Step by step getting started guide?

Discussion in 'Educational Resources' started by COB, Nov 11, 2010.

  1. COB


    Hello everyone (First post!)

    I've had some interest in the stock market for quite some time but I never actually got into it.

    Now my girlfriend is studying finances in University and she got to go to a stock exchange simulation. She said it was absolutely amazing.
    Sparked my interest once again only this time I'm taking active steps to get into it.

    Thing is. I have no clue where to start.

    So I was wondering if anyone can provide me with a guide (or make one up on the spot!) of what steps to take.
    For example
    -download this program (it allows you to play with fake cash to learn)
    -listen to this podcast, read these articles, watch this youtube 101 video
    -open up account here
    -avoid this, it's a scam or they take a huuuge commission

    As you can see I'm in no position to begin trading. Which is exactly why I'm posting this here.
    I want to learn, practice and train for at least a year before I put even a buck into stocks.

    Few details about me.
    I live in Canada
    I started a small business last year.
    I'm starting a much better version of it now. Should be operational in 11 months.
    That means I currently have no money to spare (yet!).

    So! Once again. Any help to get me on the right path would be greatly appreciated.
  2. Start by reading William O'Niels How to make money in stocks.Then read all the books he roccomends.

    Then as Will Rogers suggests, buy a stock and when it goes up sell it. If it doesn't go up don't buy it.
  3. vk60546


    not sure if you can open a thinkorswim account being a Canadian, but if you can, they have a paper trading option using their platform.
  4. Don't start trading until your business starts to generate enough income. Read some trading books meanwhile. there should be bunch of threads on books to read. check it out.
  5. COB


    thanks for the replies so far.

    I don't plan on using actually cash for a good year or 2.
    But I'd like to get acostumed with the whole process.

    I'll check out think or swim.

    Anyone heard of Questrade?

    Any Canadians here that know of a good site/program for paper trading?

    Americans can reply as well of course! Just wanting to make sure I can use this stuff from here.
  6. mayhem28


    Grab a copy of "Come Into My Trading Room" by Alexander Elder
  7. Welcome COB to ET Forums. :)

    forsalenyc is correct.

    You can try to learn trading via paper trading (without actual currency) & then when confident switch to real money. Do part time trading so you will have two incomes from business and trading.

    Have a look here, Many books & advices are mentioned here.
  8. I have a small account with questrade, Usually us IB but have Questrade for Canadian stocks and research, also a backup if IB goes down and I have to hedge.

    RBC Direct Action has what they call a practice account. Never used it so I don't know how good it is.

    IB has a demo account but you have to have an active account with them to use it.
  9. COB, how is your guide coming along?
  10. COB


    Thanks for the interest!

    So far I wrote down a few key points.

    But as far as the "guide" is going. Well, I've been reading up a bit on Questrade, and 2 french canadian sites that seem to be simulations.

    My gf is still asking around at school (she studies finances) and so we are basically both doing some data recon :)

    I'll be sneeking in the next stock market simulation (you have to be a student but I'll just use my friends name haha) next semester.

    I'm also focusing on my business since one of the points I wrote down was "Make trading only a secondary source of income. Safer, and less stressful"

    Just at the basics so far.
    #10     Nov 26, 2010