As this is my first post on the forum I thought I would give a quick overview of my experiences so far.
I have setup a $50K, 7 position portfolio in Beyond Charts and I’m now almost fully invested using the SelfWealth platform.
I have spent many hours watching the videos in the Education Centre, they are a great resource and highly recommend them.
I have also spent a lot of time downloading and analysing data from the ASX public portfolio and the historical trades for all the ASX Investor stocks. Whilst this not really necessary I do find that rolling around in the data helps me to build confidence in the system. Must be a personality thing
I did make a couple of early trading errors, missed a sell that I executed a day late and bought on a BAP signal a stock that I already held. These didn’t cause too much grief but did prompt me to setup an automated Excel based tool to look through the daily scan results and highlight buys and sells that are applicable to my particular portfolio.
I haven’t tried the mobile app yet, I thought I would become much more familiar with the Windows based systems first.
So far all good and I plan to move my SMSF to Investor when I gain more experience.
I do have a question that I hope someone can help me with. As I acquire stocks I receive shareholder paperwork advising that I register as a shareholder on their systems. Is this something that I need to do? Do I need to do it for dividends etc? Any advice would be appreciated.
Welcome to the forum and well done on your efforts so far. You really are engaging in the process and that’s the best way to learn, by taking accountability.
I’d highly recommend grabbing a copy of Trading in the Zone by Mark Douglas as well as it’s a great resource for helping with the mindset challenges that you’ll likely experience at some point…we all do.
It is important to note that the share registries will need your banking details to be able to provide any dividends that you are entitled to on your existing or previous holdings. You’ll need to add these details each time you purchase a “new” SPA3 Investor stock. If you don’t then you wont receive any of the dividends as they will be withheld.
You can add your banking details to any prior holding records and if there is a withheld dividend it will be paid into your account, but it can take a number of weeks for that to occur.
Occasionally, the withheld dividend is returned to the company if you haven’t provide your banking details and you may need to go through a lengthier process to claim it, so it’s best to update your details as soon as you can.
Welcome to Hotel California
You will also need to provide your Tax File Number or ABN in the case of a SMSF
When you first set up your details, try to set up as always valid for each new shareholding rather than each individually as you won’t have to keep doing it with every new holding.
The ones you will mainly use are Computershare, Link and Investorserve.
It is better to have your dividends go to the bank account where you pay from when purchasing/selling stocks from. That way the loop is closed for all transactions in the account.
You don’t need to use Excel to set up scans for buys and sells applicable to your portfolio. Scans which do that can be setup Beyond Charts, and indeed can be run automatically when opening BC so that they’re there ready for you to view. You just need to set up a scan based on the desired watchlist (may need to make a new watchlist or two) and with the scan settings you require.
Thanks for the advice everyone, better hit the keyboard.
Phillip, good idea about closing the loop, I’ll do it that way.
David, I do have a copy of in the zone but I must admit it has been a while since I read it, probably time for a refresher.
Don, I’ll take a look at the watchlists, thanks for the tip.