I really want to make extra money aside from work money. What's the best way to get started in the stock market?
2007-05-25 12:00:09 · 8 answers · asked by Anonymous in Business & Finance ➔ Investing
READ RESEARCH STUDY PRACTICE HAVE FUN
READ
Get this book: Value Investing: From Graham to Buffett and Beyond (Wiley Finance) by Bruce C. N. Greenwald, Judd Kahn, Paul D. Sonkin, and Michael van Biema.
Another good book: The Motley Fool Investment Guide for Teens: 8 Steps to Having More Money Than Your Parents Ever Dreamed Of (Motley Fool) by David Gardner, Tom Gardner, and Selena Maranjian
Jim Cramer's Mad Money: Watch TV, Get Rich by James J. Cramer and Cliff Mason
I Want to Make Money in the Stock Market: Learn to Begin Investing Without Losing Your Life Savings! by Chris M. Hart\
Sensible Stock Investing: How to Pick, Value, and Manage Stocks by David P. Van Knapp
Stock Investing For Dummies (For Dummies (Business & Personal Finance)) by Paul Mladjenovic
All About Stock Market Strategies: The Easy Way To Get Started by David Brown and Kassandra Bentley
The Motley Fool Investment Guide and their Web site (http://www.fool.com/).
The Little Black Book of Microcap Investing: Beat the Market with NASDAQ/AMEX Microcap Stocks, OTCBB Penny Stocks, and Pink Sheet Stocks by Dan Holtzclaw
How To Make Money In Stocks: A Winning System in Good Times or Bad, 3rd Edition by William J. O'Neil
Trading for a Living: Psychology, Trading Tactics, Money Management by Alexander Elder
Big Trends in Trading: Strategies to Master Major Market Moves (A Marketplace Book) by Price Headley
Extraordinary Popular Delusions & the Madness of Crowds (Paperback)
by Charles Mackay (Author), Andrew Tobias (Foreword) This book talks about the Tulip craze in Holland where people would mortgage their homes to buy Tulip bulbs. Same thing happened in 2001 - 2002 with the Internet bubble that brought the stock market to its knees. The dot com companies were the Tulip bulbs.
Buy Investors Business Daily. It has lots of tutorials and I like it better than the stodgy Wall St Journal.
Money Game by Adam Smith
RESEARCH
http://moneycentral.msn.com/companyreport?Symbol=sgma
http://www.fulldisclosure.com/companynamedir.asp?client=cb
http://www.whisperreport.com/stocks.asp?symbol=csco
http://bigcharts.marketwatch.com/
http://www.thestreet.com/p
STUDY
re-read the books above
PRACTICE
set up a practice account and test your trades.
HAVE FUN!
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2007-05-25 14:00:30 · answer #1 · answered by SWH 6 · 0⤊ 0⤋
The stock market can be risky at the best of times, even for experienced investors. However, everyone has to start somewhere, and if you do not start now then when will you acquire the necessary experience?
Do read some books on the subject. Visit your local book store and find a book that you like and feel comfortable with.
Some of the titles I have on my bookshelf include:
One Up on Wall Street by Peter Lynch
How to make money in Stocks by William J. O’Neil (Founder of Investor’s Business Daily)
The Millionaire Next Door by Thomas J Stanley and William D Danco
heck out web sites like fool.com and yahoo finance.
Investigate trading strategies with a proven track record over 3, 5, 10, and 15 years.
Pick something that you understand, find easy to use, will help you realise your goals, and where you can take responsibility for your investments and be in full control of your capital.
Systems like the Stocks Monthly system are definitely worth investigating once you are up to speed with the nuts and bolts of investing.
2007-05-26 03:22:02 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Start with a retirement account like a 401(k), if you have access to one, or an IRA. Use payroll deduction or automatic monthly transfers from your checking account to make contributions. Invest the account assets in a lifecycle or target date fund. These are mutual funds where the fund's management does the work of allocating and diversifying investments for you. See the webpages listed below for more information.
2007-05-25 18:44:27 · answer #3 · answered by Uncle Leo 5 · 0⤊ 0⤋
Some of the answers you've gotten, so far, are ridiculous.
First lesson: Don't take advise from strangers that you have know way of knowing their credentials or motives.
Take 6 months to a year & read (at least) a couple of books on basic investing. Doing anything else would be a costly mistake. "Dummy" series is a good start.
Good luck!
2007-05-25 16:37:04 · answer #4 · answered by Common Sense 7 · 0⤊ 0⤋
Open a brokerage account at Zecco and drop me a line.
I am a Portfolio Manager with over a decade of experience in the Stock Market.
2007-05-25 13:58:06 · answer #5 · answered by Anonymous · 0⤊ 1⤋
open an account, fund it, learn about the market, figure what you want to own, buy it, have an exit strategy-why you would sell, and wait. It will go up and down. the market wants to go up but get in slowly. May want to start with ETF.
Have fun
2007-05-25 12:08:41 · answer #6 · answered by RayM 4 · 0⤊ 0⤋
I dnt know which country you live, but they is often free investment classes around. Read about it, its pretty easy staff really.
2007-05-25 14:45:22 · answer #7 · answered by Richard 1 · 0⤊ 0⤋
Umm buy some !!! mutual funds are a pretty safe bet
2007-05-25 12:05:18 · answer #8 · answered by BajaRick 5 · 1⤊ 1⤋