RE: A very nice problem to have5 Oct 2024 14:38
Personally I use two strategies.
Trading UKOG the volatility lead me to take quick profits (a bird in the hand).
But at the height (six to seven years ago) you could do that two or three times some days and bank 10-20% each time.
The first time I did it it rose 300% and that was too much for me (at that time).
That was my first ever "trade" and what lead me to wondering if it was a viable strategy.
I now trade some other shares (I still trade BP a lot, but I also sit on a lot more and just take the dividends).
They're aren't as volatile so I have to wait days weeks or months for some to turn a profit.
I started as an LTH for everything and, even now, I hold much more of my total portfolio than I trade .
Probably more than I did a year ago.
Even though trading did work for me, the amounts grew to a size I wasn't happy "playing around with".
So I set myself a limit of £10k per trade (other than when I started with UKOG, I have gone over this three times in seven years, when I traded all of my BP holding in single movements).
Only once has this not worked out for me; I saw a share falling unusually quickly.
I'd been watching it for a while and thought something else was going on.
I threw £30k at it and the share went bust within about two hours.
I'd built it up to £30k so I didn't really lose that much and I also got compensated.
But it was still £30k that was in my account at one point and wasn't two hours later.
C'est la vie (he said nonchalantly, while still silently fuming...!)