Today is the first day of the ASX (Australian Stock Exchange) sharemarket game.
What is that? I hear you cry out.
Well it's a game where you get to pretend you are a share trader, you are given a fictitious $50,000 starting money and you try to convert that into squillions by buying and selling shares on the sharemarket. At work we have a troupe of about 8 of us all trying to be the next Warren Buffet, but in actual fact, we generally come out looking like Alan Bond. You can only buy and sell from a list of 100 companies, mainly blue chip stocks so it requires a little research if you want to win the competition, but we just want to beat each other.
At the end of day one, I've converted my $50,000 stake into $50,001.28. Not a bad effort as that includes brokerage fees of $60, so technically I'm 61.28 up.
If anyone has some good advice, or hears about an takeover rumour. Please share it with the group.
I intend to keep a running summary here as well. The game lasts about 3 months.