I obviously need help from other investors where would I start? how would I get there?
2007-05-07 05:46:06 · 7 answers · asked by bboyballer112 2 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). 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!
2007-05-10 11:41:06 · answer #1 · answered by Yada Yada Yada 7 · 1⤊ 0⤋
I'd start at Morningstar.com and and at a library to learn all I can about NO LOAD mutual funds and the stock market.
Invest in Large Cap Value funds and Large Cap Growth funds. Vanguard and T Rowe Price are two families worth looking at. You'll get some much needed diversification right away.
Invest in high quality, and for the long term. It takes patience and discipline, so invest gradually, a little each month.
2007-05-07 06:08:51 · answer #2 · answered by ? 6 · 0⤊ 0⤋
First decide the goals for your money. Buying a house/car/wedding in a few years? CD's through www.bankrate.com. Retirement money not needed for at least 20 years? A diversified stock portfolio via (to start) T. Rowe Price Target Retirement 20xx funds (www.troweprice.com). Then a trip to a book store/library for "Investing for Dummies" or "The Stock Market for Dummies" or "Mutual funds for Dummies" by Eric Tyson. Plus some other books, magazines. Once you have a nice "core" nest egg in the above mutual fund, and the knowledge to invest in stocks, then a discount brokerage account and pick individual stocks or sector funds/etfs.
2007-05-07 06:11:57 · answer #3 · answered by gosh137 6 · 0⤊ 0⤋
Why not try investing with $ 100,000 in play money at http://www.top10traders.com before risking any REAL money?
It's a free website.
2007-05-07 07:02:10 · answer #4 · answered by jojo 3 · 0⤊ 1⤋
In todays market If was starting out ,I would start with fixed income.The Idea in the stock market is to buy low and sell high,diffucult to do when the market is at an all time high. http://charting-the-market.com/
2007-05-07 06:05:30 · answer #5 · answered by SMEAC 4 · 0⤊ 3⤋
you may try
www.smartmoney.com -->personal finance-->university
www.seekluck.com
www.moneycontrol.com
etc....
please give more info about where u live (contry) etc.
2007-05-07 05:59:01 · answer #6 · answered by Kishore T 2 · 1⤊ 0⤋
http://www.schwab.com
2007-05-07 05:52:29 · answer #7 · answered by Anonymous · 0⤊ 0⤋