Is it worth having a Financial review from the bank?

[Stacktastic]

11 minutes ago, ZRPMs said:

I've either been unlucky, or I'm afraid they are all more interested in selling the commission based products rather than give me actual financial advise. This last ones best advise was to consolidate my accounts and investments and put them with his firm. As you can imagine I've not actually followed that nugget of advise.   

Its unbelievable.

imagine them sticking that in a FTSE tracker & if your lucky S&P and maybe even emerging markets ETF & some uk dividend stocks..
This is what they are trained to do & any muppet with a bit of time can work that out. Its not so bad now, but imagine doing that on market top in 2021? 
we are at the end of a massive bull run (I hint its the biggest one ever??) & I don't see it changing anytime soon. 

My mum invested 100k in a roschild business probably 2017?? its now well underwater, despite me telling her to get it out in 2020 when it was up nicely. 
I dont know what it is but I guess they did the above & probably used the cash to make 30%+ in the big cap tech stocks. 
She said to me in 2020 she had a statement that it was 20% underwater - which shows how c**p it is. 

Dont know & she has no idea what she has either, but time will tell & she might listen to me at some point?
She said 'I have to trust' which is like letting bill gates look after your healthcare plan to me.  

Edited February 25, 2023 by Stacktastic

[JohnA1]

3 minutes ago, Stacktastic said:

... like letting bill gates look after your healthcare plan to me.  

Not far from Gary Glitter & Jimmy Saville nursery, is it?

[ZRPMs]

With some of the cash I had managed to build up I had thought of putting it to work buy buying some stocks. I had hoped that the FA would have helped me out there. The best he offered was some ETF's through his firms funds. I have messed a bit with CFD's. It was ok and TBF it was interesting. I did ok. I was on eToro and for the 3 months I was on there I managed to pull just over 30%. I thought I did well as I believe three quarters that try it end up making a loss.

Anyhow pretty much in the same boat as I was before and I have a chunk of cash loosing its spending power as we speak (or type). Any good way to trade stocks would be appreciated. 

[Stacktastic]

 

43 minutes ago, JohnA1 said:

Not far from Gary Glitter & Jimmy Saville nursery, is it?

or Gengis Chan running a health spa.  
isnt it amazing that history is littered with this stuff but nothing every changes. 
To quote Iron Maiden - 'the evil that men do lives on and on'. 

I dont ever remember being taught about confusions or gandhi at school!! 
Columbus & Cortez were lovely chaps were they not. 

9 minutes ago, ZRPMs said:

I have messed a bit with CFD's. It was ok and TBF it was interesting. I did ok. I was on eToro and for the 3 months I was on there I managed to pull just over 30%.
I thought I did well as I believe three quarters that try it end up making a loss.

Nice one if you did 30% on CFD's!! when was that? 

I alway thought CFD's and options are rigged, especially short term? 
I would rather sink 300k into bitcoin. If or when it gets to $13k. 😛 

Its very tricky isnt it. I posted my opinion here: 

 
 

[ZRPMs]

11 minutes ago, Stacktastic said:

Nice one if you did 30% on CFD's!! when was that? 

Longer ago than I thought. I've just looked, between Mid August and early November 2021

[Stacktastic]

37 minutes ago, ZRPMs said:

Longer ago than I thought. I've just looked, between Mid August and early November 2021

Yeah not bad as things changed Jan/Feb 2022.
Totally different now, but it was very volatile - with decent volume, so could be good?
Never done it and dont think I will.  

My average is 16% or there abouts on swing trading & im a wimp so get out very early.  
I dont have a large account & start with small positions so have made a fortune, but also not lost much. 

Im 2.5k into a natural gas 2x leverage stock at the moment & it was 30% down last week - now its 8% & gaining. 
I can see the value in the risk on the upside but its not congruent with making consistent profits. 
Or quality sleep for that matter!! 

Edited February 25, 2023 by Stacktastic

[ZRPMs]

13 minutes ago, Stacktastic said:

Yeah not bad as things changed Jan/Feb 2022.
Totally different now, but it was very volatile - with decent volume, so could be good?
Never done it and dont think I will.  

My average is 16% or there abouts on swing trading & im a wimp so get out very early.  
I dont have a large account & start with small positions so have made a fortune, but also not lost much. 

Im 2.5k into a natural gas 2x leverage stock at the moment & it was 30% down last week - now its 8% & gaining. 
I can see the value in the risk on the upside but its not congruent with making consistent profits. 
Or quality sleep for that matter!! 

I don't think I would be confident enough to use leverage trading. I mate of mine did. We all told him to take it easy. He had a spell buying all sorts of crypto as well. At one point he was booking builders for an extension. Unfortunately he ended up turning about £80,000 into quarter a mill then down to a little over £30,000. It very nearly broke up his marriage. He said in the end it was just gambling. The buzz when he was up he said was intoxicating. Then, as the losses came. He said it was like, it's ok I'll get it on the next trade or I'll hold and buy the dip. Then, well I'm all in now I'll pound cost average and get more. 

I think your approach is best. Not sure where I heard it but the phrase "No one went bust taking profit" is a good one. You might miss a few of the moon shots but you won't loose your shirt either.

