The first step was sensible -- two-thirds into low-fee index-tracker funds, using a kind of massaged averaging technique, buying more when I thought the price was low. Not only has this brought peace of mind, but also rather good profits.

Stage two, where I would demonstrate my money-making talent, is where things fell apart. Or perhaps I've just been unlucky!!

Encouragingly, it went rather well to start with. As a beginner, I successfully spotted under-performing or unfairly unfashionable stocks and jumped in, with what I took to be professional decisiveness. On the other hand I was quite timid, so the returns were not life-changing. De La Rue and the wrong-paper scandal = great buying opportunity; BP's environmental disaster, a classic case of an over-sold stock. I bought well but much more significantly I found that I had the sense to sell well too.

The result, lots of over-confidence. But again, and thank goodness, rather timid over-confidence. And here's an important lesson; a bit like Geoffrey Boycott's cricket advice -- take off another two wickets and see what the score looks like then? In my case, imagine the price of your fully researched, carefully appraised and selected stock halves. Do you still have the funds and balls to double your investment and so reduce your purchase price?

I've done it with Genel, an oil exploration company operating mostly in Kurdistan. It came to market at 1000p a share and seemed good value. Over time it lurched downwards as investors got worried. I bought more and sold some later, so I now have my initial holding again, but at a price of 760p a share not 1000p.

So there's a second lesson here; don't be afraid to sell as well as buy. I can stick the tracker-funds in a drawer and leave them to rise slowly over the years. This is not a good idea with volatile individual shares in a high-risk field. Here you need to watch and understand what's happening, getting out as well as in.   If you haven't the time and interest then just don't do it.

The third, rather painful lesson for a novice investor, is never, never, never chase a share price upwards. You should have bought when it was cheap! So the fourth lesson is do your research, be deeply sceptical of all your sources of information and analysis, work out a dispassionate strategy and then stick to it, while adjusting for changes in facts, not sentiments.

I cannot (yet!) claim to have been massively successful (though the tracker funds have done well!). However I can honestly say that so far my losses are only on paper and I can reasonably hope to be in the blue well before I need to sell.

Right now, Lloyds Bank is back to within 1p of the average price I paid for my small holding. Once it bursts through the 48p barrier I'll be out and away. I still believe there's lots of potential, but I know nothing about banks and bank stocks so what on earth am I doing in there?

For some reason I've chosen in the last year or so to 'specialise' in oil exploration stocks. My 'rational' argument is that with interest rates so low, it makes sense to take a 'gamble' on something that can increase in value 10x, as long as you (me that is) choose carefully and spread your risk quite widely -- six or so stocks.

You can reassure yourself by looking at the rapidly improving collection and interpretation of seismic data. You can turn up at AGMs, ask apparently well-informed questions and weigh up the answers. You can frequent bulletin-boards, assess who to take seriously and make well-received interventions.

Well it's been fun. And it gives the impression (to me at least) that I've learned something . . . about myself as much as anything else. And my losses are all on paper! But almost without exception at the moment they are losses. Yes, yes it's a risk-off time. Watch them all motor again when risk is back on!

I guess the final lesson is not to lose your nerve. Oil is in demand and despite US fracking etc, it will be for many many years. Worldwide demand is there. Prices will rise. Less economic fields will become money-spinners. We'll all be OK.

However, it's not a bad idea to be aware that finding oil (or condensate) is the relatively easy bit. Being able to exploit it is important and that needs money, knowledge, contacts and luck. Another big lesson. The whole business is a lot more complicated than it seemed to be a year or so ago.