I'm new to the site, and completely new to trading etc.
my family and friends have always told me to try to get into "investing" early so I can get a feel for how everything works. Now that I finally have some extra cash lying around, I think i may finally start.
Needless to say, I pretty much know nothing about the market, even terms on this website confuse me. Can anyone recommend some good starting places / things to read for me?
When i get a better understanding of how everything works, I may eventually want to put in a little money, probably somewhere between 1000 and 2000 dollars. I'm half expecting to lose all of it, but hopefully it'll help me get a good feel for how everything works.
If you guys could point me at some places to start, that would be greatly helpful
posted
Most important thing is to read, book,boards, and discuss the market with older people, people who have been in it. Check out your stock very carefully before you buy, never fall in love with a stock, do not and I repeat do not get greedy. Number one thing you must learn,are charts. Paper trade for a while first, make up a list of stocks and follow them, for price, volume, and keep an open mind. Good luck
Posts: 280 | From: w.sacto.ca. u.s.a. | Registered: Feb 2004
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posted
Their is a great site called ivestorpedia.com. It will be alot of help with terms and it also has a trade simulator. I think you will find it very helpful, I know I sure do.
Posts: 46 | From: kENTUCKY | Registered: May 2005
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posted
Instead of me retyping what i constantly repeat i'll just copy/paste it here.. hope you find it useful..
Your worst enemies in trading are Fear and Greed... if you let your emotions get the best of you , you will lose by letting them make your trading decisions.. you have to be as unemotional as possible in stock trading... much like in poker you dont want to show any emotion on your face or else your opponent will pick up a "Tell" as to what you are holding and intend to do with that hand... stocktrading is very much like poker.. both are gambling games.. but both require skills to take the gamble out of the game and put the odds in your favor... in the short run anything can happen in both games but with skill you will come out ahead in the long run... you are looking for "Tells" when stocktrading as to what the market or stock your interested in is going to do... the only way to require skill is through reading... I been playing poker for 4 years now and i win on a consistent basis because I read books on Poker first before i went to the tables... but at the tables.. whether online or offline you see suckers who bet every hand as well as raise/reraise and bluff every hand... needless to say i take their money LoL ... the most important lesson i learned in poker is folding.. protect your profits and limit your losses (Stop/loss orders come to mind & folding comes to mind when it comes to poker of course)...psychology is important in both trading and poker... like i said earlier you have to be as unemotional about every hand/trade as possible.. if you lose.. shrug it off and move on to the next trade.. if you let your emotions get the best of you and you can't bring yourself to fold your hand/trade when your losing then either use a stop/loss order to do it for you or quit the game/trading because it isn't for you...your just gambling your money away...have a Trading plan and stick to it (this also means have Stop/loss orders on all your trades to limit your losses and protect your profits) below are books to help you learn how to trade and also to see what makes a professional trader's mind tick... hope this helps you (also im more of a technical analyst then fundamental analyst.. you have to determine your trading style.. maybe you like TA more then FA or vice versa.. or a combination of both.. FA doesnt tell you when to enter or exit a trading position while TA does.. thats why i favor TA more.. FA just tell you the health of the company or economy or sector/industry etc.. but let's face it most if not all penny stock companies are penny stocks for a reason so thats why i dont bother with FA but thats just me)...
Learning to Trade books:
A Beginner's Guide to Short-Term Trading by Toni Turner www.toniturner.com (I highly recommend this one for beginner's especially ones who are interested in swing/position trading.. she also has one for Daytrading but i dont recommend beginner's get into Daytrading until they have gained some experience in trading first and to me at least Swing/Position trading is less risky then Daytrading... also Toni's new book comes out in July... i Pre-ordered it and recommend others buy it too if your a fan of her books)
posted
Playing the market is a job, you will get out of the market what you put into it in terms of time and effort, you are playing with your money, treat it that way. Before you buy a stock always always look at the chart. Check at least three years back.penny stocks are moved by emotion and news, not by earnings they don't have any. Some stocks act like a roller coaster, play them that way. If you want to win you will, all it takes is hard work. You may think this is easy it is not. It is as hard as any job you ever had.
Posts: 280 | From: w.sacto.ca. u.s.a. | Registered: Feb 2004
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posted
Machiavelli, Well put!! Being a poker player, you made things a little clearer for me. Or put it in words that made more sense to me. BTW, did you hear yet the WSOP is sold out with 8,000 players? Thats 1400 more than was supposed to be the cut off!! Any luck next week, and I belive Im gonna "move up in limits" on here tho. LOL
-------------------- Never underestimate the power of stupid people in large groups. Posts: 222 | From: Southaven, Ms. | Registered: May 2005
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posted
Must be pre-paid, is the only thing I can figure. UB has them running everyday as well. As does most other poker sites. As soon as I find the link to the article I read last night, I will post it. Either way, my seat is covered, pre-paid in April. Thought this might happen.
-------------------- Never underestimate the power of stupid people in large groups. Posts: 222 | From: Southaven, Ms. | Registered: May 2005
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I was wrong! (how often do you hear someone admit that) Just got off the phone with Jimmy summerfield, and he says they havent sold the 6600 yet! And the article I read must have been a hoax. Glad you said something tho. Made me find the truth out. Grant it I was trying to prove myself right. Anyways Goodnight.
-------------------- Never underestimate the power of stupid people in large groups. Posts: 222 | From: Southaven, Ms. | Registered: May 2005
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posted
Go to http://stockcharts.com/education/ for a free and quick education also to get you started. Do not get into a hurry to jump in. Be patient and learn all you can or you may lose your money quickly, especially with penny stocks.
Good Luck.
Posts: 539 | From: BIG D | Registered: Apr 2005
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