Learn about trading by using online tools and resources offered by investment sites and online stock brokers.
I stopped at a fuel station the other day for a non-petroleum based transaction. The only items on my list were a cold beverage and a couple of lottery tickets but all of the convenient store designated parking spaces were occupied so I pulled up alongside pump number one. I grabbed my drink and asked the attendant for a mega millions quick pick.
“No gas?” He asked with raised eyebrows, his head tilted towards my vehicle.
“Not today,” I replied sheepishly, “I’ve already got half a tank… maybe tomorrow.”
The clerk seemed satisfied, but I was a bit unnerved by my witless remark and conspicuous parking job so I added, “I’m betting gas prices will be coming down since summer’s almost over.”
I don’t know if he was amused by my comment, but he smiled and shook his head slowly. He told me that gas prices would most likely be rising and that the trend would continue indefinitely. With an impending energy crisis and our nation’s unpopular dependence on foreign oil, speculation on such a commodity could be a very risky but very lucrative venture. As I drove away I couldn’t help but glance down at my gas gauge and wonder why my portfolio was performing so poorly. Despite my seasonal insights, I had made the poor decision to go short on oil.
Back in college I opened one of those do-it-yourself online stock trading services that offer new customers a few free trades and then $7 per transaction thereafter. After losing a couple hundred bucks (mostly to fees accumulated in an attempt to diversify), I closed my account and promptly decided never again to play the stock market; much like one would do after tearing up a losing ticket at the race track. I do not consider myself a gambling man, but uninformed investing is not much different from placing a wager and crossing your fingers.
Why I Use Online Stock Trading Tools
Now that I’m older and wiser and not too proud to employ a few online trading tools like AutoTrader and MarketClub, I’ve decided to get back in the game and start investing in E-Minis. Futures can be risky if you don’t know what you’re doing, but they can be very profitable if you take the time to do the research and give it your full attention. These accounts are extremely liquid and offer a high level of flexibility.
There is a wealth of information and resources available online to allow any novice investor to participate in the market. The best advice I can give any driver is to fill up the tank whenever you see a good price at the pump. My advice for anyone who is serious about investing is to take advantage of stock trading services provided by sites such as Planet Wealth. Alternatively, you can also check out online brokers for free trading tools and take a look at sites like Morningstar.com, that offer investment research and resources to help you become a more successful stock investor.