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Stock Trading advice

M

Mandos

Banned
I've got 1,000$ to play with and I'm wanting to play stocks. It's something I've been wanting to do and I want to do it well. week/month trading is a great thing to me and I want to try it. I don't want to just throw it in a secure account and let it sit, I want to be active with it, take risks, etc. Anyone have any websites, advice on where/how to start trading, anything other than bashing for me not wanting to put it in an INGDirect CD or something? I want to trade often, and make larger returns and have fun with it, period. Who do I deal with, who don't I deal with, where can I go to buy stocks at a low price, and where is the beginners guide to stocks? Term definitions, and how the whole thing works.

Thanks all, I appreciate it!
 
I have one advice for you: Discipline! set a goal (with only $1000, I would set my goal at $50 profit per trade after commissions and hopefully taxes) and know when to cut your losts and move on to another stock.
 
You can't day trade with $1k, the trading fees will eat you up.
Create a make-believe portfolio on msn.com and put all the stocks you are interested in on there. Take a look at how they move and react, and invest based on that. That's what I did, and I am doing fairly well (considering the S&P's movements over the past 6 months).
fool.com is a good website for learning junk.
My winnar of the day is TRMM! Although I will admit it was just luck having it anyways 😛

Motley Fool also produces a few good intro to investing books, might be able to find them at a library.
 
Originally posted by: richardycc
I have one advice for you: Discipline! set a goal (with only $1000, I would set my goal at $50 profit per trade after commissions and hopefully taxes) and know when to cut your losts and move on to another stock.
Click to expand...

Excellent advice. I'll heed this well. Thanks
 
Originally posted by: OMG1Penguin
You can't day trade with $1k, the trading fees will eat you up.
Create a make-believe portfolio on msn.com and put all the stocks you are interested in on there. Take a look at how they move and react, and invest based on that. That's what I did, and I am doing fairly well (considering the S&P's movements over the past 6 months).
fool.com is a good website for learning junk.
My winnar of the day is TRMM! Although I will admit it was just luck having it anyways 😛

Motley Fool also produces a few good intro to investing books, might be able to find them at a library.
Click to expand...

Well how do you know what stocks you might be interested in? What do you look for, or who do you ask?
 
And I'd like to specify, I didnt mean day trading, but more like week or month trading. I just want to make quicker profits than with CD's and whatnot. And larger returns. All risky but hey, it's fun!
 
um. you cant just jump in. ive posted many threads about this before. its just takes a lot more money than you have. and it takes a lot of time and research, and knowledge to understand the market. the market is like gambling with a little better odds that is all.

MIKE
 
Open an account with Sharebuilder. Their trading fees are only $4, but you can only trade once a week on Tuesdays.

Sharebuilder reinvests dividends for free, which is a really great feature.

I'm in the same boat as you. I recently came across $3,000, but I've decided to buy and hold about 9-10 different stocks from different industries. I buy $300 worth of stock every 2 weeks. So far I have holdings in 6 companies. I'm not planning on selling these stocks unless something drastic happens with my financial situation.

I'm generally distrustful of tech companies, or anything that gets hype in the news. I buy mostly mid-cap and small-cap stocks with P/E and forward P/E below 15. I have hedged my bets some, since I own GM (which is large cap), and Corning (which is a tech company).
 
Originally posted by: Garuda
Open an account with Sharebuilder. Their trading fees are only $4, but you can only trade once a week on Tuesdays.

I'm in the same boat as you. I recently came across $3,000, but I've decided to buy and hold about 9-10 different stocks from different industries. I buy $300 worth of stock every 2 weeks. So far I have holdings in 6 companies. I'm not planning on selling these stocks unless something drastic happens with my financial situation.

I'm generally distrustful of tech companies, or anything that gets hype in the news. I buy mostly mid-cap and small-cap stocks with P/E and forward P/E below 15. I have hedged my bets some, since I own GM (which is large cap), and Corning (which is a tech company).
Click to expand...

