How did it all started?
Before I started doing stocks I was trading Forex when I was 18. I was trading at a leverage of 500 times. Lost 1000SGD in 3 months. Now thinking back, I was a just gambling. However, I learned a lot of technical analysis from Forex. It was an expensive lesson but heck it, no risk no gain right?!
After a long hiatus from Forex trading, during my NS day, I was very free during down period and guard duties. So I picked up reading. Here is a list of books that I recommend reading.
- The Intelligent Investor – Benjamin Graham (Value Investing)
- Rich Dad Poor Dad – Robert T. Kiyosaki (Motivation)
- The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns – John C. Bogle (ETF investing)
- The Millionaire Next Door: The Surprising Secrets of America’s Wealthy – Thomas J. Stanley (Motivation)
- Reminiscences of a Stock Operator- Edwin Lefèvre and Roger Lowenstein (Motivation)
From all this reading do your research online and see what people say about them etc.
Identify your portfolio size. Make sure you are paying the lowest comm by comparing multiple brokers. Singapore brokers are blood suckers so be careful!
Currently, I believe standard charted is the most popular choice for people that are trading local stocks and Interactive Brokers for US stocks.
I have tried stock stimulation, the feel is just different. From then I decided to open a stock account with all my savings. So one day I took off and went down to DBS to open a stock account. It took around a month before the account was activated. (DBS is SLOW AF)
Why DBS and not Stand charted?
My dad decided to lend me a large sum of money to invest so I will definitely meet the DBS min comm. Moreover, my family was in DBS treasures, hence my SGD/USD rate was much better. However, after awhile I realise DBS was ripping me off from some custodian fee and they didn’t even service me. DBS brokerage is just good for local stocks and phone trading service. So I decided to transfer all my stocks to Interactive Broker. If I started off with Interactive Brokers I would have saved a thousand dollar on the exchange rate.
I shall end off here and do my next entry soon 🙂