I'm rather new to the forum. By rather I mean I have been perusing the forum for quite some time and finally had the guts to register and voice my questions. I have been reading through Sir O's thread for quite some time which is incredibly helpful but I'm still yet to finish it.
My questions are:
- Stock broker; I'm interested in the Westpac online investing simply because I might be able to get a discount on the rates there based on what they refer to as "Family Benefits". Would you recommend Westpac online investing, is there software good, does it allow filtering and searching of the stock market, say for example I want to filter offers with minimal float and low price. Iím looking for very volatile movements in the market and if at all who would you recommend as a good stock broker. I was interested in think or swim but I think they are moving out and/or have moved out of the ASX.
- Money; I have very limited amount of cash to work with, looking at the $1,000 mark roughly. I'm interested in doing penny stocks from home (not to sure what you'd call it on the asx.. Cent stocks?) Would you recommend this as a good starting point for a beginner? If not what would be a good option for me as a beginner to start trading with minimal funds.
- Bullish and Bearish; so I have done a bit of research into this and I'm under the assumption that Bullish means the Market is in an upswing and Bearish means that itís in a down swing. How does this affect me when I begin trading and what should I look out for? Also what kind of market are we in now as I have no previous history I have no idea how the market is (more or less)
- Could you recommend any good news websites or Business websites where I could potentially monitor my investments (news wise)?
- Long and Shorting; I can seem to find a good example of what this is, how it works, what it achieves, how one does it, when should one do it and should I be doing this in Penny Stocks?
- Stop Loss; what is it?
- Chart Reading; would you at all recommend a good read or even a video tutorial (Visual learner here) that would show me how to read the stock marketís ups and downs and how to pinpoint resistance on specific stocks.
- Buying and Selling; based on personal experience when would you recommend (based on trends, charts, news and overall popularity of a stock)to buy and sell (Specifically sell because no one wants to make a loss :P )
- Trading; are there different kinds of trading instead of buying low selling high (eg: forex) and what would you recommend that I branch off into once I become familiar with the basics?
- Personal Experience; would you recommend trading as a career choice or a hobby? What has it done for you and your family and are you living comfortably sain knowing you could lose your savings at any time?
- Backup; what kind of methods should I use in regards to insuring i have enough money to live another day letís say it all goes belly up for myself.
I really appreciate the time you have taken to read my questions and even more so if you have taking the time to respond to them.
Thank you all!