2006-11-15 05:41:12 · 6 answers · asked by chan 1 in Business & Finance ➔ Investing
Congratulations on getting started. It’ll help you more than you know!
Your first dollars should be spent on getting educated on investing. You don't have to train to trade them professionally, but we are talking about your future here. So the more you learn, the more it'll help you! So let's start there.
You ask a very broad question, so be prepared for a pretty long answer. Just take it in chunks!
How to invest depends on what you already know. We'll assume that you're beginning!
A good primer is How to Make Money in Stocks by William O'Neil. You can get it cheap just about anywhere. It’s widely available new or used.
Another good one is one of Jim Cramer's books like Real Money (he’s got a few).
But books will only get you so far. At some point, you'll also want to get at least a little training. There are some great education companies if you want to make the investment. Investools.com or optionetics.com are both very good companies as is tmitchell.com
For free, you can start by visiting thestreet.com and investopedia.com. That'll get you a pretty good primer so at least you'll understand what the markets are and what a stock is, etc.
If you get a chance, watch Mad Money on CNBC. Don't trade any of his picks until you track many of them over time. Just use the show to get you to understand some basics and get a feel for the market itself.
Next, subscribe to something like Investorsbusiness daily or something like that that can help you identify good stocks.
Once you understand stocks, go to 888options.com. It's a website that'll help you understand options (what they do, how they work, etc). You don't need to trade them, but the more you know, the more you'll see how options can really be the safest way to invest (once you're educated).
For discipline (which is crucial to successful trading), probably Trading in the Zone by Mark Douglas or Mastering the Trade by John Carter
I know that’s a LOT to absorb. Just take it one step at a time for now. Start with a book or two to give you an idea of where to begin. Take your time, and let it seep in.
As you get up to speed, you should papertrade to practice (highly recommended). This should help reduce your losses in the beginning as you get used to buying/selling.
You can practice for free on almost any reputable broker site (optionsxpress, scottrade, thinkorswim, etc). Just visit the website and open an account in minutes! And yes, you can definitely deal easily online.
Start slow, then as you figure things out, you can buy more shares.
Congrats again on getting started. If you have any questions, please let me know.
Hope this helps!
2006-11-17 10:16:33 · answer #1 · answered by Yada Yada Yada 7 · 1⤊ 0⤋
First, congratulations - this is a key step to controlling your future.
Assuming you're a US citizen living in the US, there are lots of ways to get started.
- "do it yourself" brokers like eTrade.com etc etc
- "do it for me" brokers like Edward Jones, Merrill Lynch etc etc
- financial planners - can't think of any big companies but there are plenty.
What to invest in? There are as many opinions as there are people. What's right for me won't be right for you. So I recommend you take some responsibility for learning and understanding - start reading websites like MotleyFool.com, hang out in the investments section of bookstores and Amazon, and talk to lots of people.
A couple of pretty solid rules I can stand behind:
- don't put all your money in one investment. Diversify - a pro can help you determine exactly what that looks like for you.
- setup an automatic deposit / deduction / purchase plan, so you're investing every month no matter what.
- don't fall for the "financial pornographers" - there's always somebody selling something that promises incredible returns. Sometimes it's real. Mostly it's not. Sure, you can take maybe 5% or 10% of your money and "play" with that stuff, but don't risk everything on a long shot being sold by somebody you've never heard of, never met, and know nothing about.
Good luck,
Scott
2006-11-15 13:48:41 · answer #2 · answered by scott.braden 6 · 0⤊ 0⤋
read tips on investing and stocks to help you more on this site
2006-11-15 14:03:36 · answer #3 · answered by yummy _ 3 · 0⤊ 0⤋
This could help you:
http://www.best-stock-trading-systems.com/trading_stocks_online.html
2006-11-17 03:32:42 · answer #4 · answered by Anonymous · 0⤊ 0⤋
go to ameritrade.com and follow their instructions. it is really quite simple. after that take a look at velero(VLO)
2006-11-15 13:50:47 · answer #5 · answered by The Good Knight 1 · 0⤊ 0⤋
pl go thr my best answers
2006-11-16 07:23:01 · answer #6 · answered by dinu_pawar 5 · 0⤊ 1⤋