I know you prefer that people look for new ways to save money rather than make money through investing and trading, but for someone who wants to at least try that route, do you have any tips on how to get started?
I kind of have something of a plan on how to go about doing this, but I think it could use some guidance from someone who already knows what their doing. My plan is as follows:
1. Start following the markets, and seeing how the prices of stocks respond to various news stories. I'll just read the financial section of the newspaper, and a few sites that deal with the market.
2. Limit the number of stocks that I follow closely. I think I'll focus on around 20 or so, any more and there might be too much for me to handle.
3. Find an industry or two to focus on learning the ins and outs of. Maybe consumer technology/IT, health care, or financial services/banking. Then trade primarily in these areas.
4. Get an account on one of those virtual stock market games and start trading there for a start. I'm not sure how useful this will be but I think it will be good to get any kind of experience I can without risking losing money. When I have a good level of experience, start trading real money.
5. Just keep learning more finance and macroeconomics. Eventually I'll learn about how to use options and other tools. Hopefully this stuff will help me, but I'm not so sure again.
I kind of have something of a plan on how to go about doing this, but I think it could use some guidance from someone who already knows what their doing. My plan is as follows:
1. Start following the markets, and seeing how the prices of stocks respond to various news stories. I'll just read the financial section of the newspaper, and a few sites that deal with the market.
2. Limit the number of stocks that I follow closely. I think I'll focus on around 20 or so, any more and there might be too much for me to handle.
3. Find an industry or two to focus on learning the ins and outs of. Maybe consumer technology/IT, health care, or financial services/banking. Then trade primarily in these areas.
4. Get an account on one of those virtual stock market games and start trading there for a start. I'm not sure how useful this will be but I think it will be good to get any kind of experience I can without risking losing money. When I have a good level of experience, start trading real money.
5. Just keep learning more finance and macroeconomics. Eventually I'll learn about how to use options and other tools. Hopefully this stuff will help me, but I'm not so sure again.