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Is there some resource I can go to for step by step guidance with online trading?
After 20 years of "recommending" stocks to my hubby, he said today that, had I actually followed through w/ buying those stocks, we would have made some serious cash over the years based on my picks.
Today I "recommended" a penny stock (b/c I had been researching the company's products) . . . and hubby said . . . "don't you think it is time you jumped in there and figured out how to make some money off your research?"
But I don't have the faintest idea how to trade online and I surely have no expertise w/ penny stocks.
So where would you guys advise I go to figure this out? And do you have an online brokerage you would recommend I use? I compare them all on basis of fees but that seems kinda shallow, since info may be just as important as fees . . .or not????
Scottrade or Schwab. Others are crazy. Scottrade is cheaper.
Options House is the cheapest but they are more options oriented.
Then, you need a technicals book. Everything about charting, moving averages, RSI, oversold/overbought behaviour, stochastic oscillator map, bollinger bands concepts.
The fundamentals concept has been flung out of the window today, owing to crazy HFTs (high frequency trading) and mad computers. But they are a "need to know" set of items, without which it's somewhat like going in blind.
Then trolling around yahoo finance, fool.com and seekingalpha, picking up rumours, news, balance sheets, politics and importantly insider action. It's also necessary to identify which ones have high short interest.
Then, a stomach for risk. Always accept that for 5 right calls, you may make 5 wrong calls.
Actually, right now is the CRAZIEST moment to being trading Volatility index is running like a march hare.
And stay away from penny stocks. Pick good ones which have the capability to swing 40 to 50 cents at least.
Scottrade or Schwab. Others are crazy. Scottrade is cheaper.
Options House is the cheapest but they are more options oriented.
Then, you need a technicals book. Everything about charting, moving averages, RSI, oversold/overbought behaviour, stochastic oscillator map, bollinger bands concepts.
The fundamentals concept has been flung out of the window today, owing to crazy HFTs (high frequency trading) and mad computers. But they are a "need to know" set of items, without which it's somewhat like going in blind.
Then trolling around yahoo finance, fool.com and seekingalpha, picking up rumours, news, balance sheets, politics and importantly insider action. It's also necessary to identify which ones have high short interest.
Then, a stomach for risk. Always accept that for 5 right calls, you may make 5 wrong calls.
Actually, right now is the CRAZIEST moment to being trading Volatility index is running like a march hare.
And stay away from penny stocks. Pick good ones which have the capability to swing 40 to 50 cents at least.
Thank you so much for that great advice!
Yeah, I know . . . it is a crazy time to think about starting this little pursuit, lol. I have been thinking about it since the late 90s, when I begged hubby to buy Apple at $10 a share. I begged for him to let me have $5K to invest - asked for weeks . . . I have been a Mac user since 1989 and really believed in the product . . .
There have been several stocks I begged him to buy and he wouldn't - and regretted it later. Luckily, he did let me buy 200 shares of Darden when it was at $11. Too bad he didn't let me buy 500 shares, lol.
I just lack confidence when it comes to the big bucks and so have never been willing to argue too long when it came to investing more than $2K at a time. However . . . I have been watching several stocks and they have made significant gains . . . so I think it is time I tried this out - very conservatively, of course. The thing is . . . I am one to invest for the longterm - so thinking about small profits and quick turnaround is something I may not be cut out to do.
Yeah, I know . . . it is a crazy time to think about starting this little pursuit, lol. I have been thinking about it since the late 90s, when I begged hubby to buy Apple at $10 a share. I begged for him to let me have $5K to invest - asked for weeks . . . I have been a Mac user since 1989 and really believed in the product . . .
There have been several stocks I begged him to buy and he wouldn't - and regretted it later. Luckily, he did let me buy 200 shares of Darden when it was at $11. Too bad he didn't let me buy 500 shares, lol.
I just lack confidence when it comes to the big bucks and so have never been willing to argue too long when it came to investing more than $2K at a time. However . . . I have been watching several stocks and they have made significant gains . . . so I think it is time I tried this out - very conservatively, of course. The thing is . . . I am one to invest for the longterm - so thinking about small profits and quick turnaround is something I may not be cut out to do.
Nothing ventured . . . nothing gained.
THank you again!
One thing I have learned is that it's so easy to make such calls and get them right when you have not invested a dime.
It almost seems like a game fate pulls on you, for after you throw money in, you end up dealing with the real deal, it actually gets down or some disaster happens.
So virtual good calls are always not going to transmutate into physical good calls.
Study for 2 weeks, well actually, try looking in after mid-October, coz that is when Greece is projected to default. Equities may be a little stable after that, unless the US defaults.
The fundamentals concept has been flung out of the window today, owing to crazy HFTs (high frequency trading) and mad computers.
I disagree. HFT is basically day trading on steroids. Seven-second trades made by machines have little to zero bearing on where a stock is headed over longer periods, IMO. The ride MAY be a little more volatile, but that's about it.
Quote:
Then, a stomach for risk. Always accept that for 5 right calls, you may make 5 wrong calls.
The good news is, even if you're wrong more than you're right, you can still be profitable overall.
Thank you for the insight, guys. Still reading and researching. Maybe I am too risk averse to stick my neck out and really try this . . . but I am itching to try, lol.
Thank you for the insight, guys. Still reading and researching. Maybe I am too risk averse to stick my neck out and really try this . . . but I am itching to try, lol.
Excellent time to stay out of the market
If you're lucky, Greece will default and you can snag everything 60% cheap.
I also trade in the range of 1-5k at a time. Usually a few hundred shares. Doesn't cause me any discomfort if things go south (and unfortunately they do on occasion). Have fun. But I agree, don't "co-invest". There has to be one person to make the decisions and one person to be responsible for successes and failures.
Options Express has a practice account feature. Its the same exact platform just not real money. It may be helpful to test your trades before committing any real money to the market. Will help build your confidence or figure out where you need to tweak your plan.
A few other rules to live by- never break your own rules about when your are going to get out of a trade - especially in a loss situation. Be disciplined about this. If you aren't comfortable with big money trades then dont do them or feel pressure to do them! Nothing wrong with starting small. Especially in this crazy market.
Google swing or trend trading.
Good luck!
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