If you are a new investor who is trying to learn the ins and outs of stock trading, it is very important you use multiple, quality sources. It’s almost like riding a bike. While there is bound to be a great deal of trial and error, if you keep pushing forward you will eventually be successful.
When it comes to stock trading your greatest advantage is time. Stock trading is a game that will last a lifetime. In other words, you have plenty of time to develop and hone your skills. Some of the same strategies used 30 years ago are still being used today. So the game is always on.
If you are a new investor wanting to learn what stock trading is all about, here are a few simple and effective ways you can get started.
#1 – Visit Some of The Top Financial Sites on a Regular Basis
Yahoo Finance and Google Finance are without a doubt two of the best free sources for new investors. Reading their headlines is enough to expose you to the many different terms used in this industry. You should also pull quotes and observe some of the fundamental data.
#2 – Read Books
There are literally hundreds of thousands of books that have been written on the topic of stock trading. Many of them are inexpensive and full of valuable information. Here are just a few of the books you should pick up at your local bookstore:
How to Make Money in Stocks by William O’Neil
The Warren Buffet Way by Robert Hagstrom
Market Wizards by Jack Schwager
#3 – Get a Mentor
A mentor is basically anyone who has a fundamental understanding of how the stock market works. This could be a relative, friend, or co-worker. A good mentor will be willing to answer any questions you have. They will also provide you with great resources that will help you be successful. If you look at any of the top investors of today, you will notice they all had mentors when they were first starting out.
#4 – Consider Paid Subscriptions
If you can afford a paid subscription I would highly recommend you get one. The right paid subscription service will provide you with research and analysis that is very useful. With this type of service you will basically be able to watch market professionals do what they do best. You can then turn around and apply what you have learned to your own trading. While there are plenty of paid subscription services available, Morningstar.com and Investors.com are two of the best.