OCT 13: Tips for online Stock Trading

by David Jenyns on October 13, 2006

Go for it!

Most of us learn by doing so I say get right in there and do it. Find an online stock broker that doesnít require a minimum deposit, deposit a hundred dollars or so and start trading! I used Sharebuilder because there is no minimum deposit and you can get a basic account for free.

I also decided when I started this that is was my hundred dollars worth of mad money to learn on and I decided I wasnít going to get stressed when my stock didnít behave. And it worked. I bought almost 2 shares of Imation which cost me 4.00 for the buy and I sat back and watched. Since Sharebuilder deals in dollars and not shares, instead of specifying you want 2 shares of Imation or whatever, you specify how much money you want to spend and thatís why I bought almost 2 shares.

The best tips for online stock trading can probably be found at MSN. Even though I used the Sharebuilder site for my brokerage firm, I found I preferred doing my research on MSN. Now there are plenty of entrepreneurs who would like to sell you tips for online stock trading and you could spend a fortune learning the basics however, you can also learn them for free because everybody likes to tell people what to do with their money.

Investigate

One of the best tips for online stock trading came to me for free and it turned out to be a good one. While youíre doing your online research, go to the companyís website with whom you are considering investing. Here you can find a truckload of information that while it doesnít scream, ďStock trading advice! Get your stock trading adviceĒ it tells you everything you need to know about the companyís fiscal health.

Thereís a little stock trading game I like to play so I wonít call it advice. Sometimes, though I get some interesting results. I look ahead to what will be happening or what products will be coming out in the next few months. Now everybody knows that Sony will debut the Play Station PS3 in November 2006 so I think about something close to the game console that will cause a surge in XYZ company sales. Suppose that the XYZ Company makes the widget for the Sony PS3.

Now it is common knowledge that game consoles that debut around Christmas become a hot demand item. They sell out quickly and the rest are on back order for weeks. If this little known company, XYZ is making the widget for this item that everyone wants to get their hands on, Iím going to sneak out the back door and buy stock in the XYZ Company.

This is just one of many tips for online stock trading that you will run across. Until you know what you are doing, donít pay someone for the basic information you can find with any Google search.

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