have been had). I dont think you can instant sell anyway so best you can do is sell to the market at this stage if you wanted to get rid of any.

  • If you played poker profitably I imagine you will do fine on here. Takes similar logical thinking and discipline. I played poker professionally myself.

    Goalkeepers will sell when football resumes. They will actually have a bit of value as it's likely a lot of games will be played in a short amount of time so people will buy for IPD's.

  • @NewUser602080

    Welcome to the platform.

    Eleven hours into your journey and you have already made two of the most common mistakes on the index ...

    Goalkeepers are pretty much worthless and 'shadow trading' is merely FOMO (fear of missing out) and if you are the last person to board the money train ... you will more than likely be the first person to lose money.

    Before you lose anymore, please read this forum topic.

    It was created by a forum user, to prevent new users like yourself from losing money.

    Once you have done that, I'll happily answer any question you have about the platform.

    All the best.

  • @NewUser602080 good luck. Best way to start is exactly as you say... Pick some players... Then analyse the reasons for rises and falls... If you understand the market behaviour behind a rise or fall... You start understanding trends and value. That's the fastest route to success and profit

  • Welcome to the forum- it's the best place for advice. Read as much as you can- plenty out there. @johnboywalker has pointed you towards the best thread for beginners.

    Might be a few more useful resources on here (will be updating this soon).

  • @NewUser602080 do your own research is an often quoted but good piece of advice too. All Forum members will have money invested too and they may therefore be overly positive or defensive about their holds, so it's always worth doing a bit of research yourself before committing to a buy. You will come to recognise the names here and you will see which traders match your strategy or whose tips you like. I've certainly picked up a lot of knowledge from the Forum, both in terms of how the market works and on players that I have seen less of personally, so it can be a great resource. Also, keep in mind that the market can move quickly, so if you do wish to act on specific player recommendations, make sure it's timely and still valid advice. Otherwise, good luck and enjoy!

  • @NewUser602080

    Some good advice above but I would add; Be patient as buying is easy but so are beginner mistakes! There are ALWAYS plenty more opportunities than you have available cash, so perhaps use the watchlist function (at least initially) which allows you pick players & registered their price but without having to burn through your limited cash resources. Overtrading & paying unnecessary commission to unwind poor trades is almost always the first mistake that we all tend to make. You can then review your "purchases" over time & preserve your cash until you have got a better understanding of how the platform works having avoided those initial mistakes. We are currently in strange times so trading just now is tricky even for the more experienced traders so saving some cash until football returns would be my advice.

  • Good luck on your journey mate. It's a great platform. What are your opinions on the price of property with the Corona virus in full force? I'm guessing most places will be hard to rent?

  • @NewUser602080, Hi! Welcome!

    Fantastic advice above, well worth taking in, and to try and not repeat a lot of it, Il try and add a couple of things which may be useful to you.

    Everybody made mistakes when starting up (and they still happen as you spend more time here, just less frequently as you understand market sentiment and timing), if anything I would say right now whilst you only have £100 of your own cash in here, this is the best time to make those mistakes! Youll learn a lot by making them early, and the "losses" you make will be minimal in the grand scheme. 12 months from now youll be laughing when you look back at them my friend.

    The forum is incredibly helpful and useful, especially when married up with your own research. At least 90% of it is great (there isbalso some unnecessary bickering that goes on, but just scroll through that!)

    Diverse your options a bit, especially when you have more invested. Some MB players, PB players, cheap cap app players, youth players, injured players, etc. Each have their own Pros and Cons, and not all will be in fashion at the same time. Other more experienced (and better) traders could give better advice on this, no doubt.

    Also, when making a purchase, ask yourself if youre buying that player for the short/medium/long term, and roughly decide on an exit point (some you may just want to hold for the full 3 years and reap the dividends).

    This is a strange time with no football on, but, when it does return, youll be able to enjoy the full experience of FI.

    Lastly, I dont hold Rooney and never have done, however for your sake, I do hope he wins MB today (currently leading) and youbget your first dividends!

  • @NewUser602080

    Welcome to FI and the forum. All sound advice above. Change your user name so that the community can recognise you, remember you and hopefully choose to interact with you. Don't think we have an "Adrian Mole" or "Anne Frank" on here!!

    To edit user name, click the three horizontal lines at the top right corner of the screen (some devices can also swipe left on screen), half way down the screen below the coloured dots is "edit profile" and presto.

    Most importantly, have fun. Good luck!! 👍

  • Welcome and good.luck been on here for nearly 3 months and doing Ok made nearly £300, make mistakes as we all do but learn from them, great advice on this forum but best to go with your own instinct, buy low and sell high and you will be making some good profit,.all the best on your journey.

  • @NewUser602080

    Have a look at index scholar on Twitter good read best advice on here patience study young prospects that are sitting on the bench at top clubs
    at the beginning everyone makes that mistake buying and selling on here you make that back diversify your portfolio and be patient good luck what I’ll say what a platform

  • Welcome..Your story is similar to mine as I fell out of Love with football for ten years due to life issues..FI has brought me back with a bang and I am loving football again and not just English football but world football..

    Do me a favor and don't sell any of your goalkeepers as they are the easiest money you will ever make over the long term on this platform. Don't listen to anyone and do your own research as like in politics a lot of people have their own agendas..

    If you ever loved football before then you are in for a treat with this platform. Don't forget to change your user name so as people get to know you..

  • Quick question mate, why cant i sell any of my shares?
    Trued instant sell & joining the sell queue but nothing...& my holds are losing value so i know people are selling shares but its not working for me.
    Appreciate any help...

  • @Karl - Thanks for your welcome and advice about holding the keepers.

  • @Martyn-B _ Thank-you for your welcome. Think I'll change name to 'Anne Mole-Pepys'

  • @Leclerc - thanks for your welcome and advice. Fingers crossed that Rooney gets those Media points.

  • @Tom7471 _ thanks for wishing me luck. Thnk I'll need it.

    It's too early to assess the impact of Corona on property prices and rents. It's likely that volumes will drop and lending will tighten their requirements. But people still need homes so I imagine the market will bounce back in time. It's never been a short term investment.

  • @Mintyfresh - Thank-you for your advice. Much appreciated