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Saturday, June 4, 2011

7 Tips Smart Stock Traders do to be Smarter

7 Tips Smart  Stock Traders do to be Smarter

It’s never too late to start understanding the stock market to increase your investing IQ. You could always get a mutual fund or Unit Investment Trust Fund from any local banks that invest in stocks. We could also just get stocks and shares advice from our trusty stock brokers, but those stockbroker fees could lengthen the time you can achieve your first million.

Well, we gathered some tips to learn online stock trading for beginners the easy and cheap way. Asking stock market questions to sites or forums is actually included in the list.

There are cheap and better ways to learn stock market. You need a few extra bucks for this but some are actually free. To really learn something, you need to put your heart out and dedicate your time to it (sorry no shortcuts here). Take little baby step-forward like allotting an hour or so in your stock market education and you will see yourself progressing along.

Below are 7 tips that will help you get started. The associated cost for each tip is also included.
1. Ask stock market questions
    Our mind is complex and lots of questions pop-up all the time. Don’t just let it get stuck on your head. Speak out. Ask experts or sites like this.
    Cost: internet, thinking of the right questions to ask, confidence to ask
    2. Participate in a stock market trading game
      What better way to learn but by actually doing it without using real money. Playing the stock market through a game will let you experience firsthand how trading action happens. This is also a way where you can test out different strategies and see if it works or if you should just scrap those strategies.
      Cost: time / patience, finding good players, self control to learn first before getting into the real thing.
      3. Enroll in a stock market seminar
        Some seminars cost a lot but some offer free “quality” trainings or just a few bucks worth. Why not try it?!
        Cost: Knowing those scheduled seminars before their actual schedule

        4. Watch news or read the newspaper about the stock market today
          Take note that this should be done today. Keep yourself updated daily and get the feel of the market. This way, you will have a good idea on market conditions and have the best information on making your decisions on whether to buy or sell.

          Cost: TV, newspaper, analytical thinking, missing out on the sports channels
          5. Read stock market articles
            There are lots of articles readily available on the internet (even by just browsing this site). Enough said.
            Cost: Ability to find and read good articles, knowing people who knows their stuff
            6. Join an online stock forum
              Forums provide a venue where you can mingle with people who are interested in the same thing (sometimes called a community).
              Cost: Your reputation in the forum

              7.Find a mentor
                They have the experience where they can guide you through your mistakes and tell you the right direction to take.
                Cost: A few coffee drinks or lunch / dinner, constantly telling mentors how good they are.

                Remember that the best things in life are cheap, free. Learning is a lifelong process but it shouldn’t take you that long in learning to invest in the stock market. Learning — priceless.

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