New to share trading, where to start?

Thenarrator on 05/02/2015 - 18:34
Last edited 06/02/2015 - 12:04

Hi guys,

Just graduated and looking to start trading.

recently made a commsec account and just wondering what software people use to track the stocks? free to download? At the moment, I'm just googling the stock and the chart on asx isn't very detailed. Are there softwares that does basic analysis such as 200 day moving averages?

what are some good forums where people discuss which stocks have good prospect and maybe does some basic analyses?

I mean any advice you would give to a starter would be appreciated.

edit 1: Hi guys, thanks for all the tips so far. I have yet to check out "incrediblecharts.com", "freestockcharts.com", "trading view" and "sharemarket games" for others who would be wondering what programs they should check out.

Financial

Comments

  • BobbyJ on 05/02/2015 - 18:45
    +2

    Have you tried the ASX Sharemarket Game, it isn't what you asked for, but it helps you learn more and learn how to research better…a little practice.

  • sempro on 05/02/2015 - 18:50
    +1

    buy low…. sell high?

    • pointless martyr on 05/02/2015 - 20:15

      Start at the bottom and work you way up. And by the way, that documentary wolf of wall street has some good tips

    • Ntr0py on 06/02/2015 - 10:46

      That sums up my knowledge of the share market…

  • baz96 on 05/02/2015 - 19:04
    +2

    http://www.freestockcharts.com/ is a great tool and has a lot of features that you may like :) After choosing which stock to follow, click on 'Add indicator' which is located on top of the chart and you'll have a lot of features like moving averages, Bollinger bands (very useful) , and a whole lot more. I trade Binary Options which relates more to currency pairs, but I remember coming across FreeStockCharts and they seem to be great! Anyway I wish you future success in your trading, but make sure you gather a lot of knowledge before starting to trade. I'm pretty sure are demo accounts out there that you should use to practice trading on, so take advantage of that :)

  • IchimokuTrader on 05/02/2015 - 19:09

    I am a trader you should start with me if you wanna learn .

  • Thenarrator on 05/02/2015 - 19:17

    Wouldnt simple moving average strategies be a sure way to win money? I mean, theres zero chance of fail using such trend analysis despite what I've learn from professors who say its a completely useless tool

    • Woodyg22 on 06/02/2015 - 15:18
      +1

      Global Financial Crisis.

    • Altezza on 12/02/2015 - 22:12

      There's no such thing as sure win and zero chance of fail in any form of investing eg house, shares..etc. You are bound to win on some investment and lose in the others. If your not mentally prepared for the losing part, your not ready to invest in any form. The good investors obviously pick more winners then losers, the key is managing your risk on your portfolio eg diversifying, setting limits on high risk shares. I suggest you don't even start putting money in the market yet, start reading up on famous traders and learn about their trading style and mentality. In parallel try some of those sharemarket games and be in the mindset that it's your own hard earned money.

      Personally i find trend analysis useless, share market is heavily influence by human psychology which is fairly unpredictable and irrational at times. Studying graphs and trends will only tell you about the company's past performance, you won't be able accurately predict the future.

      • Thenarrator on 12/02/2015 - 22:19

        Have you seen this before: https://www.youtube.com/watch?v=v6ciY8u04Kk

        • Altezza on 12/02/2015 - 22:52

          No I haven't, all i can see from the description is a tv show trying to showcase newbies trading successfully under direct coaching. With any style of trading/investment (even diets), you can always pull successful stories out. But there are many more stories of failure that don't get told. If anyone can be successful and it's that easy, there will be millionaires everywhere. My point being is that you have to prepare for the loses, educate yourself not only through theory but also mentally. Through experience, patience and continuous learning, you'll eventually develop your own investing/trading style. It's great that you are eagered to start, just don't expect to earn the big $$ any time soon.

