Anyone here do their own online trading?

[riderinthestorm]

I saw a thread downstream referencing using sharebuilder, scottrade, or e-trade to actually execute the trades, but I am actually looking for a book or reference site to gain some knowledge and experience before I take the plunge and try managing (some of) my own stocks.

Those of you who do this, how did you get started? What resources did you use to educate yourself on the process?

Thanks!

[pscot]

1. I would urge you to start with mutual funds

just to get your feet wet. The risk is lower than with individual stocks, and the returns can be just as good. You can buy them without a commission from Vanguard and Fidelity. Management fees at these firms are quite low, and the selection is enormous. You can buy stock funds, bond funds, funds that blend the two; foreign funds for all regions of the globe, large cap, small cap, sector funds such as defense, precious metals, banks or energy, tax exempt; there is truly something for every taste. Vanguard and Fidelity both offer tutorials, and it is easy to compare current and historic yields of various funds. Once you establish an account, all transactions can be done on line.

There are some limitations. There's a holding period when you buy a fund. With Fidelity that's 90 days. Trading in and out drives up their costs. If you sell within the 90 day period you pay a small penalty. Both firms offer brokerage service. Vanguard charges $25 per trade. Google Vanguard or Fidelity and you're there. Check 'em out.

[quiet.american]

2. Toni Turner as a resource is excellent.

Her books, A Beginner's Guide to Short-Term Trading, 2nd Edition, and Short-Term Trading in the New Stock Market are excellent compilations of technical analysis and market behavior know-how. (Of course, this may not be the BEST time to get started in the market, if you know what I mean.) She also has a website, toniturner.com that's a good place to peruse.

Also, another gem is Mark Whistler's book, Trading with Passion and Purpose -- it's an excellent resource on the psychology of trading. It will come in handy when you blow up your account (trader's lingo for wiping out your trading capital). Every new trader swears it won't happen to them; every seasoned trader swears it's the price of admission to amassing any kind of wealth in the market.