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Started By
Message
Advice for trading
Posted on 7/1/11 at 8:15 am
Posted on 7/1/11 at 8:15 am
I'm very much interested in the stock market. Seeing as I'm a broke college student, I'm learning for the future when I actually have money to invest
I'm much more interested in technical analysis, rather than fundamental. I'm also looking into day trading, but I'm open to long term. Are there any books or websites that help with starting out? Thanks
I'm much more interested in technical analysis, rather than fundamental. I'm also looking into day trading, but I'm open to long term. Are there any books or websites that help with starting out? Thanks
Posted on 7/1/11 at 9:23 am to biwinning
I'll suggest what I tried when I was just out of school.
You don't have very much money yet, which is a good thing. Bet enough money that you lose sleep at night thinking about it. You will learn quickly what your risk tolerance is.
Eventually you will learn that people bet on stocks and such as simply another form of entertainment. That isn't a terrible thing necessarily but although you can get lucky (or not) you can't expect to consistently do better than billion dollar funds any more than you can successfully do brain surgery in your spare time.
I repeat - you will not beat the pros in your spare time. You can have fun trying and you may get lucky sometimes but that's it, and remember that you pay more to trade than they do on top of that.
It is boring to just buy a set of index funds but that will consistently do better for you financially in the end. But if you're like me at that age you don't really believe it and I suggest learning the hard way while the lesson is still cheap.
ETA: The "hard way" may not be all that hard or noticeable. More likely you will find that your porfolio has more volatility and a slightly lower return than a broad index. Still making money but not as much as you could have.
You don't have very much money yet, which is a good thing. Bet enough money that you lose sleep at night thinking about it. You will learn quickly what your risk tolerance is.
Eventually you will learn that people bet on stocks and such as simply another form of entertainment. That isn't a terrible thing necessarily but although you can get lucky (or not) you can't expect to consistently do better than billion dollar funds any more than you can successfully do brain surgery in your spare time.
I repeat - you will not beat the pros in your spare time. You can have fun trying and you may get lucky sometimes but that's it, and remember that you pay more to trade than they do on top of that.
It is boring to just buy a set of index funds but that will consistently do better for you financially in the end. But if you're like me at that age you don't really believe it and I suggest learning the hard way while the lesson is still cheap.
ETA: The "hard way" may not be all that hard or noticeable. More likely you will find that your porfolio has more volatility and a slightly lower return than a broad index. Still making money but not as much as you could have.
This post was edited on 7/1/11 at 9:26 am
Posted on 7/1/11 at 6:26 pm to biwinning
quote:
technical analysis
You realize that trying to decode charts is the equivalent to practicing Voodoo right?
Posted on 7/1/11 at 6:30 pm to biwinning
Invest in Vanguard funds and Gold.
Posted on 7/2/11 at 6:10 pm to biwinning
I'm in the same boat as you. For starters on technical analysis, stockcharts.com has an online chart "school" that seems to cover some of the basics pretty well.
Posted on 7/2/11 at 8:18 pm to biwinning
If you're new to day trading, let me tell you what I learned when I first started doing it.
To get to a million dollars by day trading, you have to start with two million dollars.....
To get to a million dollars by day trading, you have to start with two million dollars.....
Posted on 7/3/11 at 5:04 am to biwinning
quote:
Seeing as I'm a broke college student,
Take some classes?
I did a lot of reading, sites like Kiplinger and the Motley Fool. I'd also strongly recommend, once you do start earning, that you invest at least half in mutual funds (I'm in Vanguard), and play/learn about investing in individual stocks and other products with the rest. That way, while you're learning the hard way, you're also putting something away for the future.....
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