Hi, I've never done any of this but have been thinking about it for around 20 years. Now I finally want to at least try it out but don't know how to get started. I'd like something to be involved with like day trading or something but don't want to--and can't--sit in front of a computer all day because of work, and don't have much money so would have to deal with low priced stuff. I've heard the term penny stocks. Is it possible to set it up in advance so things will automatically buy and sell when they reach different points so we don't have to be there watching charts all of the time? Just in searching around for different forums it became apparent that there are a lot!!! of places for beginners to start, but I don't want to just grab whatever and hope it's worthwhile. So I'm asking around what experienced people have learned about and suggest as good specific tutorials or threads or whatever they think is best for beginners to learn the basics. I know nothing at this point so need to learn how to find out what to learn, if that makes sense. Where to start from the very beginning, from nothing? Thank you for any help and suggestions!!! David
David, Trouble is tons of info on the net, don't do penny stocks, volume is too low and when you need to get out, sometimes you can't. Professional traders don't do penny stocks. Low price stocks of better companies is best. Learn first, download Ninja Trading charting and get date from Kinetick, both free. www.barchart.com is incredible, you can do charting as they have much data. Here is another good site http://finviz.com/ Learn to chart, read what the charts are telling you. Believe it or not, the "Dummy" books are easier to get into understanding about trading, they are easy read. You want to trade longer term and dividend stocks, use weekly charts cause you don't want to be raking up many trades as it has many fees. Getting in a stock at $5 and perhaps selling at $15 or $10 when market s showing time to get out. Huge amount of info on the forum, go into Educational info, pass on the day trading, takes long time to get good and tons of skills, long term you want to come up with ideas of how to get in which is 5% of a Trading Plan, while the 95% s money management. No rush to open an account, if you don't have a well back testing method, if you can't have all answers before the questions, you not ready to open an account. Back test and papertrade. Good luck. Handle
I can't add anything very helpful to that, except to say ... (a) that it's an excellent reply, given the perspective from which you're asking, and ... (b) that threads with questions as basic as these do tend to fill, eventually, with conflicting advice and sometimes with some strange ideas; I'd suggest, if that happens, that Handle's reply above is the one you should keep re-reading. Both penny stocks and day-trading are definitely things you should avoid, David - for many reasons of which you don't yet have enough experience to appreciate the details. Good luck.
Another free advice: Please be very sceptical of people soliciting you of money, selling systems, make-money-fast schemes and basically alot of empty but convincing promises. Often, these people don't make enough at trading but don't have a day job either, so need other income, your money. It's not all a big scam, it's just that it's very very rare to find some system someone else is following that really suits you personally. So it too often end up not worth your money. You can learn from everybody and there are alot of free information and videos out there, but do keep all costs down as much as possible. Cost is an anti-edge. Keep it simple and try to find ways to weather the swings in the market. This is the same reason it's very hard to provide concrete advice, it may not suit the trading style that suits you. It'll require time and effort to find something that you can believe in and start to build trust in. In fact, whatever timeframe you think it may take, it take can many times longer than that. Intensity in periods may help, but should never be overdone. You may have already gotten advice earlier, that some point in time later, you say "duh" as you suddenly "see it for yourself". That, and to be able to perform, is what's really required and it's a very personal ride, that don't lead to great riches for most. Do safe experiments. If one thing fails, try the opposite.
Starting from zero in the age of the internet, I would suggest searching the web for 'stock tutorial' videos. https://www.google.com/search?q=sto...J-ePLAhVJDxoKHZ6VB7AQ_AUIBygB&biw=969&bih=400 Watch many. They should raise questions, which then should become the basis for additional research.
Treat every post by 'marketsurfer' as priceless literary gold. (then do the opposite of what those posts contain)
Get a notebook and pencil..., section off the notebook One section - list..., in bullet format - everything you don't know..., but want to - about trading One thing / topic / subject / aspect / unknown - per bullet item The other section - list..., one by one..., your questions One question - per bullet item Commence to learning / answering each listed bullet item List others (unknown(s) / questions) as they come up Repeat till things get clear / ironed out in your head Then the real work can begin Part of the real work will be creating your unique approach (approaches are a dime a dozen - but you won't believe this for a long while) Part of the real work will be this v And part (the most important part) of the real work will be internal At times the work will be blurred between parts Ultimately the parts must coalesce into you the trader Plan on it taking ~ 10 Yrs of concerted effort before you're worth a shit Use Sim as you're getting this stuff / you worked out - unless you wish my colleges and I to end up with all your money Never be afraid / hesitant to say..., you don't know - none of us do Never be afraid / hesitant to admit..., when you're wrong - most of us are every day..., repeatedly Trading is not like any other endeavor in the civilian world - to succeed at it: You must learn to lose - easily.., and as often as necessary You must learn you / your opinion - is totally worthless You must learn humility..., and ego is a ruthless..., viscous..., and unrelenting trader killer You must learn and embrace uncertainty (like you've never known) You must learn mastery of self Oh yeah..., and in amongst all this learning..., there is a new and foreign language to learn - that of price Then there is the personality of the the mkt / the instrument you're trading - throughout each of their multitude of cycles Then there is indicators / no indicators...., contextualizing..., actual trading - and likely a bunch more I'm forgetting ================= Not trying to dissuade you..., rather level set your expectation to a reasonable perspective Trading is the absolute best gig - if you can It worse than any hell you can imaging - if you can't And getting to where you can - ain't no damn cake walk - to be certain Successful Journey Sir RN
It's a long road of self-discovery...don't expect to make a killing overnight. You learn by doing -- so just observe everything, no source is necessarily better than another...just try to take it all in with a clear, neutral head.
Some standard financial planner / investment consultant questions: What are your goals ? Do you want to "make money" ? Do you want to accumulate assets over a long term period ? What is / will be your strategy ? Do you have tax deferred accounts ( Roth IRA, 401K, ? ) Do you have family obligations ( kids, partner, elderly that need attention ) ? Is your job stable, with reasonable sustained salary ? Do you rent, pay a mortgage, own ? Do you have a predilection towards gambling / risk taking ? Are you a calm or "impulsive" person ? If you have some initial "success" and get an itch ... don't quit your day job.