New to Stocks

[Mr. Black]

Whodi, I know I should've gotten into the market a long time ago but was stubborn. What and where does a guy get started when he has next to no knowledge about the market?

[whodi]

buy books and books and more books. Keep up with news eveyday, doesnt happen overnight. I started off by sitting infront of a computer and watching my friend trade who is a ridiculous trader. I watched the market everyday, I made notebooks of every sector, studyed the different sectors and the movements, how they react to certain news. What news is really important and what news has no baring on the market in general. I learned and memorized what stocks were in what sectors. Studyed charts and a lot of technical analysis. I bought a lot of candle stick books. It also matters on what type of trader you want to be. A daytrader, momentum trader, or are u in it for the long hall. The info is out there, it just takes a lot of time and it will come with experience. You have to willing to put in time if this is something you want to do for a career. I spend countless nights up to 3am 4am, just studying what happen that day in the market, finding stocks for the next day, making a watch list for breakouts, breakdowns, ect... It is a big commitment but it pays off if you put your time in.

[Mr. Black]

Thanks for the response. This may be a difficult question to answer but do you have an estimate of what my starting balance should be? I want to set aside some cash specifically for stocks but have no idea how much I'd actually need. Thanks for your help.

[whodi]

It is a difficult question because I dont know your finances nor is it my business, but its good to have $100,000 if thats possible, that allows you to buy 1000 shares up to a 100 dollar stock, but at the same time you have to start somewhere and you get margins as well, so It just depends on what you are willing to risk.

[Mr. Black]

I make a good living dude but I don't have $100,000 sitting in my underwear drawer.

[whodi]

Understandable, Then just open up an account with the amount of money you are willing to risk and you are good to go my friend.

[ZoomVT]

just saw this thread due to whodis activity. i am in the same boat as daddy above. since i know nothing, are there penny stocks (like penny slots) where you can get started with very minimal investment? I dont really care to make a fortune, but i care to see iof i have what it takes to do well. I will put the time i need to to make it work but i dont want to risk a large sum.
In other words, i dont feel like testing the waters with 100k or 1k for that matter. Is it still possible to get a good feel of things with a very tiny bankroll?

[whodi]

You can learn a lot with out a bankroll. You just have to study the market as mentioned before. When I 1st started, my friend that was training me would have my do papertrades, meaning, I would right down a stock and a buy or sell and a price that I entered at. Then when I covered my short or sold the stock he would ask me why did I do this or that, and I would explain the reasoning behind my intentions and he would explain what I did wrong or right and what I need to look out for. Its all about learning and experiencing different situations. As for Penny stocks, I personally dont trade them or get involved in them, so I am not much help there.

[ZoomVT]

i think there was a sort offantasy stock trading somwehere... i think it was cbs stock market or something like that... they start you with 1k i think...
maybe i can do what you suggested but use that instead of paper...

[whodi]

Go for it, let me know how it is working out. The point of the paper trades is to get used to trading that way you get a little more comfortable instead of just going out and buying and selling with no experience. It was a huge influence on my learning.

[YPA]

Just starting to check it out myself too. Somewhat familiar with the dynamics but have recently picked up three or four books to get me better acquainted. Lotta reading to do . . .