I am intresting in the trading?

Question

I am intresting in the trading of the used machinery specially in Power Generator sets..coz i have some technical knowldge about that...but dont have Sell and buying Experiance...any one can give me some tips or guideness...wich part of the world is best for buying that machinary..means where are more auction and cheep rates els? or what`s the dificulities have to face me?

Answer 1

While I can't speak specifically to your niche, I can give you some advice on how to learn how to trade.

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 since you say you've got no clue!

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.

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.

As for your machinery stocks, do a little digging on the internet. Start with the larger machinery companies and drill down the sector (and read) about the companies in their sector and related sectors. Reuters.com provides good sector breakdowns.

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). 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!

Answer 2

you should go back to school and take some business classes... and a little English wouldn't hurt you either.

you must study and research the area specifically according to your needs before you jump into anything.

just because you have some technical knowledge does not mean that you should get involved in selling or trading it. how are you planning on making money off of this? most people would rather just spend the money on a new set if they are going to spend the money. consider shipping across the world-- that is not going to earn you a profit once you pay for it! your best bet is to travel yourself and provide the shipping via your own truck or van. you should invest a small amount of money and use your profits to expand your business-- that way you don't risk losing a ton of money. instead, you purchase with your profits and never have to dig into your pocket very far.