Savings Multiple
Where can I start investing / making money?
Im 19 years old and have a noob like understanding on how investing and stocks work. I want to start becuase I heard its good to start when your young. I currently have multiple savings accounts and cd's but have almost no understanding on how stock trading works or anything of that nature. Can anyone point me to user friendly book and/or website were I can get knowledge on this topic, as well as somewhere to start investing.?
Hi,
I do not think that you should play the stock market, if you do not know how, because you can really lost a lot of money. Usually, for the stock market you need at least $5000.00 to play with, minimum is usually $2000.00, which is very hard to do if you are playing with the blue chip stocks. Blue chip stock is a stable stock, which means if you make money, it won't be much, if you loss money, it won't be much either. There are two techniques that some people use to play with the stock market, which are the fundamental analysis and technical analysis. Fundamental analysis, you rely on the past performance and the financial statements of the company. Technical analysis, you analyzed the chart, and from the chart, there are certain pattern, that you can predict the movement of the stock market in the future.
If you don't have much capital, you should start with mutual fund, it is like the stock market, but you make a money pool to buy many different kind of stocks from many individuals in one group of fund. It is less risky, and you don't need much capital. In mutual fund there are also high risk, medium risk and low risk fund. It all depends on you, if high risk, you will make a lot of money or you loose a lot money, and so on.
I have read many books from the dummies series, but I find it a bit difficult to understand, if you are not familiar with the stock market, so sometimes, I will ask my banker about this. Usually, when you start investing in mutual fund the bank will assign a financial expert for your account, and that is where I asked many questions from him. Be careful too with your financial advisers too, because they can make mistake or they just want to earn a commissions so sometimes they will try to push certain kind of stocks for you to buy. Always do your research in sites like morningstar,com, about certain kind of stocks or funds before you invest. There are many other sites, but I usually use morningstar, because I am familiar with it.
Basic things you should know about the stock market:
Fundamental Analysis or Technical Analysis or both to try predicting the stock market movement.
You need brokers to play the stock market, full service or discount broker. Full service, the broker charge a high fee, because they also gives you advises. Discount broker, cheap, they just do the transaction for you according to your instruction. You can also open an online account, like Etrade or ScottTrade, where you do everything yourself, something like a discount broker. There are many different online brokers, you just have to look around.
I don't really know what the best book is, but the more you read, the better equipped you are. Just want to let you know, being a broker, you always make money, from commission, whether your client makes money or lost money. The downside, you will make a lot of enemies, if your clients lost a lot of money.
Good Luck
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