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Nevada | Stock Market Investing For A Motivated 15 year Old? |
Im currently 15, and I'm damn tired of waiting to get through high school and college to start making some serious money. I am a very motivated, smart teenager[4.0 with honors classes] and I believe that through some light research I have done, that the stock market is the way to go. I was reading about mutual funds and all this different stuff, but i figured why not probe Yahoo Answers for some info. What is the best way to get some money fast using the Stock market? What to invest in, what to trade, what broker to use, etc. A jump start in the right direction is really what I need here, as i jsut got some money and I am dying to invest it. I was hoping to get 1 mil in a couple years and eventually check out some hedge funds. Any help is appreciated.
Additional Details
Ok maybe a million in a few years is just a hyperbole, just trying to convey the motivation. haha |
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Yada Yada Yada
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Congratulations on getting started. It’ll help you more than you know!
Your first dollars should be spent on getting educated on investing. You don't have to train to trade them professionally, but we are talking about your future here. So the more you learn, the more it'll help you! So let's start there.
You ask a very broad question, so be prepared for a pretty long answer. Just take it in chunks!
How to invest depends on what you already know. We'll assume that you're beginning since you say you're new!
A good primer is How to Make Money in Stocks by William O'Neil. You can get it cheap just about anywhere. It’s widely available new or used.
Another good one is one of Jim Cramer's books like Real Money (he’s got a few).
But books will only get you so far. At some point, you'll also want to get at least a little training. There are some great education companies if you want to make the investment. Investools.com or optionetics.com are both very good companies as is tmitchell.com
For free, you can start by visiting thestreet.com and investopedia.com. That'll get you a pretty good primer so at least you'll understand what the markets are and what a stock is, etc.
If you get a chance, watch Mad Money on CNBC. Don't trade any of his picks until you track many of them over time. Just use the show to get you to understand some basics and get a feel for the market itself.
Next, subscribe to something like Investorsbusiness daily or something like that that can help you identify good stocks.
Once you understand stocks, go to 888options.com. It's a website that'll help you understand options (what they do, how they work, etc). You don't need to trade them, but the more you know, the more you'll see how options can really be the safest way to invest (once you're educated).
For discipline (which is crucial to successful trading), probably Trading in the Zone by Mark Douglas or Mastering the Trade by John Carter
I know that’s a LOT to absorb. Just take it one step at a time for now. Start with a book or two to give you an idea of where to begin. Take your time, and let it seep in.
As you get up to speed, you should papertrade to practice (highly recommended). This should help reduce your losses in the beginning as you get used to buying/selling.
You can practice for free on almost any reputable broker site (optionsxpress, scottrade, thinkorswim, etc). And yes, you can definitely deal easily online.
Start slow, then as you figure things out, you can buy more shares.
Congrats again on getting started. If you have any questions, please let me know.
Hope this helps! |
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jf
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I started investing when I was 13 i am now 15 also and the best thing for you to do is learn everything you can. One piece of advice dont invest in penny stocks. |
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TedEx
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check this web site,and don't let the name fool you. It's for real.
It's aimed at the new investor. They even have a web site, free, so you can learn a little every day.
Good luck, Warren. ( Yes, Warren.,)) Read on.. |
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Capital
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getting 1 million in a couple years will eh not happen. But it all depends how much u invest. Maybe 100 dollars or maybe 100000 dollars. I like thestreet.com |
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derobake
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For a smart young lad as yourself, you may want to consider saving for college expenses. College is rather costly. Not just the room and board, tuition, and books. But there are other numerous costs. Do you want to have a car in high school or to take to college? Many college students find a car is necessary for their lives.
This is just my opinion, but I think you should keep your money liquid and safe for these purchases in just a few years. Use bank CDs for now. Your education is important, and you should focus on that first. Stocks are for goals that are 10 years away or more.
Check out a free book on investing at http://www.invest-for-retirement.com , and continue learning about investing. You will have the opportunity to invest in stocks once you are done with college and have your first real job. |
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Thomas C
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I am currently 16 years old and i started investing with a minor IRA account using etrade with my dads approval and consent. I began last summer and even though i am still somewhat in negative territory for my overall balance i have learned a whole lot about investing in general since i began. I started to watch cnbc shows to get an idea of how to invest smartly and it would greatly help you as well. By the way i bought 175 shares of Home Solutions of America HSOA at 5.19 and I am still in the green dispite being up nearly 500 when it hit 8.
contact me for more info at spyder0390@yahoo.com |
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peng_eric
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Glad to see that you're so motivated. Don't want to bust your bubble or anything, but it'll take you longer than a year to make a mil. Learning to trade properly is a long process and requires many years of experience through the ups and downs of the market.
Take a lot of hedge funds that crashed in the bubble for example. Many of them were led by hot shots in their 20s and 30s who had never been through a bear market, so they were so leveraged that the moment something went wrong, they got destroyed. For all you know, by the time you start work, hedge funds could be a thing of the past if a major crash comes in the next five years.
Zecco is a good online broker to use because they offer 40 free trades a month. I'm glad that you have the excitement to make some real dough, cause I was like that when I was your age. I put money into the market when I was in 9th grade in the NASDAQ composite for a start and worked my way up from there. I'm 21 now and swing trading (2-12 day trading periods) with fairly good success.
Check out Investopedia.com, it's a great resource with lots of great articles. Also, check out my website at http://www.thefreshtrader.com, which I'm writing to document my learning process so that people like you can find the information you need to succeed. A great place to start if you're really interested is to try to look up asset management firms in your area and to call them up and see if you can get an internship. Most of the job will be really mundane work, but it'll really open up your eyes to how the business works. I was lucky enough to intern for an asset manger at A.G. Edwards who was a former options trader on the Pacific Stock Exchange, and got to learn lots from him.
Remember, the key thing is to be patient and realize that you have a lot of time in the future to make the big bucks. Right now, you want to focus on learning the tools of the trade.
Best of luck!
Eric |
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Vanity
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start an account at www.sharebuilder.com
you wont have to start with over 1000.00 like the others sharebuilder lets you start with what you want to start |
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Bear
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Are you serious? If you are then you will do trading courses until you can open an account in your name legally..
about 18 yrs old.
This is a very good time to save for your trading account and also to spend money on your trading education. My last course cost me $3500...and I've done many.
The market is a place where you lose your money to a better player...remember that!
Did you know you can make more money when the market falls? Not many people know...do you want to find out how you can control $10 with one dollar of your money?
"Options"
There is leverage with options, but none with stocks.
Leverage makes you money fast..anmd helps you lose it fast.
You don't need a lot of money...you need education. |
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Peaches
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First, unless you parent cosign an account for you, you wont be doing any investing until you are 18.
There is no easy wayto get money fast; and it is not so easy to get to a million in a few years.
I things you need a few more years to understand how the world works.
If I were you; i would use one of the websites outthere that lets you crate a fictional portfolio and mess with that for a year or two before you put your own money in.
And my personal advice; use your money to have a good time. There is plently of time to start acculuating wealth starting in your late 20's. you wont get back your high school and college years, so use your money to subsidize the good times. |
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