        • Thenarrator on 12/02/2015 - 22:54

          @Altezza: Its more the exact opposite- Showcasing newbies struggling to with trading industry and more than half ended up quitting. But I do get your point re loses & wins & learning

        • Altezza on 12/02/2015 - 23:06

          Even seasoned traders do not pick winners 100% of the time. You read the news/blog/forums and there are analyst making "expert" predictions everyday, most of them get it wrong in retrospect. Best example i can give is the GFC, it was such a big blow to the world economy. How can no one, not even the government, see it coming?? When you look back there you'll see all the warning signs and ask yourself how can people be that stupid. But back at that time, no one saw it, greed got the better of everyone (On a side note watch the documentary "Inside Job", really showed me how corrupted and stupid the US let the GFC happened)

  • IchimokuTrader on 05/02/2015 - 19:22

    I've been trading for 16 years , stocks , forex and futures .I suggest to you to start reading a book from DARRYL GUPPY " SHARETRADING "

    • pointless martyr on 05/02/2015 - 20:16

      What would you trade that book for?

    • mymedicineisbargain on 05/02/2021 - 14:07

      hi i tried to send you a message but I can't seem to do it. would love to learn from you if it's possible.

  • cloudy on 05/02/2015 - 22:36

    Incredible charts. Free and creates great charts.

    Also pro tip, no real investor, let alone trader uses commsec. I can't think of a bigger crook to trade with. Go with Cmcmarkets, and they used to have half the trade fee of commsec. Now days they increased it by a dollar (heart breaking for a ozbargainer) but still heaps cheaper than commsec.

    • Ntr0py on 06/02/2015 - 10:44

      Would you put E*Trade the same category as Commsec?

  • Cheap Steve on 05/02/2015 - 22:42
    +1

    Share trading = Bad
    Value investing = Good

    Step away from the keyboard and go to your local library to borrow The Intelligent Investor by Benjamin Graham.

    • fchis on 12/02/2015 - 23:36

      Yes, that's Warren Buffet's Mentor.

  • kiamsup on 05/02/2015 - 22:43

    Learn how to trade. When you are ready, create a online trading account and take it from there. Obviously skill is required or you will loose all your money. Good luck.

  • altomic on 06/02/2015 - 01:28
    +2

    blue horseshoe loves anacott steel

    • rickb on 06/02/2015 - 07:08

      I remember that. You and I are too old!

  • strikerzebra on 06/02/2015 - 09:32
    +2

    Incredible charts,
    Tradingview
    Freestockcharts

    are great, I personally use Tradingview

  • boccos on 06/02/2015 - 11:18

    Do not pay for training, learn from other successful traders and their books. Then develop a system that you can live with, and stick to the plan. Yes, like Steve says above, trading =bad, investing=good. Stay away from the highly manipulated currency trading.

    • Thenarrator on 06/02/2015 - 12:01

      Can you get rich from purely technical analysis such as trend analyses?

      • strikerzebra on 06/02/2015 - 15:31

        You can but share trading isn't something you learn overnight, it's a skill that you must continually learn and develop at and will take years

  • brazen00 on 06/02/2015 - 12:10
    +1

    For the most part, ignore any advice on particular stocks on forums/blogs. You're much better off learning how to pick good stocks (think Intelligent Investor) and make your own calls.

    You will make bad calls. That's the nature of the game. Just don't put all of your eggs in one basket.

  • kmwa on 06/02/2015 - 14:41

    Read this post first "Lost My All My Savings/Money in StockMarket. and CFDs"
    https://www.ozbargain.com.au/node/179896
    Do nothing in haste; look well to each step; and from the beginning think what may be the end. ― Edward Whymper

  • ethereal88 on 06/02/2015 - 16:17
    +1

    Its all falling apart soon, the housing market is a bubble waiting to pop here, Greece is falling apart and dragging the Eurozone with it, de-dollarization continues apace, and oil is crashing. Then you have Putin and ISIS. You want to invest in that? Invest in a bomb shelter with canned goods and an SKS instead.

  • chumlee on 13/02/2015 - 21:42

    First read The Art of Trading

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