Savings Interest Rates Getting Worse

rockits

rockits

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Listen to Wattie more than me as he is qualified and more experienced to do so. All I am doing is taking control of my destiny as much as I can rather than it to be played out for me.

I think a spread is good and it sounds like you have a fair bit of that already which is good.

I'm currently thinking a few cars wouldn't be a bad idea if you can buy the right car at the right price. It could be depreciation free maybe appreciate and you can physically use then admire it as well. However most McLaren's would be off that list including a 570s as they will just cost too much to keep and depreciate too much. I'm thinking something older. Not sure what yet but thinking 2021 could bring an influx of these kind of cars as assets are sold to liquidate funds to fund failed businesses and personal finances.

Hyperthetical of course but am keeping my eye out. Problem for me is I don't have much wealth outside of my trading/investment pot until a house is build and old one sold. Then I might have some spare folding to invest.

Nimble and flexible is the way forward for me. Everything is so changeable you need to be able to change in an instant. I've maybe quoted this before but as De Niro said in the film Heat....."Don't let yourself get attached to anything you are not willing to walk out on in 30 seconds flat if you feel the heat around the corner."

A bit extreme but you get the gist of what's in my head.
 
N

nigw

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Cheers Rockits - I sold my Aston partly as I thought the market would drop, but the market is not reacting predictably at the moment. Re Mclaren, I was originally eyeing up the 12C, but a 2016 570s went for £70k (+ 6%) on collectingcars, which got me looking at them too!

The challenge I've found previously when I looked at having investments in different currencies is that it always seemed to be through a UK entity, and therefore the risk/protection still sat at a UK level....so achieving nothing different.
 
rockits

rockits

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I think you did the right thing in selling the Aston and I sold the V8 Vantage too. I think many thought there would be immediate or short term price corrections on cars. However I don't think this will be the case. I think it won't start kicking in until 2021.

This Covid this is no short term blip and is here for 2-3 years and longer as it isn't just all about Covid. Many of the cars we.would like to see cheaper to buy will be owned by people less immediately affected I would suggest. However unless they are used to living frugally and also have reserves they will also be affected as are not the super rich just the rich or comfortable so will likely be affected just delayed.

I sold the Aston before I thought there would be a bun fight to sell a fairly adundant model. I don't think prices will drop much on these anyway but no point me losing say £5k when I can use that £25k to make £5k. Then I can buy a car again like this when the prices have eased. If I still have the means!

I try to find cars that represent good value for me regardless if the rest of the world like or value then the same.

There is much more carnage to come and I don't see this kicking in heavier until Q4 then a winter of discontent for many. This should create opportunities in 2021 and 2022 for this well positioned to take advantage.

I have no idea on what will actually happen but can only plan for what I think night happen.

Good luck out there
 
rockits

rockits

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So a quick little update. Still beavering away trading part time. Finding it hard to balance day job and trading as the trading has worked quite well so far.

So roughly about 5 months so far. Started with £35k and compound growth helping to improve pot, opportunity and profit. Currently have banked £25k of profit so the £35k is £60k now. Still have over 50 positions open showing a paper profit of an additional £35k profit in play but not banked yet so until this is banked profit it is kind of irrelevant.

Pretty happy with that so far but has taken more time but great returns so well worth the time.

No idea if it can continue but will keep trying. Not sure what monthly percentage that is but I'll have a work out. Certainly a little better than £175 interest I would have got it sitting in a average interest savings account.
 
Froddy

Froddy

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rockits said:
So a quick little update. Still beavering away trading part time. Finding it hard to balance day job and trading as the trading has worked quite well so far.

So roughly about 5 months so far. Started with £35k and compound growth helping to improve pot, opportunity and profit. Currently have banked £25k of profit so the £35k is £60k now. Still have over 50 positions open showing a paper profit of an additional £35k profit in play but not banked yet so until this is banked profit it is kind of irrelevant.

Pretty happy with that so far but has taken more time but great returns so well worth the time.

No idea if it can continue but will keep trying. Not sure what monthly percentage that is but I'll have a work out. Certainly a little better than £175 interest I would have got it sitting in a average interest savings account.
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Congrats, Rockits - that is amazing!

