Hi, I just read the rich dad poor dad book and it made me pissed off that I'm stuck in the rat race. I made a decision to start making my own money instead of working my ass off to get the scraps off some fat bastards table. I've always had a passion for the stock market since i was a kid and i think it would be a good way for me to start earning money so i can make some business investments. I'm reading a ton of books on stock investing, warren buffett, and options but most of them are pre-9/11 and I think lack some crucial knowledge that I need. Anyway i have a few questions that i hope someone can help me with. A) What are some good books or sites to visit to get some practical trading knowledge. B)I saw an advertisment for WizeTrader today. I know it's total BS and that it works on moving averages. Where can i find out about moving averages and is this a good technique for picking stocks (not solely but in conjuction with other techniques). C) Where do daytraders get there "inside" knowledge from. I hear all the time of people getting pre-ipo shares and buying booming stock before it booms. What are some ways to get this kind of info. D) I know dividends are taxed close to 40%...what are some ways around this? If you buy dividend stock on your IRA is it still taxed? E) I'm in debt a few thousand dollars right now, what are some ways I can still start investing? I don't want to wait to get out of debt before i start letting my money work for me cause It will take precious years. F) Because I'm in debt i'm very limited in how much i can invest right now (maybe a few hundred dollars). Any ideas for brokers? All the online discount brokers have like 1000 minimum accounts and i can't afford that right now. I'm thinking of doing Schwab or something on percentage until i can accumulate enough for my own account. G) How do you find a good broker? for advice and stuff while i'm still learning. H) How did you all get started? Thanks for reading, I know it was long but i'm passionate about getting in there and any help i can get would be appreciated. I don't have a whole lot of money to screw around with right now so any investments i'm making have to be well researched or I don't eat for the month. Also, any other hints or tips you've picked up on would be appreciated as well. Thanks, Adam
Go to the library and start reading up on all these subjects before taking any action, you'll come across answers to many of your questions as you read and understand more and more. You're not ready for trading or investing if these are your questions at this stage. Pay off your debts first; when the answers to your questions have become clear and obvious to you, see that you have accumulated way more funds than $1,000, that you can risk. Don't quit your day job. If you disregard my kindly advice, do be prepared to not eat.
Hey Adam! You have a good attitude and a keen eye to notice the world of investing has changed post 9/11, you should do well! Many people are now turning to online trading as articles would indicate. You may wish to consider trading currencies, the latest rage. I trade them and would never ever go back to stocks. If you want to do this go to OANDA and check out their demo - it is the same as live only you don't use your own money. Being in debt while starting trading is probably not new, but to get to the place where you can consistently excel and make a living off trading may take you some time, so you may not wish to expect too much from it to begin with. There are good books and resources available on trading and currencies (forex). Check out the Market Wizards series. I get a lot out of these books. Sam
Keep working for table scraps so the fat bastards like me can keep getting richer at your expense. Give up your hopes and dreams and succumb to The Man. You have no chance---THEY are in control of your life. How do I know? Because I AM "THEY" ---THEY
Would you please elaborate on that Jack. ps:JUST KIDDING! But I totally agree. If theres any way you can hook up with somebody thats already doing it, its your best chance.
Took this for fun. Overall, a stupid test. I got group B range, but still half the questions are not really relevant.
I got Group B too.....I guess that is motivating. I learned a lot from Steve46's new trader thread, if any other new people are reading this. I think what i need to do is develop a game plan, determine what i want to do, keep a real good journal, and then start doing some simulations.