Lux Investing
Someone help me learn how to invest in something early??(im 15)?
I want to invest in something so that my money can grow, but i have no clue what im doing. Someone help me to get started??
Public Comments
- Congratulations on wanting to save and invest early. What a great attitude! The LA Times offers an online course called Investing 101. It's free (registration required) and will help you understand things. Don't read it when you are tired, unless you are having trouble sleeping. My quickie advice, invest in a low cost no-commission mutual fund that invests in many stocks and maybe some bonds. The Vanguard STAR fund or their S&P 500 fund would be good first choices.
- A savings account, you collect interest.
- In the beginning “newbie” traders and investors DO NOT INVEST THE FIRST cent or dollar. No amount of money. In the beginning you LEARN HOW: A] the stock market works. B] to invest in many, many various ways. C] to properly trade D] many other concepts and aspects. Beginning or novice ['newbies"] investors and traders ALWAYS make mistakes. In fact, throughout a person's avocation or hobby to do trading, he/she will make mistakes. In the very beginning, you READ AND LEARN about the market and how it works: Read "Investing for Dummies" As you are reading and doing research about the investments you are interested in, sometimes you'll come across a financial or investment term you never heard before. You can usually find excellent, easy-to-understand definitions of many financial and investment terms by going to Investopedia’s dictionary. http://investopedia.com is a free site. It’s recognized by Y! A as a "Featured Knowledge Partner". It probably won’t be long when you’ll feel you’re ready to invest your hard-earned money. Before taking that step, you really should do research about what you are investing in. It also has a free, paper trading platform. You can set up a virtual account and almost trade as though you were trading with real money. http://finance.yahoo.com is also recognized by Y! A as a "Featured Knowledge Partner" END E-MAIL #1 The thought processes are: 1] to have more successful trades than failing trades. 2] to minimize the losses of those losing trades. 3] "To live to trade another day." Having enough money in the trading account to return to the market. ALL this is accomplished by a few true expressions used on Wall Street: Some trading expressions come to mind: A] "On Wall Street there aren't any gifts." No one gives anyone else anything - not even stock tips. B] BUlls [BUyers] earn money. BEars [SEllers] earn money. Pigs get fat. Hogs [Greedy Traders] get slaughtered. They lose the money in their trading accounts. C] "Trees don't grow to Heaven. Neither do stocks or any other investments." In other words: What goes up, MUST come down! D] "Plan your trade. THEN trade your plan!" Have a trading plan with rules for that plan for each strategy. $____ may not be enough for you to get started. I want everyone to know I DO NOT own any portion of this man’s estate, nor am I associated with him or any one else connected with him in any way. I am not part of the publishing company or an agent or anything else. This man does not know me from Adam AND I don’t know him. I know of him and the wonderful book he wrote. THIS IS NOT SPAM. You should buy a copy of this book: “The Richest Man in Babylon” by George S. Classon. You can get the book on http://amazon.com Its very easy to read. Its very easy to follow. You can write in it. You can make notes in it. All you have to do is to read five [5] pages - Let’s count 1 - 2 - 3 - 4 - 5 pages of this book - or any book - each and every day. OR You can leave it sit on the shelf, on a table or on the floor and let it collect dust. Thanks for asking your Q! I enjoyed answering it! VTY, Ron Berue Yes, that is my real last name!
- Your first option, should be to open a retirement account. This is always a good investment, regardless of who you are. If you have fully funded your retirement account and would like other options, you should consider a DRIP Plan. They are seldom recommended by brokers due to the low rate of commissions received. However, these reinvestment plans can be very powerful long-term investments. Studies have shown that DRIP's are one of the best strategies on Wall Street. They are inexpensive and easy to start. New investors to the stock market should definitely consider a DRIP Plan. Companies like Toyota, Royal Canadian Bank, Sony, Bank of America, General Electric and many other Blue Chip Stocks can be purchased through your DRIP Plan, with as little as 1 share in most cases. These long-term plans are great for beginners as well as veterans. Check them out. Best of Luck
- Start your life in the investment world by educating yourself. The first investment you should make is in yourself and the best investment you can make is in education. Start your investing/trading education by learning why you should invest, and the importance of being able to make your own decisions. See how the pros have done it. Start by reading, What Works on Wall Street by James O'Shaunessey, Beating the Street and One Up on Wall Street both by Peter Lynch, The Warren Buffett Way by Robert Hagstrom, Trading For A Living by Alexander Elder – “How to Make Money in Stocks” by William O’Neil and The Disciplined Trader by Mark Douglas. Get into the habit of making daily visits to some websites like MSN Money and Yahoo Finance. While at MSN read the Commentaries by Jim Jubak, Jon Markman, Harry Domash, and Liz Pullman Weston. Following the strategy lab analysts to get a feel for what the pro’s are doing and why. This site has some basic information for beginners. If any site offers free information, take it. Other website that can provide instructions and help with procedures and terminology are Investopedia.com, Stock Charts.com, and 1source4stocks.com Visit some of the more professional websites like Zacks.com, Smart Money, Schaeffers.com, Trading Trend, Trading Markets, these website will have advertisers who are worth looking into also. And remember, if they offer free information, get it. Attend all the free seminars you can, just be careful and don’t get pressured into anything you really don’t want or need. Most schools offer courses in finance and economics, but very few will have courses on the mechanics of the investment markets, if they do try taking the course. You may want to consider on-line courses, the New York Institute of Finance use to have such courses. Try to get some fee information from the stocks exchanges they all have (had) free booklets, SIAC and some of the regulators (NASD SEC MSRB CBOE) may provide some free literature. You at least have made the right decision to start investing, this is the first big step and it won’t be your last. Keep taking those steps forward and along the way never take the advice from people that are not in the market or try to tell you not to invest. Good luck on your journey
- I would suggest that you begin reading as many books as you can. I would also suggest that you watch cnbc or bloomberg as much as possible. here is a list of a bunch of good books for investors. Some of them may be a little too advanced for you at this point, but there are also many good books for beginners. http://seekingalpha.com/article/4068-must-read-investing-books-the-seeking-alpha-bookshelf