If you can keep this up, there will be no more day job!
 
hashluck

hashluck

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Impressive. Personally I cannot stand the pressure of it. Sell, Buy, Hold. It is, as you are finding, a full-time job. But fair play that is brilliant and you obviously have the aptitude for it.
 
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rockits

rockits

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Thanks all

I've always been interested in business and economics as did Business Studies and Economics A Levels. However not really academic enough with deep enough mathematics to be too clever.

I've been in business for quite a time and get along OK. Can't really read balance sheets or company accounts but know what is good and bad in my terms. I think Branson suffered the same and can't read company accounts in accountants terminology so well.

I am still improving and still making many mistakes but know what my mistakes are which is good and half the battle. Just need to be apply some more conviction to my thoughts sometimes as hesitate or not 100% confident in my thoughts. I am pre planning some entries or exits better now and sticking to them regardless of emotion or noise. Luckily I am a natural very patient person and not very emotional either so works quite well.

I think a bigger pot in a positive will help build some confidence to allow me to act with more conviction. Keen not to get cocky or over trade which I don't think I will do but aware it is easily possible if you aren't aware.

I can see how many financial institutions make obscene returns from large funds of other people's money with no risk really. I reckon they would struggle doing it with their own small initial funds to kick off with and build.
 
Felonious Crud

Felonious Crud

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Dean, that's brilliant, Well done. Where would you suggest someone new to all this actually starts? Or should I just give you some money and you take a cut? You're doing a better job than the pros! :)
 
rockits

rockits

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Felonious Crud said:
Dean, that's brilliant, Well done. Where would you suggest someone new to all this actually starts? Or should I just give you some money and you take a cut? You're doing a better job than the pros! :)
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LOL. Speak to Phil (Contigo) as he has set up a WhatsApp group with must be getting on from a hundred people in. Lots of us in the same boat all feeding info/ideas I to the pot with some full time traders.

It is not for everyone but luckily I seem to be reasonably well suited to things. Most level headed, stable, relaxed people should find they can make a trading style work. Every body is different but some are early not suited to the environment. I'm sure you would do well.

It is hard to start with but starts to get easier quicker. Just a case of slow and steady to start with and not getting greedy or chasing trades. FOMO is your enemy and is most people's achillles heal.

The good thing is that wrapped in an investment ISA it is all in a nice tax free wrapper.
 
rockits

rockits

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9,172
Thought I would make another little update as it has been some weeks since the last one.

So still beavering away working my socks off on my day job but also with the trading as well. Just over another month gone by and another chunk of profit banked. Currently sitting at £42500 banked profit and sitting on an additional £30k paper profit if I sold all positions today. I have added another £10k of current tax year ISA cash to the pot as well to allow me to trade even more. Not far of getting the combined pot of ISA's and spreadbetting accounts balances up to £200k. I would like to think I could keep going to the end of the year and finish the year or 9 months of trading at circa £60k banked profit or around £6k per month.

If I can have this pot mainly in cash only leaving good solid long term positions left open at year end I will be ready to hoover up so cheap stocks when the markets implode Q1 or Q2 next year.

That has slightly bettered my expectations but just goes to show what a simple man can achieve with some time and effort. It has been a massively busy and hard going 9 months if I'm honest and not sure I can keep this pace up or time invested much longer. However hopefully the new work office and some full time help with the business will make a big difference soon. When I find some full time help that is!
 
rockits

rockits

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9,172
Cheers Adam.....you should try it. If a numpty like me can make it work there is hope for all :D
 
lifes2short

lifes2short

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that is impressive, no hope for me on all this trading stuff, scares the **** out of me and would probably end up losing the kids inheritance, the only time i dared is when a mate said buy brent walker shares years ago when at a low and in trouble with apparently an imminent takeover, lost the fecking lot as they went tits up shortly after, that's my one and only dabble
 
rockits

rockits

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9,172
CatmanV2 said:
While my numbers are rather less, I have to agree.

If a numpty like @rockits can make it work, I figured it was worth a try. It was ;)

C
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Glad it is working well C. It has taken time I haven't got but I can't ignore the returns and opportunity at the moment. While it exists it makes sense to milk it.

No reason as the pot builds it can't be a full time job. I have earned the same amount as my day job and actually more. Much more if you factor in the tax/net position.
 
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