Question for all of you guys : Where to get started ?

[WorldNumberOne]

If I were to spend the next year learning all I can about the markets , where would one start ?

Do you think you can learn enough in a year to start trading full time ?

Online tutorials ? Books ? Classes ?

How would you teach a newbee ? How did you learn ?

Thanks

 

[Illini]

No chance. A newbie trader has zero chance to make money. I repeat ZERO CHANCE. There are no minor leagues in this game. You are playing against sharks from the word go. After years and years of losing and learning, you have a slight chance.

I'm still in Phase 1. It takes so much pain and perseverance, and quite frankly, I don't know if I have it. Most people don't. Time will tell.

 

[kuwlness]

One of your best bets is to find stocks you want to invest in, then practice buying/selling those stocks on paper ... dont buy anything, just do paper trading. See how well you do. Keep daily tabs by calculating the opening/closing value of your account.

If your stock goes down 10% what do you do, buy more or sell out at a loss? And dont just buy more because it's imaginary money. Look at charts and learn to understand support/resistance levels -- this is probably one of the most important parts of trading, yet no one takes the time to do this besides chart guys. Even if you cant read a chart, you should be able to tell at what price a stock has trouble and/or what price a stock seems to bounce off of.

Another way to practice early on is just by following the money. Hop on momentum trades and see how they play out. When everyone's buying, buy what they're buying ... when they start selling or the buying slows down, start selling.

But always keep in mind, there are multiple forces at work in the market. You're competing against other investors, traders, machines/programs, and institutions ... that's why you'll here me say the stock market is 4-dimensional, there are many more forces at work rather than just people simply buying/selling stocks.


Keep us posted as to how you're doing.

 

[erwinmark]

Check out Peter Lynch book One up on Wall Street. Then read local papers for your area and check out the companies that are public. If you have a few ask around maybe you know somebody that work in the place. This is how I got started, but read all the clasics, but Lynch's book is an easy read.

 

[Shadytree408]

I'd agree with Illini. If you don't have anyone to teach you... it's pretty pointless. And if you try to follow money odds are you'll end up getting in after everyone else has... or getting out after everyone else has... and either way you'll end up paying and pissed.

Lol... I have no experience. I can't read a chart... I don't even know what half these terms mean.

I've only tried to do this for 6 months... and everytime I have a big winner... I have an equal or bigger loser. I'm down 7% overall. But I have learned 2 things:

don't bother with penny stocks
and get out when something is up.... cause it usually won't stay that way for long

 

[erwinmark]

Penny stocks are almost impossible, may as well bet football or hoops.

 

[whalewager]

i am good at this too

 

[erwinmark]

i am good at this too

At what?

 

[PercocetThreat]

No chance. A newbie trader has zero chance to make money. I repeat ZERO CHANCE. There are no minor leagues in this game. You are playing against sharks from the word go. After years and years of losing and learning, you have a slight chance.

I'm still in Phase 1. It takes so much pain and perseverance, and quite frankly, I don't know if I have it. Most people don't. Time will tell.

I hate to say I agree with this but I do. The deck is stacked against you from jump street. I think the best advice I can give you is to just take it slow and NEVER go all in on any one play, it's the easiest way to get buried. Never trade on margin and stay away from the stinky pinkies!!!

 

[DeathEatsaCracker]

A few years ago, I would spend 20 hours a week reading about the market and individual stocks and did no better than when I really didn't know much.

In all honesty, if it wasn't for kewlness, I'd have all my money in multi-national, high dividend stocks like PG, JNJ, GE, etc. because I gave up on trying to beat the market on my own long ago.

 

[UltF]

Hmmm haven't seen this mentioned yet, but you should start by opening a roth IRA account. You can (AND SHOULD) put in up to $5000 a year and you will never be taxed on your earnings if you only use them for buying a house or retirement (and maybe kids education, not sure). But anyways its a sweet tax shelter. And later you can pull out the money that you put in (contributions) without penalty and just keep your profits in there with the restrictions.

The best broker is probably fidelity now that they FINALLY lowered their commissions to a reasonable $8 a trade. They have one of the best selections of low-expense, high performance mutual funds, too.

 

[M@ximo]

One of your best bets is to find stocks you want to invest in, then practice buying/selling those stocks on paper ... dont buy anything, just do paper trading. See how well you do. Keep daily tabs by calculating the opening/closing value of your account.

If your stock goes down 10% what do you do, buy more or sell out at a loss? And dont just buy more because it's imaginary money. Look at charts and learn to understand support/resistance levels -- this is probably one of the most important parts of trading, yet no one takes the time to do this besides chart guys. Even if you cant read a chart, you should be able to tell at what price a stock has trouble and/or what price a stock seems to bounce off of.

Another way to practice early on is just by following the money. Hop on momentum trades and see how they play out. When everyone's buying, buy what they're buying ... when they start selling or the buying slows down, start selling.

But always keep in mind, there are multiple forces at work in the market. You're competing against other investors, traders, machines/programs, and institutions ... that's why you'll here me say the stock market is 4-dimensional, there are many more forces at work rather than just people simply buying/selling stocks.


Keep us posted as to how you're doing.

I think this is a great advice.., i like it a lot...

When things are related to economy, many times the answer to ''solve'' problems is looking everithing it is around you. Also, testing is a good way to check how are you dealing with the info around you, and that will show you if your perception about the markets are accurate.

Also.., follow the ones that know.., you know that when lines are going up or down (on wagers) you know that most of the ones who know about the game, prefer to have a small win that a big loss. So, that means you need to follow the lines. Also, it means that it is better to have a small win than a big loss. Remember that a great business is not one that make lots of money in one transaction.., it's one that will keep moving money around you even if it is not that much. Many people think to have a successful business you need to become millionare, but do not let yourself think that that will not happen, start with small transactions just to confirm how strong you are, then, if you feel you are ready, start putting more money on it...

Best of luck man...

 

[BradtheBloke]

im new to this as well. why not just use a investment guy from a trusted firm? seems they would know much more as its their job. why study 40 hours a week and still end up losing when you can go this route. any others on here go that route?

 

[buddyboy]

start watching all the financial news networks like you watch all the sports networks.

read wall street journal every day

then when you go to hire someone to manage your funds you'll understand what they are telling you.

when you and your advisor are putting together your asset allocations, tell your advisor you want to keep a % of your money invested in sportswagering that you will manage yourself. then you and him can figure out your bankroll. If your advisor is sharp he will classifiy this as your riskiest investment and treat all your other money accordingly.

good luck