Stocks and shares often ring as scare words but people from all walks of life and not just stock brokers are dabbling in them these days.
Castlebar photographer Michael Donnelly threw his hand at some bank shares a few years ago and while it didn’t turn him into an overnight millionaire, the losses and wins experienced along the have made for an interesting time.
“I decided to start off by buying 2,000 Bank of Ireland shares. If they come right you can make money for the amount involved. I did eventually make a few bob and when that happens you might look at getting a bigger portfolio.”
Right now Michael is ‘out’ of the market, as he says himself, but not for the count by any means.
“Basically I’m out. I’ve sold all my shares but I’m waiting to go in again when they are more mature. If you start off by following one client, when you do make some money you can reinvest it in the knowledge that you’re working their money and that’s the general idea.”
As well as picking up tips and skills the longer he played the market, Michael also took the trouble to learn about shares from the experts.
“If I was half as savvy this time last year I would have made twice as much. I took risks I need not have but I’m still learning. I don’t bother with the expert advice anymore. I just look at the daily charts on-line and see who financed what and check out Sharewatch.”
Michael doesn’t rate the financial updates in the newspapers at all, where sometimes entire pages are given over to lists of share prices.
“The papers are way too slow. You’re a day behind at least and an hour can make the difference between watching the market and getting in and out faster.”
With the lingo flowing beautifully at this stage, Michael agreed to share some tips with Mayo Advertiser readers who may be in the market for a bit of share dabbling.
“My top tip at the moment? Stay out of the market. Get your money out. Don’t get stuck with 3,000 in penny shares (ie ones you buy for 10c or 25c ) that just keep going down. It’s going to be slow for the next few weeks due to market correction (ie they were over-priced ). They will come back but you need to sit it out for a while first.”
