I have a few questions for some of you with money in the market, Im not looking for info on what to invest in and how to choose, that homework has to be done on my own, My question is how did you get your start ? what trader do you use, and how much did you initially invest ? I’d say It would be best to start small to learn, just my opinion though. I know it may not be the best time to be in the market, but Id really just like to learn to successfully invest, considering most of my money sits in a savings account collecting interest and Im in the process of starting my IRA. Thanks in advance for the info, Im a noob but I’ll do my best to follow, thanks
Now would it be best when first starting to keep to IRA’s and mutual funds ? buying and selling seems awfully risky for a noob, BTW I love all theses financial based threads popping up when Im getting my investment start
Well an IRA is simply a type of account. So you would open an IRA and buy mutuals that would make it up. Well buy whatever you want to make it up. Active trading is a great way to throw money away for a noob but to be honest I kinda went right to it when I started and did fine. But you should read a few books and have good knowledge first. How much $$$ you are starting with and what your goals are with it determines a lot. With the economy and market where it is right now is a great time to just pick up some beaten down stocks and hold them for 12+ months IMO.
Thanks man, Yeah I knew I needed to invest in a specific type of mutual, as far as what I Have to invest, If i read up and feel confident I’ll be more likely to invest more, and to start a specific mutual dont you need a certain amount to start it anyway, like a 1k ?
You just need to open a brokerage account and can buy shares of any mutual funds you want at whatever the price at that time is. I would make sure you have a very firm understanding of what is going on with the economy right now before you invest. I guess all I am saying is be prepared to take the bad with the good. Are you trying to start saving for retirement? What are your goals with the money?
Well In my very basic understanding of the process, I had thought I’d start an IRA/mutual funds for retirement and when I had a good understanding of the market start trading individual stocks for money to use at my discretion.
