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#1
06-20-2005, 04:17 AM
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Practical advice
I'm looking to invest some of my voluptuos bankroll but have some questions about the practical aspects. I have recently moved from the US back to Denmark. Most of my bankroll is in neteller. I have both a Danish and American bank account, but my Neteller is tied to the american one. I figure the cheapest way is to trade online. Any input/recommendations are most welcome!
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#2
06-21-2005, 02:30 AM
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Re: Practical advice
The cheapest way to trade online is not to do it. Commissions are tiny cost compared to making poor decisions and losing large portions of your nest egg.
Now maybe you are an investing whiz, so don't take my advice the wrong way, but since you are asking about the simplest and most inconsequential factor in your investing success leads me to believe you are a novice. If so, you have two choices Buy index funds and low cost bond funds in a reasonable proportion for your time horizon, or search this forum for book recommendations and start reading. Probably doing both is a good idea. FYI, Ben Graham's books aren't the easiest reads, but IMHO he's the best place to start along with anything by or about Warren Buffett.
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#3
06-21-2005, 10:54 AM
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Re: Practical advice
I've read many of your posts on 2+2.
I have no doubt that you can make money investing online. Among other things, it requires common sense, being objective, and an effort to minimize the gambling aspect. You're probably already ahead of me, but I'd recommend reading all the books modeling Warren Buffett.
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#4
06-21-2005, 12:22 PM
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Re: Practical advice
What's the best use of your time? For some, it's finding a brilliant money manager to handle their investing, and then spending their time doing what they really love to do. Buffett's one of the best because he loves it. Bill Gross of Pimco is one of the best in bonds. Jim Rogers is one of the best international investors. There's lots more. It may seem obvious, but these are some of questions you want to think about up front before you embark on a journey of learning that may very well take hundreds or maybe even thousands of hours. fwiw
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#5
06-21-2005, 01:05 PM
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Re: Practical advice
[ QUOTE ]
I'm looking to invest some of my voluptuos bankroll but have some questions about the practical aspects. I have recently moved from the US back to Denmark. Most of my bankroll is in neteller. I have both a Danish and American bank account, but my Neteller is tied to the american one. I figure the cheapest way is to trade online. Any input/recommendations are most welcome! [/ QUOTE ] Yes, you will want an online broker. There is no need reason to pay extra commisions for "personalized service". I am not saying that fee based financial planning is not a worthy service, but for where you are today, go with a reputable online broker. When you open your online account, you will transfer funds into a cash management account held by the broker. You can complete such a transfer from any checking account (by writing a check) or from any US bank (via wire transfer). When you open the account, the website will provide instructions on how to make such a deposit. For service, software, record keeping, and cost - I like Fidelity. www.fidelity.com
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#6
06-21-2005, 02:30 PM
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Re: Practical advice
[ QUOTE ]
The cheapest way to trade online is not to do it. Commissions are tiny cost compared to making poor decisions and losing large portions of your nest egg. Now maybe you are an investing whiz, so don't take my advice the wrong way, but since you are asking about the simplest and most inconsequential factor in your investing success leads me to believe you are a novice. If so, you have two choices Buy index funds and low cost bond funds in a reasonable proportion for your time horizon, or search this forum for book recommendations and start reading. Probably doing both is a good idea. FYI, Ben Graham's books aren't the easiest reads, but IMHO he's the best place to start along with anything by or about Warren Buffett. [/ QUOTE ] good preaching.
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#7
06-22-2005, 02:18 PM
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Re: Practical advice
Thank you for your advice and concern. You are right: I am a novice when it comes to investing and I do have plans to do some reading. I do however want to start dabbling right away, I find I learn things best that way. Thus the questions asked.
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#8
06-22-2005, 02:23 PM
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Re: Practical advice
[ QUOTE ]
I do however want to start dabbling right away, I find I learn things best that way. [/ QUOTE ] As a general rule, I do the same thing. I doubt anyone on these boards STARTED playing poker after reading all the 2+2 works. However, I find this to be counter-productive to investing. It really is something you need to understand before you even dabble.
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#9
06-22-2005, 02:43 PM
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Re: Practical advice
[ QUOTE ]
[ QUOTE ] I do however want to start dabbling right away, I find I learn things best that way. [/ QUOTE ] As a general rule, I do the same thing. I doubt anyone on these boards STARTED playing poker after reading all the 2+2 works. However, I find this to be counter-productive to investing. It really is something you need to understand before you even dabble. [/ QUOTE ] I guess I should have frased it differently: I already know some papers that I want to invest in and I was looking for the best way to buy.
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