Where do you get the 300$ to invest?

I'm not looking for stocks to purchase just to hold, I'm generally looking to make profits until I have a more considerable amount and then work on buying stocks where I will get dividends. Thats my ultimate goal is to gather enough to get stocks to get good dividends for income, and for reinvesting.
 
Originally posted by: Mandos
Originally posted by: Garuda
Open an account with Sharebuilder. Their trading fees are only $4, but you can only trade once a week on Tuesdays.

I'm in the same boat as you. I recently came across $3,000, but I've decided to buy and hold about 9-10 different stocks from different industries. I buy $300 worth of stock every 2 weeks. So far I have holdings in 6 companies. I'm not planning on selling these stocks unless something drastic happens with my financial situation.

I'm generally distrustful of tech companies, or anything that gets hype in the news. I buy mostly mid-cap and small-cap stocks with P/E and forward P/E below 15. I have hedged my bets some, since I own GM (which is large cap), and Corning (which is a tech company).
Click to expand...

Where do you get the 300$ to invest?

I'm not looking for stocks to purchase just to hold, I'm generally looking to make profits until I have a more considerable amount and then work on buying stocks where I will get dividends. Thats my ultimate goal is to gather enough to get stocks to get good dividends for income, and for reinvesting.
Click to expand...

The $3,000 was from child benefit money that my Mom used to get when we lived in the UK in the 1980s (not welfare). It was in a bank account that received very little interest over the past 15 years (2%). I just found out about it recently, and I decided to bring it over to invest in the U.S., where the stock market returns 10% on average.

Anyway, I think you should take some accounting and corporate finance classes before you even consider putting money in the stock market. Even then, there are limits to how far information alone will take you. Randomly picking stocks will get you a better return on average, for example, than most mutual funds. I'm not trying to discourage you, just saying that the market is not stupid, and that there are many people out there more educated than you at this point. You don't want to be at that kind of disadvantage when you're dealing with real money.

At this point, for you it's like walking into a poker game without knowing the rules.
 
Originally posted by: Garuda
Originally posted by: Mandos
Originally posted by: Garuda
Open an account with Sharebuilder. Their trading fees are only $4, but you can only trade once a week on Tuesdays.

I'm in the same boat as you. I recently came across $3,000, but I've decided to buy and hold about 9-10 different stocks from different industries. I buy $300 worth of stock every 2 weeks. So far I have holdings in 6 companies. I'm not planning on selling these stocks unless something drastic happens with my financial situation.

I'm generally distrustful of tech companies, or anything that gets hype in the news. I buy mostly mid-cap and small-cap stocks with P/E and forward P/E below 15. I have hedged my bets some, since I own GM (which is large cap), and Corning (which is a tech company).
Click to expand...

Where do you get the 300$ to invest?

I'm not looking for stocks to purchase just to hold, I'm generally looking to make profits until I have a more considerable amount and then work on buying stocks where I will get dividends. Thats my ultimate goal is to gather enough to get stocks to get good dividends for income, and for reinvesting.
Click to expand...

The $3,000 was from child benefit money that my Mom used to get when we lived in the UK in the 1980s (not welfare). It was in a bank account that received very little interest over the past 15 years (2%). I just found out about it recently, and I decided to bring it over to invest in the U.S., where the stock market returns 10% on average.

Anyway, I think you should take some accounting and corporate finance classes before you even consider putting money in the stock market. Even then, there are limits to how far information alone will take you. Randomly picking stocks will get you a better return on average, for example, than most mutual funds. I'm not trying to discourage you, just saying that the market is not stupid, and that there are many people out there more educated than you at this point.
Click to expand...

I appreciate it. You seem very nice and educated yourself, and I appreciate the insightful and undiscouraging remarks. I think I'll ask a few people I know, but I'd still like any websites and any information that can be given. You've actually been more encouraging than anyone else! You gave solid advice on how to go about it better, rather than calling me an idiot and telling me not to bother, etc. Thanks again.
 
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