So, no caution was blown to the wind this time when I started investing this time. That's why I settled on putting a monthly sum into unit trusts. After investing for several months with the funds showing consistent small losses I began to get slightly cross. What were those fund managers doing? Sitting around on their arses drinking champagne whilst passively watching a bunch of shares doing nothing was my conclusion. Even though the funds have just tipped over the break even point into a single figured profit, I'm having out. I'd rather take control of my own destiny!
I've 'lost' money this time round too, having watched those Tesla shares soar to a 40% profit, only to drop back for a time to under what I paid for them. So, I've hatched an unorthodox plan and now have a sales strategy that's a bit off grid.
I'm making use of the fact that I have real time dealing information that I can watch from my phone. Once any share is showing a gain of ten per cent plus a little bit of cover dealing costs, I'm taking that teeny, tiny non-greedy profit out. Then I go back to the stock broker analyses for the market and either re-invest it in existing portfolio items or choose a new share. I'll do the same on subsequent ten per cent gains. Sure, by doing this I'm unlikely to make massive gains on one holding but I'm hoping that they'll be a slow drip-drip effect. Inevitably there might be the occasion investment that is a loss making duffer. Two of my holdings aren't in profit at the moment. I'm watching these too and taking advice from online stockbrokers about whether to retain the holdings or give up on them and move on.
In the fortnight since I've adopted this strategy I've taken out four tranches of profit and I'm three and a half per cent up on the total that I've invested. That's way better than the best cash ISA annual interest rate going already. Sure I'm aware that this might be beginner's luck and as we all know 'stock markets can go up and down'. But I reckon this cautious plan where I actively monitor what is going on may yield reasonable results. I'll keep you updated.