Thanks for taking the time to break this down for us! How long have you been investing? I usually go for index funds because I don't trust myself to pick stocks :).
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Thanks for taking the time to break this down for us! How long have you been investing? I usually go for index funds because I don't trust myself to pick stocks :).
Hello @steemedbroccoli Thanks for your reply. I've been an Oil Trader and Investor for 7 year, still only 28, so definitely don't claim to know it all. If you don't want to get involved, index funds are definitely the best call. Funds Managers as a group consistently underperform the market, and the average 2% annual management fee is a killer. Index Funds are far more reasonable...Do check what fee's you are paying though, some of them can still be a rip off...
If you are interested, best thing to do is start small and learn by doing. I would recommend the Spread Betting platforms, as you can trade a really small amount on the stock side (i.e. if you trade $1 per point and the stock price is $1.00, then you will synthetically be buying $100 of total risk).
Best to have a little skin in the game, rather than the Simulator accounts IMO
Cool! I tried my hand at options trading a year ago and didn't do so well. What books or resources did you use to get started?
Benjamin Graham - The Intelligent Investor is a very famous book many people start with. The problem with learning by resources, is the markets are consistently evolving. And everyone has read the same books...
Best to go on the forums like ADVFN or iii and see what people are saying about certain stocks, and learn by doing (and losing a little $).. Think of the losing part as you entry fee to the party. If you do it smart on the spread betting websites, you should be able to keep the losses very low.
With regards to the Oil side, started working at a prop house, and trade the Boss's money, so I don't have to worry about losing my house ;)
Very nice that's the way to do it! Thanks for the recommendations. I haven't heard of those forums so I'll check them out.