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Hey guys and gals, I'm relatively new to the market. I started trading on a simulator about 6 months ago, and have since gotten a little real world experience. I currently hold 8 positions (in real life, not the simulator). I've read Toni Turner's "Beginner's Guide to Short Term Trading", which was my first introduction to basic technical analysis. Had I read this earlier I would have saved myself a couple grand!
My question is, where do you search for good companies to invest in/trade? I've gotten my pics from various places. I'll give the rundown of my 8 stocks that I hold right now, and where I found them.
Valero Energy (VLO)- was a real winner in my stock simulator. I bought it because a person on my BMW forum reccommended it.
Goldcorp (GG)- was reccommended by athomedad on this forum.
Xethanol (XNL)- this one killed me. I was just searching for an ethanol company to invest in for the summer and after reading a few articles I thought this was the best pick. Toni Turner would have saved me on this one had I read it earlier.
Commerce Bank (CBH)- my dad does some business with the higher-ups in this company, and he had made pretty good earnings on his CBH stock so I figured I'd jump on the bandwagon. Again, Toni Turner would have saved me on this one.
Apple (AAPL)- My first pick after reading Turner's book. I did a little technical analysis based on what I had learned, and I believe Apple has a great product. I got in right before the big 12% gap it had the other day. I use a lot of Apple stuff, so I figured it'd be a cool company to invest in. Not the best criteria, I know, but it has worked so far.
Barr Pharmaceuticals (BRL)- I want to keep a diverse portfolio, so I thought I'd find something in this sector. After some browsing, I stumbled across Barr in an article. Seems like if they get that morning after pill OTC, they will have a little boost.
Coach (COH)- Another attempt to diversify. My mom actually pointed me towards an article about Coach.
Verizon (VZ)- I read an article that they'd be releasing earnings. They did this morning and I didn't get the jump I was expecting. I'm still confident in this pick because the reason it didn't go up was that earnings were not as high due to the acquisition of MCI.
That's all of 'em. Basically, I have gotten my picks from browsing through articles, and reccommendations from people every once in a while. Also, as is the case with Apple and Verizon, I'm a very happy customer. I'm pretty happy with my portfolio (although I'm getting smoked today), but I know that just stumbling across opportunities the way I have wouldn't cut it if I were to end up doing this for a living. I know it's pretty optimistic to think about getting a job based on something I've only been involved in for a few months, but I'm only 19, and I am very interested in the field.
So how do you traders find your picks? I've heard people refer to scanners and stuff...are those free? I use Ameritrade, are they accessible on there?
Sorry for the loooong first post. Also, please feel free to critique any of my picks. I'm here to become a better investor, and eventually a good trader, so don't worry about hurting my feelings.
Posts: 1 | From: Northern NJ/Schenectady, NY | Registered: Aug 2006
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