Any stock market investors here?
If so, I was just wondering if there are any books or steps (classes, etc) you took or recommend to really learn it. And for what you recommend, what exactly do you do? (long term, short, daytrade, calls, sell high buy low, buy low sell high, etc)
I'm looking to get into doing daytrading a few hours a week and some safe long term.
I can easily google stock trading and stock books on amazon, but I like to hear from people actually doing it.
Also related, how do you monitor and decide when to buy/sell? For example if you have stock in yahoo, do you each day look out for news on yahoo, or are you also looking at news for internet industry, and the markets in general? It seems like so many layers of information one must keep track of to know if the company itself, the industry, or the stock market in general may cause the price to rise or drop and I wonder how people can keep up with that.
I'd suggest signing up for one of the dummy / trial accounts to practice with pretend money first.
From what I know you can make a lot of money very quickly but that usually means you can also lose a lot very quickly so be careful and practice first !
I've been wondering the same thing. I remained ignorant of such as a JW since the end was imminent. Now I want to know.
Hi EndofMysteries, By opening an account and depositing $500 at TDAmeritrade www.tdameritrade.com, you will be able to download ThinkorSwim software. With the ThinkorSwim software you will be able to listen to trading chats by professional traders as well as using PaperMoney and OnDemand features to practice trading with virtual money. Don't do any day trading until you have practised trading using PaperMoney or OnDemand for at least 1 year.
Best of Wishes.
Peace be with you and everyone, who you love,
Me. I am more of the Warren Buffet school of thought of buying into good value companies for the long term. That way you do not have to be concerned with bull and bear markets. There is also great tax benefits, at least in Australia, since you do not pay Capital Gains tax until you sell, and then only on 50% of the gain.
Day trading is risky, particularly if you are just planning on getting into the market now, when the market is already very high.
We had a brother on this site who was a CFA (Chartered Financial Analysts for a tier 1 Firm), they are the people who move stocks with "Upgrades and Downgrades", he faded away for now.
For INVESTING ala Warren Buffet read any Benjamin Graham. All classics- the balance sheet- long term undervalued approach. Warren Buffet was his pupil. Hard to argue with a billionaire.
I made very good money for clients and myself with Peter Lynch's books. (26% IRR) The former manager of the Magellan Fund.
For day trading: The classic " Reminisces of a stock operator" 1923 Jesse Livermore. Herd mentality, reading the tape, human nature- very wealthy trader.
Use PLAY money!!!!!!!! At first.
I have an old office mate from Merril Lynch. He is Mensa, & has 2 PHDs makes 6+ figures a year day trading 10 hrs a day in his pajamas. He STILL gets his ASS kicked every couple of years and calls me almost suicidal. Day trading is not easy. Please be careful..... you are betting against pros- some governments- WTBTS types- off-shore scammers and 3rd world governments who do insider trading daily.. Remember ANY information you have access to is OLD and possibly BS.
Learn puts, stops and spreads.
Getting a second job and putting all that money into ETFs and an Index IRA is a LOT less work.
Be careful when investing in anything on paper. Companies can and do go out of business, leaving you with worthless wallpaper. Dividends go down or get cancelled to make more profit for the big guys playing around, and you take a bath. And, if the dollar becomes toilet paper, and it mathematically must, it matters not how many shares you have at what nominal price. If your stock sells for 10 million toilet papers, and a single sheet of real toilet paper costs a sextillion toilet papers, you take a bath on your stocks.
The same caution applies for investing in paper commodities. I do not recommend investing in paper silver (which is a promise for silver), except with risk capital. That silver might not be on hand when the contract comes due, and the toilet papers you get for it may well be worthless or not able to buy the contracted amount of silver on the open market. Rather, I strongly suggest buying and holding the real metals--in these situations, your real metals could become the difference between survival and starvation. And this silver and gold will become the basis for the next currency--they will not take toilet papers in exchange for whatever new currency we get next, but silver and gold will be exchangeable if you see fit.