Which 1 Tip would you like to pass on to new traders?
When you first joined Football Index what was the 1 thing you wish you knew before you started trading? With the influx of new traders (hopefully) feel its in all our interests to make sure they stay on this great platform.
You may duplicate others but please add a different rationale behind it!
I'll start with:
Learn The Basic Rules of Football Index first...When I joined I thought I'd buy players because I thought they were good players and were 'great value'. They were cheap for a reason but I thought I knew best :-) ended up Instant Selling most and starting again.
Don't follow trending, if someone is up you are usually 1 month too late in buying him.
Just because you lost money doesn't necessarily mean it was a bad trade and even if you made money don't assume it was a good trade.
Focus on the process not always the result.
Ignore your buy price and current profit figures... They mean nothing - each trade should be considered solely on the current price and whether you think its good or bad.
I've seen people make decisions to top up or not top up based on how it will affect their avg buy price!
Ignore anything @Soccer-Stocks says!
Knows less than my nanny about the index!
What goes down usually goes back up and vice versa , poor game, injury, negative media, seasonality, club knocked out of Europe.
Buy players that are falling not rising but do your RESEARCH and pick your moment!
Bought 400xVardy at the end of the season for 33p with view to the fact he was going nowhere and have already sold at 49p, much better than buying super expensive player on hype for a 5p bonus.
Watch the prices to pick the right moment to pounce, bought 50x Neymar at £6.59 last night -time will tell but already 70p up (£35, plus a similar figure for deposit bonus!).
Only use the trending bar one the right to sell at great profit unless you have a very good reason.
Only bet what you can afford to lose! Enjoy trading!
Dont be scared to part with a player, look ahead, and do so objectively, I've been massively up on players and not realized the time to sell has been about to pass me by.
U can always buy back in, dips arent that hard to foresee. I got burned about April holding onto players I was enthusiastic about because fixtures were drying up and they weren't huge MB types
Buying is easy... planning the sale is the hard bit, you get the best price if you sell by the queue but for that to be successful you have to sell when people are buying, so plan your sales around when u think people will most likely be buying!!
PATIENCE even more important than timing - too many want instant success & sell at the first sign of profit to reinvest in the next big thing. Buying & holding not only reduces commission costs but increases dividend chances (which is essentially free money)don't churn for the sake of it. Remember out of the 1200+ players on the index the vast majority are not worth buying (although can be highly profitable to trade) building a profitable portfolio takes time & it's essential to plan & learn from your mistakes & those of others by reading the forum & various off platform guides.
Don’t ever panic sell. I have lost out a few times over the last few months only to find if I had kept them I would have not lost any money.
Last weeks example.....Hazard. Pressed on the pitch for an answer if it was his last game, he finally said 'I think its goodbye' and within a minute his price dropped 6p.
That wasn't due to sales though - people were listing him on the market. The IS spread was 42p so a massive hit to IS and get rid.
Esp as he had 2G 1 A and was about to be star player PB and win MB for the day (and the next).
Those shares were then withdrawn from sale overnight, and he went back to where he was the morning of the game.
Those shares being put on the market made his price drop quickly which scares new traders.
This method seems to be used to dip certain players, allowing other buyers to jump in on the dip.
Always think about why you bought the player, and if those reasons still apply.
Good players in the real world are not always good players to hold on the index.
Compare your roi to what you could get from conventional savings accounts - a good way to gain perspective when your players are going through a bad period.
Do your own research on a player before buying and always check the team they play for as FI has a lot of errors
Treat your portfolio as if you are a football agent, each player has to be looked at and treated differently to the others.
Don't panic and ride the storm!
When my portfolio showed little profit in Sept/Oct I sold Rice and Jovic after both saw a small increase. Jovic was about 52p/Rice about 40p in old money terms. Biggest mistake i've made, but it was down to inexperience.
Never panic sell , harder than it sounds.
Always remember you have made no profit until you actually have sold the players.
And just a tip that helped me I monitored the market for a month before investing , don’t think that long is necessary but take your time on the first few days
Understand the rules on how players earn dividends and understand what 'opportunity cost' is. You will see you can often get much more for your money at the cheaper, less fashionable end of the market.
The advice I give to any of my friends who have signed up recently is to read this forum. So much good information around, helps understand players prices and current trends, gives a different view point and also learnt about players I've never heard of before. (Pumping players is annoying but a good pump has me researching that player and buying on some occasions)
Read this, carefully : https://forums.footballindex.co.uk/topic/5017/all-things-football-index
Then read it again the following day.
Then think about putting a small amount of money in. I'm pretty sure most of us on here regret most, if not all, of our first round of trades.