Stock Market for Dummies
7 Tips Smart Stock Traders do to be Smarter
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It’s never too late to start understanding the stock market to increase your investing IQ. You could always get a mutual fund that invest in stocks. But do we want those professional managers taking control of your money and have all the fun hehe. We could also just get stocks and shares advice from our trusty (best) stock brokers, but those pesky stockbroker fees could lengthen the time you can achieve your first million. Well, we gathered some tips to learn online stock trading for beginners the easy and cheap way. Asking stock market questions to sites or forums is actually included in the list.
There are cheap and better ways to learn stock market (really there is hehe). You need a few extra bucks for this but some are actually free. To really learn something, you need to put your heart out and dedicate your time to it (sorry no shortcuts here). Take little baby steps (forward) like allotting an hour or so in your stock market education and you will see yourself progressing along.
Below are 7 tips that will help you get started. The associated cost for each tip is also included (just humor me hehe).
- Ask stock market questions
Our mind is complex and lots of questions pop-up all the time. Don’t just let it get stuck on your head. Speak out. Ask experts or sites like [Do Online Trading].Cost: internet, thinking of the right questions to ask, confidence to ask
- Participate in a stock market trading game
What better way to learn but by actually doing it without using real money. Playing the stock market through a game will let you experience first hand how trading action happens. This is also a way where you can test out different strategies and see if it works or if you should just scrap those strategies.Cost: time / patience, finding good players, self control to learn first before getting into the real thing.
- Enroll in a stock market seminar
Some seminars cost a lot but some offer free “quality” trainings or just a few bucks worth. Why not try it?!Cost: Knowing those scheduled seminars before their actual schedule
- Watch news or read the newspaper about the stock market today
Take note that this should be done today. Keep yourself updated daily and get the feel of the market. This way, you will have a good idea on market conditions and have the best information on making your decisions on whether to buy or sell.Cost: TV, newspaper, analytical thinking, missing out on the sports channels
- Read stock market articles
There are lots of articles readily available on the internet (even by just browsing this site). Enough said.Cost: Ability to find and read good articles, knowing people who knows their stuff
- Join an online stock forum
Forums provide a venue where you can mingle with people who are interested in the same thing (sometimes called a community). Also, some people are just waiting to get their hands on some newbies to ask dumb questions (they will have a good laugh but they will answer your questions anyways hehe).Cost: Your reputation in the forum
- Find a mentor
They have the experience where they can guide you through your mistakes and tell you the right direction to take.Cost: A few coffee drinks or lunch / dinner, constantly telling mentors how good they are
Remember that the best things in life are cheap free. Learning is a life long process but it shouldn’t take you that long in learning to invest in the stock market hehe. Learning — priceless ^_^
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6 comments for “7 Tips Smart Stock Traders do to be Smarter”
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During my time when i’m starting the ropes in stock trading, it was 1994, there was no internet and no emails. My source of learning is only in expensive books in bookstore, and my source of stock price is from 3 days delayed WSJ Asian Ed. Lucky are you guys, your learning curve will be faster ‘coz almost everything you need, all the above mentioned by Newbie can be accessed in the net for free. So no more excuses to those who wanted to learn. Good job Newbie
Dann. With the emergence of the internet, everything seems to be faster now hehe. I started in 2007 and reading online articles on the stock market really helped a lot.
i love it. pwede ba you are my mentor as stated in your post. new player on the block from cavite
Ben, keep reading muna articles dito sa dotnewbie. It’s good na bumabalik na interest ng mga pinoy sa stocks ^_^
yeah. it is also due to introduction of online trading c/o 3 online traders you provided. im under col. Kumita kaunti sa GMA7 who is the highest gainers yesterday.
i’m still on the learning/reading phase and this is a good site for a newbie like me.