I'm a complete beginner when it comes to trading. Today, I opened my first investment account with a small amount of money to learn/practice how to trade. It appears it takes 1 week to have access to the money to trade. I've been watching some of Tim's videos and reading a few blog posts, as well as watching basic YouTube videos on how to buy a stock. What I'm most nervous about is what options to select when buying and selling the stock... limit, market price, good for day? For someone who has never done this I'd love advice on what to select and how you sell the stock quickly when you're ready. I want to feel prepared with all the details. It'd be great if there was a video that walked you through this process on the site. This week I practiced on paper what I'd do when I received my first supernova alert. It was eye opening how fast the whole process happens. After receiving the alert, WATT was already in the 3's so I wouldn't have been comfortable buying until the dip happened and the stock dropped back down to around 2.80, then I would have sold when it went back into the 3s again. Apparently, I learned from Tim's recap video this is called dip buying. I'm not sure if it would have been a beginner mistake or not, but in this situation it seems it would have worked out. I'm tracking my progress here in case one day it ever helps because you can't get any more beginner than me, and hey it might be fun to look back on. I have a lot of trading vocabulary to learn!
The reason I'm here to learn is because I have the strong desire to create complete financial independence and freedom in my life. I want the ability to work on creative projects that feel soul-aligned, without the worry of how I'll support myself and my family. I also think managing your own money is very important. I was an economics major in college so I feel that although I'm a total novice here, it's an area I feel naturally drawn to and interested in. I think that's important, that you spend your time learning something that's a natural interest to you and it doesn't feel forced just to make money. If you're genuinely interested in something you're more likely to study and learn on your own, even if you know nothing to start. I'm glad this program exists! I'd much rather have a guide and mentor. Pretty much I followed my intuition here, and I'm excited to learn no matter what the outcome. To me it's worth the risk to become educated in this area.
~ Wendy Irene
When you go to put in an order do you select Good for Day? Yes, if stock is at $10.00 and you think it's going lower you put a limit order at 9.50 GOD. If the stock doesn't hit 9.50 during the entire day the GOD order will cancel UNLESS you select good for 60 days. The order will sit for 60 or until the 9.50 target hit and fills your order..
If you select market then the order will fill RIGHT AWAY at the marketmaker price when you hit send..
Do you use stop orders very often when you sell? Nope always use limit and look at level 2 to see what the bid is to sell at
@Raylbc27 that's so helpful. Thank you!
Join now or log in to leave a comment