Le Mans: Prototype Class
Join Date: Jun 2004
Location: Downers Grove, IL
Re: Anyone Trade Stocks?
I trade on Fidelity.com Depending on how often you want to trade and your income, Fidelity is a overall good choice. Others are scottrade, etrade, schwab, etc. Some sites that could help you out if your a first timer is TheStreet.com, CNBC.com, Wallst.Net, Yahoo! Finance.
As for stratagies or tactics, rather simple. Buy low, Sell high. Now (I believe after the August 8th Fed meeting) will be the perfect time to buy stocks, as you know they have fallen terribly for really no big catalyst of reasons. You have to do your homework on a specfic company obviously, but generally speaking even companies with great earnings and guidance (future earnings), and getting creamed, some losing over 50% of their value.
As a general rule, you should start with at least $2,500 to invest, minimum. If your investing $1000 dont even bother, since you aren't going to make considerable money fast, better off in a mutual fund (or even a bank with the current rates)
Above all, make it fun. Invest how you want to, not how others tell you. I invest in speculative stocks that have big swings in price. Yes you can lose it all (or alot of it), but you can also times your investment by 3-4-5 times, or more. Most big wigs just throw money in GE or Microsoft, which haven't done anything in over 5 years.
One last thing, be patient. You should generally trade stocks over a 6-18 month time span. Things don't happen overnight, and you need to wait for the company to develop, espcially a smaller one. If you guys have any specfic questions PM me, and i'll try to help you out, but information is plentiful now on the net. Two examples I think of when it comes to stocks, is Google and Apple. I would argue many people on these forums either use google or love thier IPOD. Makes sense to invest right? Well yes. Since google went public a couple years ago it has quadupled in value. That's right, even $2,500 would be $10,000 today. And apple? In about three years (the IPOD years), it has rose 10x in value. That small $2,500 investment is worth $25,000.....enough for a loaded Mazda 3 and a stripper in the back. I love it.
2004 Sunlight Silver 3i