im new to stocks in need of help?

[matteagle]

Originally Posted by kevin1612

i would get a 2nd opinion on all of that...

Here's a good question to find answer for: What is difference between penny stock market and big boards? Google difference in rules, companies traded, requirements to be listed etc. That's good place to start.

[newstocks]

how do i look up stocks? What companies do you use? If im looking for a company that i know is good, how do i find its stock?

[NoJobRob]

Google their company name + stock symbol.

[NoJobRob]

And yes, pennies are very risky, but if you do your homework and actually know what you're doing, then the risk is very minimal. The only reason why penny stocks have such negative stigma is because unsuspecting newbies play them and lose everything, simply because they don't know what they're doing. So with that said, I wouldn't say pennies are bad, it's just the clueless people who lose money on them make them look bad. But after all, it was their choice to buy them and not know anything about them. Only themselves can be blamed for their losses.

[Ubidee]

Also, you said your going to use your 401k or IRA. This is tax deferred money usually held by someone like Fidelity or Vanguard etc.
They will not let you trade penney stock like TD Ameritrade etc.
You will probably have to pay a certain amount per share with them as they discourage trading penney stocks. I endourse everyones recommendation to stay with the Blue Chip stocks. The penneys are very risky. I don't want to down all of them but it is more than not like the old saying "If it sounds too good to be true, it probably isn't."

[o7media]

Penny stocks are very risky. Their price fluctuation is crazy. Penny stocks can go from being up 50% to being down 50% within a matter of minutes.

Big board stocks such as Apple, Microsoft, etc...they don't have such drastic changes.

[NoJobRob]

Good points, but what it boils down to is knowing what you're doing. But there's also the element of common sense. When I started I traded penny stocks, and without any prior experience. All you have to do is look at a line chart and see what a stock's lowest point has been over the last 5 or 10 days. Place an order for that price, and then sell it when it goes back up. It doesn't work all the time, because your buy order won't always get filled, but it's better to miss out on an opportunity than lose money. Buying at support is very safe. I profited nicely using that method, and I had only been trading for... I dunno... less than a month? Just use your brain and you'll be fine.

Also, there are a lot of people on here who have good picks. Learn who to listen to and who to ignore. If someone provides technical analysis to back their claims, and they have a good track record, then listen to them. If all someone does is pump stocks without any good reason as to WHY they think the stock will go up, then ignore them because they belong at iHub with all of the other morons.

[Stock King]

Originally Posted by NoJobRob

Good points, but what it boils down to is knowing what you're doing. But there's also the element of common sense. When I started I traded penny stocks, and without any prior experience. All you have to do is look at a line chart and see what a stock's lowest point has been over the last 5 or 10 days. Place an order for that price, and then sell it when it goes back up. It doesn't work all the time, because your buy order won't always get filled, but it's better to miss out on an opportunity than lose money. Buying at support is very safe. I profited nicely using that method, and I had only been trading for... I dunno... less than a month? Just use your brain and you'll be fine.

Also, there are a lot of people on here who have good picks. Learn who to listen to and who to ignore. If someone provides technical analysis to back their claims, and they have a good track record, then listen to them. If all someone does is pump stocks without any good reason as to WHY they think the stock will go up, then ignore them because they belong at iHub with all of the other morons.

You've only been trading for less than a month?

[kevin1612]

Originally Posted by Stock King

You've only been trading for less than a month?

not exactly...

Originally Posted by NoJobRob
Good points, but what it boils down to is knowing what you're doing. But there's also the element of common sense. When I started I traded penny stocks, and without any prior experience. All you have to do is look at a line chart and see what a stock's lowest point has been over the last 5 or 10 days. Place an order for that price, and then sell it when it goes back up. It doesn't work all the time, because your buy order won't always get filled, but it's better to miss out on an opportunity than lose money. Buying at support is very safe. I profited nicely using that method, and I had only been trading for... I dunno... less than a month? Just use your brain and you'll be fine.

Also, there are a lot of people on here who have good picks. Learn who to listen to and who to ignore. If someone provides technical analysis to back their claims, and they have a good track record, then listen to them. If all someone does is pump stocks without any good reason as to WHY they think the stock will go up, then ignore them because they belong at iHub with all of the other morons.

[bluestaq]

Welcome to the formum newstock. I'm currently reading Buffetology and I recommend it to everyone interested in stocks. If your looking for mid to long term investment strategies it is a must read.

Investor's Business Daily offers a 10-day free trial which is great for new investors/traders. I think the year subscription is like $500. Please someone correct me if I'm wrong.

Once your ready to start looking for stocks to invest your cash, Finviz.com offers a very good stock screener, which lets you narrow down the huge list of stocks to the type you are looking for.

Bottom line is you need to read, read, read before you start buying. This forum is a great resource for newbies to ask questions and actually go back 1, 2, 3 years or more to see what was being discussed and what actually happened.