Trading For a Living Information

I have never traded stocks online but I would like to start. What site is best for trading? How do I pick stocks? Where can I find good fundamental and technical analysis? Are there any sites out there that seem to pick consistent winners?

I can tell that you are a value investor. You want to ask 3 questions for the price of 1… well, here you go.

What site is best for trading?
Every one has different needs. If you’re new and don’t keep much money in your brokerage account, then Scottrade is probably good for you. They’re real time charts are pretty good, but no CD’s are available, the cash account only pays about 0.5%, and they charge pretty heavily for mutual funds. If you want to leave money sitting in a MM that pays 5% while you’re out of the market, like a choice of no load, no fee mutual funds, has an excellent site for research, want to buy competitive CDs on line, all in one place, then you might like fidelity. It’s what makes you happy. If you don’t like the sevice, then you can always change.

How do I pick stocks?
An answer would take volumes to provide, so let me suggest some literature:

I would recommend William O’Neil’s "The Successful Investor" as a good starting point. Follow that up with Peter Lynch’s "Beating the Street". That should provide you with two strategies that you can learn from in building your own investment strategy.

Other good books include "The Motley Fool Investment Guide" by Tom and Dave Gardner or "Real Money" by James Cramer.

I have read all these books and many others and devised a strategy that adopts a bit from each one.

Another thing you can do is invest using a fictional portfolio. Let that run for a few months to see if you are ready to start trading with real money. In the meantime, invest in mutual funds. Once you are ready, sell the fund and invest on your own.

Remember, the time spend learning about investing is far less then the money lost by not being prepared.

Where can I find good fundamental and technical analysis?
You’re on your own for this. There’s a multitude of excellent sites out there, where you can get fundamental ratios. Try Zack’s, Yahoo Finance, MSN finance, and a multitude of others are out there for free. As far as technical analysis, you need to research and find what works for you. As far as charting goes, Bigcharts is a good free site. Personally, I like Telecharts, which has a fee, but well worth the 50-75cents per day for the sorting capability, fast way to cycle thru many charts, and the ability to write your own personal critera.

Are there any sites out there that seem to pick consistent winners?
No. And anybody that says they can is a liar.
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I am starting out day trading stocks and want to minimize the taxes I will have to pay. Does anybody have good tips or tricks to doing this? I will not be holding them for over a year. Also any good programs or websites I might want to use. I use Scottrade currently but want something for charting.

If you have at least $25K on your brokerage account then you are classified as a pattern or full time trader and you can deduct trading commissions as regular business expense. That’s the most you can do. You will always have to pay taxes whether you sell ice cream cones or trade stocks.

Also you pay less taxes if you hold stocks long term. The more time that passes the less the percentage. I don’t remember the exact numbers right now but you could check on sec.gov . So traders basically pay more tax % than long term investors.

I am completely new to the world of trading stocks or currency, but I want to get started. I see ads for all these different websites (ameritrade, etrade, etc.), and I was wondering, which (if any) would be the best for a beginner? I’m not looking to get rich quick, but I would like to start investing my money for the long term.

Also, which if any of these sites offers a way to trade currencies? Ideally, I would become a member of the site with the best combination of both of these (trading stocks and currency).

Thanks

There is no “best” on-line company

Mostly all brokerage firms provide their clients with on-line services, including trading platforms, latest market & financial news and research.

Customer need to select the site that is best for them. Traders have requirements in a site, while investors have other requirements.

Although most sites are geared to general securities and commodities, however customers may have special needs for the types of products they trade, and the markets in which they trade.

It seems that the most popular firms for on-line investing all of which provide excellent platforms and services are; Scottrade; Chas.Schwab; TDAmeritrade; Fidelity; E-Trade and Thinkorswim.

Based on your question, the last thing you should be looking for is an "on-line" site,
You should first educate yourself about the securities markets and the products traded on each.
Get to learn the terminology, the rules and the various strategies.

visits to some websites like MSN Money and Yahoo Finance. (http://moneycentral.msn.com/home.asp http://finance.yahoo.com/ )
While at MSN following the strategy lab analysts to get a feel for what the pros 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 – http://www.investopedia.com/ Stock Charts – http://stockcharts.com/
Other – http://www.investorshub.com/ http://www.1source4stocks.com/

http://www.todaytrader.com. Day trading in stocks is both risky and difficult. Please consult your financial advisor before attempting to trade actively. TodayTrader is not responsible for any content that may be viewed on this channel. These videos are not meant to be recommendations in the market. Day trading equities requires a retail account balance of at least $25,000 and must remain at or above this level to trade stocks actively. This website is not a solicitation to buy or sell securities, options, or futures. The purpose of this content is educational only.

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