I this article I would like to provide you with useful information and tips on how to get experience in the stock market, be always informed and in touch and how to know what crowd really thinks about.
1. Try to read the news every day. You need to be always informed and not to miss a single thing about what is happening on the market. Note: when you read the news, pay attention to comments. It’s important to know what people think. It’s community intelligence. Here are the resources that I strongly recommend:
- Yahoo! Tech Ticker
- Yahoo! News & Opinion. My advice: pay attention to “investing ideas” and “markets” sub-sections.
- Wall Street Journal. The best source of information about the markets.
2. Constantly read forums, participate in discussions, contests and stock picking sites. This is really very important for you because it’s the most effective way to gain real experience. You benefit from community intelligence. that’s the key! Here are the useful resources which you can benefit from:
- Motley Fool CAPS - I definitely recommend this site. You can picks stocks, rate them write your pitches about it and everyone will see it and you see all other’s picks as weel as the pitches. Very useful site.
- Stock Pickr. It’s just said clearly there - it’s your source for stock ideas.
- SocialPicks. This site is currently in beat and is opened for free use. It has few users, but I think that it has a really great future. What is more it’s a web 2.0 site and people like web 2.0!
- Covestor. It’s pretty well-known investor community website. You can track and follow the picks of gurus.
- FeedTheBull. I like this site! It’s a digg-like site for finance, stock and investing reakted sites. It has a great future!
- EliteTrader. The best traders and investors forum I have ever seen on the net. In fact it has a very large user base and you will definitely be able to find whom to talk to.
3. Always keep records of your opinion and especially of your trades. After the trade is successful or unsuccessful you will be able to read your notes and compare your thoughts
4. Participate in popular social media sites:
I think that’s enough for the beginning. I will find a lot of traders, and investors on these two sites.
5. Create a blog at last! With your personal blog it will be easier for you communicate, find friends with common interests and know what people think about your decisions.
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