[JohnA1]

Old timers in the stock market used to say "leave something for the other guy", i.e. get out while you're ahead, don't be greedy

When you try to squeeze the last penny, risks rise exponentially - is it worth it?

Pinching pennies in front of a steamroller?

[Stacktastic]

14 hours ago, ZRPMs said:

I don't think I would be confident enough to use leverage trading.

He said in the end it was just gambling.

Its not easy with leverage as they are on main calls & it will eventually go to 0%
I own a triple ETF of Paypal and did not sell when i should - its at -85%. 
Im kind of hoping for it to have a massive run LOL. 

it is gambling & anyone could have made a profit especially in 2021
its managing to make money in a bear market that distinguishes the good traders from the speculators.  
Sad that it affected his marriage as its very stressful - thats why I dont day trade and especially scalp. 

The best investing is buying undervalued stocks that cant fail & take advantage of the down cycles & crashes IMO. 
Its largely stress free but takes occasional assessment & management.
A portfolio of 50-300% in the green stocks from various sectors and jurisdictions is the goal LOL.
5%+ dividend even better LOL. I dont have a lot of money - but will be certainly making the most if it all dumps. 
If Ray Dalio is correct this could take decades to correct so im in no rush to get in.  

12 hours ago, JohnA1 said:

Old timers in the stock market used to say "leave something for the other guy", i.e. get out while you're ahead, don't be greedy

Exactly. Compunding a lot of oK profits vs the odd big one is a great way to trade.
Love a 10-15% 30% is rare for me although a lot of my stocks get to that, but its too risky. 
unfortunately people only hear of the big risk takers, although buffet is a good example of slow and steady. 

Leave somehting for the other guy is also more holistic as i do think KAMA is still in play in trading. 
if you take a profit someone has to sell & that person could easily be you on any trade. 
I have developed an uncanny sith sense when a chart will dump as well. 
So I do think collective consciousness fear/greed is on each trade & depending on the stock this differs greatly. 

Edited February 26, 2023 by Stacktastic

[ZRPMs]

13 hours ago, JohnA1 said:

Old timers in the stock market used to say "leave something for the other guy", i.e. get out while you're ahead, don't be greedy

A very good friend, Father figure, life mentor once told me something similar. "Remember lad, Always leave some meat on the bone for the other guy. If you don't you'll be left holding the bones". Along with many, many other bits of life experience and info he attempted to pass on. Not to just me, but anyone he came into contact with. I regard myself as very lucky as growing up I had access to a number of people that were really very unappreciated fountains of knowledge and great advise. My grandfathers advise helped me build up my property portfolio, along with the boss I had as a teenager, he put me onto my first property deal and got me started in the rentals. My father installed the drive and work ethic from such an early age. My friends father helped me meet people and trade just about anything from soil to at one point a large Ruston steam engine (I wish I had it now). Along with a few close friends I was fortunate enough to pick up along the way.

All the above, I think have helped me far more than any would be financial advisor could. I think it was Richard Feynman That said he was taught at an early age to value and learn how things work and make them tick by his father. More so than what things were called. To gain a deep knowledge of the subject was the goal. He demonstrated what he meant by saying whilst walking through the woods they came upon a bird. He was asked what he knew about the bird. "It's a robin." and? ......... "You may know it's a robin, you may know it's Latin name, you may know what it's called in every language on earth, but, what do you know about it." I think this approach has been lost and it was what my mentors tried to pass on.

Ultimately, what I've tried to do is create different pots to put my hard earned cash to work in. With the hope, that it works as hard as I did for it.

I started with a safe secure pot of funds and only used this on the lowest risk investments to generate an income whilst maintaining it's value. Savings accounts or items that would help me work more efficiently. 

Then, whilst maintaining the low risk pot, I tried to create a pot that took a bit more risk in growing my funds. Keeping this separate from my main pot meant that I could take more risk and feel comfortable that what ever happened, it would not affect me to the point I would loose everything. Stocks and share ISA, Unit funds. Items to sell on for a profit.

As with the creation of the second pot. A new pot of funds was created for more risker ideas. Once again, build it up and getting to know and understand the increased risk whilst maintaining the lower levels and importantly not allowing the higher risks to affect the more tried and tested forms of securing my hard earned cash. Property, equities 

And so on. I think it was after the FA asked what my approach to saving and investing was, and I told him this. I could see the thought flash through his mind "I'll get nothing here"

In conclusion, and I suppose to answer my own question. Is it worth having a Financial review from the bank? No, not for me at least. They were only interested in having me consolidate all my funds especially the more liquid funds and putting it with them. Regardless of the fact that my funds are more protected as they are now than they would be if I were to lump them altogether. This is after making a song and dance about FSCS guarantee.

Sorry for the essay and my disjointed ramblings, however, I have found it interesting reading everyone's points of view. I think I would like to get into trading a few stocks, holding some. I feel this is where I'm at, at the moment. I just need to do my research on the best way to approach it.

[JohnA1]

Call me old-fashioned, but I would take advice from someone who has proof that they've done what they preach - and they came away ahead. Over and over again (no beginner's luck phallacy)

In stock market terms, this means enough to retire on their own island in the Pacific (or such)

Some joker on commission (and a mortgage of his own) won't cut it😆