help a newbie please

fireman664 · #1 03-14-2004, 11:21 AM

Other than My retirement, I have never dabbled in the stock market. I am looking to take some of my poker winnings and "play around with online trading", as a way of learning the market. Since I know nothing, and will be learning as I go, I would like to use a site that allows a minnimum amount of money to invest and doesnt charge alot per trade. Any thoughts on a site I should look into, or anything else I might want or need to know. Thanks

adios · #2 03-14-2004, 01:39 PM

Scottrade charges $7 for market orders. I think Brownco charges $5 for market orders.

Ray Zee · #3 03-14-2004, 04:58 PM

since you know little about trading why trade. you will just lose money. learn more about it before you start gambling.
almost all traders go broke or are behind what they would have done if they bought and held. reread this sentence.

fireman664 · #4 03-14-2004, 05:40 PM

thanks.....I plan on doing my homework, and taking your advice.

Ray Zee · #5 03-14-2004, 08:18 PM

sorry i reread my post and it sounds harsh but i meant it to be informative and definitive.

really. do you want to take money that will compound many times over in your lifetime, that will be vital to you someday for retirement, and likely lose it learning something that does worse than just buying and holding. see what i mean.
you will learn alot about all the aspects of the market by reading tons of books. but buying and holding will bring the results.
also since this is the best forum on the market around , go back into the archives and read some of the stuff. amazing the knowledge here. good luck.

GeorgeF · #6 03-14-2004, 09:35 PM

If by trading you mean taking short term positions in stocks:

1) To be successfull at poker or trading you need to find a monied group of people who are less capable than you. It might turn out that you are the monied person who is less capable than others

2) My feeling is that in the current market going short may me necessary for successfull trading.

3) You might consider commodities instead of stocks.

4) Cash might be the best bet for now.

I think this is the single best book on the stock market:

A Random Walk Down Wall Street: Completely Revised
http://www.amazon.com/exec/obidos/tg...s&n=507846

fireman664 · #7 03-14-2004, 09:47 PM

I agree with you whole heartedly... I will be reading alot and learning. I was just looking for a place to trade cheaply when I do start investing (other than my retirement), assuming I still have extra poker bankroll to play with. Thanks for the strong warning....its why I love this site to begin with..honest opinions to questions.