Do you want to learn how to invest in the stock market and achieve financial independence? You may have been told that you need to start saving now and investing for the future, but if you’re not seeing the results you want, then this episode is for you.
In this focused interview with Channel 10 Finance Reporter, Gillian Bowen, Louise Bedford will give you specifics about what it takes to excel in the markets. There are some surprises in here, for sure.
Louise, a trader and author, discusses the importance of having a written trading plan and finding a mentor to help guide you through the process. She also talks about the importance of position sizing and asset allocation when getting started in the stock market.
In this episode, you will learn the following:
1. The importance of having a written trading plan.
2. The importance of finding someone who can help you with your trading plan and guide you through the process.
3. The importance of focusing on your goals and why you want to be a trader.
Other episodes you’ll enjoy:
|Market Wrap – The Agony and the Ecstacy
In this market wrap episode of the Talking Trading podcast, Chris Tate puts into context the extreme moves in U.S. markets that occurred last week.
|Peak Performance Secrets
What it takes to excel in shares and property.
About Gillian Bowen
“I’m the host and creator of Making Money Easy – a podcast aimed at helping improve financial literacy by picking every day financial news and topics and making it relevant – chin wag style.
I’m also the finance reporter and a supervising producer at 10 News First – have worked there for more than 6 and a half years. I do multiple roles there – often several at once.
Prior to that I worked at Sky news. And also 2GB radio in Sydney. I’m a news reader as well. So yes – wearing m
ultiple hats. I love telling stories and helping improve people’s lives.
man and I’m a Journo/storyteller. It’s called Roaming Oz With The Bowens.”
Contact Gillian Bowen:
About Louise Bedford:
Louise Bedford is the founder of www.tradinggame.com.au and www.talkingtrading.com.au. She is a best-selling author of five books on the stockmarket and a behavioural finance expert with degrees in Psychology and Business. To grab her ‘Trading Made Simple’ 5-part e-course and her free trading plan template, register here.
Louise Bedford is the host of the Talking Trading Podcast. This week she shares a story about her daughter Ash, who has just started work. Louise believes that avoiding the worst days in the stock market has a greater impact on the equity curve than capitalizing on the best days. She is a share market guru and author of five books. Louise is also a behavioral finance expert, a trading trainer and mentor. Louise will give advice on how to make money on the share market to help people who want to get involved in trading.Louise has two degrees – one in business and one in psychology. She is also an AFSL holder, Australian Financial Services License holder. She gives away her free trading plan template and her free course called Trading Made Simple here.
- Gill Bowen runs a podcast called Making Money Easy. Gill is a finance reporter and she’s been supervising producer at Ten News First for over 6 years. She’s also worked on Sky News and has been a guest on 2GB radio show.
- Louise has been trading since 1990 and has written five best-selling books on the share market. Her passion project is her podcast, talkingtrading.com.au. She wants to help people, not to make mistakes in the market.
- People jump into the market without having a trading plan. For both the conservative and more conservative traders, a written trading plan is a good first step to get ahead in the stock market.
- To become a trader. You need to work out why you want to be a trader and find someone who has been on the same path before you. Position sizing is an important asset allocation decision. It’s how much money you put into each position and how much you get up your sleeve for the ‘stuff you’ money fund you need if you need to leave your job in a hurry.
- It’s a good idea to ask your boss, or whoever you’re being interviewed by with where your salary lies in terms of the percentage range for your position level, in your annual review. If they say “you’re at the 50th percentile”, so your average, you need to ask, “what do I need to do to get to the top end of that percentile?”
- Louise lost the use of her arms. For three years, she traded with a pen in his mouth, tapping the keyboard to enter their orders. Louise believes that focus and skill are important and that it is possible to learn.
- Louise talks about candlestick, charts, trading psychology, pattern detection, the impact of neuropsychology on trading decisions, and trading crisis management. She also explains some of her key areas of focus.
- Candlestick charts are the red and green building blocks of a share price action chart. Green is the color of growth. Red is the colour of blood. So if there are a lot of green candles, you have an uptrend. Red candles are associated with a downtrend.
- Successful traders put equal focus on each of the three areas, but maybe a little bit more into psychology. Maintenance is important to make sure that traders make the most of their money.
- How do you know if the plan you’re trading with will make money? You ask for an equity curve of the trading system. You’re after a Monte Carlo back-tested result which shows that there’s statistical input into the system and it tests each order of the trade. But also, there’s nothing like getting involved in the market, actually for yourself.
- Investors need to do a review of their investments every six to twelve months.
- After making a windfall profit. Some strange things happen to people when they have a lot of money coming in. When working on a big project, one of the best tips is to focus on the possible things that could go wrong and to prepare contingency plans in advance. This is called a pre-mortem.
- People think others will be better at handling their money than they will. But nobody cares as much about their money as they do. The number one thing people are doing wrong is complacency. The second thing is laziness. The third thing is not putting things into a diary.
- There are two ways to get a money script into a person’s head: blatant and subconscious. Gil’s husband is a motoring journalist and car reviewer. Every week he has a different car on his driveway. Their neighbors thought he was a drug dealer. He posted on the Facebook page that he is not.
- There are 30000 Australian traders and investors following Louise’s advice through www.tradinggame.com.au. Having a support team is crucial to achieving success.