Who to Consult for Financial Advice: A Beginning Trader’s Best Options

Gone are the days when word of mouth and a day-old newspaper were the best sources of information a stock analyst had at her disposal. Playing the stock market without adequate preparation is almost guaranteed to lose you money. Don’t let eagerness to win big force you to lose it all. Consult experts to get a better idea of how to protect and grow your investments.

Online Financial Resources

Your search for reliable trading information should begin online. The Internet is home to bounty of financial websites, many of which include contributions by seasoned stock experts. Not only do these sites feature in-depth articles on hot stocks and market trends, they’re also updated throughout the business day to keep eager traders up to date.

Before purchasing any stocks, visit a few financial websites to get a feel for the market. Once you’ve formed a basic understanding of Wall Street trends, you’ll be ready to buy your first shares. The payoffs won’t be big at first, but the rush you’ll get from making your first few dollars as a trader is incomparable.

Stockbrokers

Traders who are serious about making money with the stock market will want to enlist the aid of a qualified stockbroker. Stockbrokers are trained to predict and keep track of market trends, qualifying them to make stock purchases for you. Whenever she receives a hot tip or comes across a company you may want to invest in, your broker will give you a ring or shoot off an email. Additionally, your broker will inform you of when it’s time to sell certain stocks. The final decisions on whether to buy or sell will be yours, but if you’re foreign to the ways to Wall Street, you’re better off taking your broker’s advice.

It’s no secret the stock market is highly complex and can be rather intimidating to the uninitiated. Many people who want to get into stock trading simply lack the free time to learn the nature of the beast. Fortunately, with a reliable broker by your side, you can know the money you invest in the market is in good hands.

Financial News Networks

If you’re looking for a convenient way to receive market information throughout the day, there’s no shortage of financial news on television. Bloomberg Television, CNBC, Sky News Business Channel and Fox Business provide traders with around-the-clock coverage of the latest news from Wall Street. Many of these networks’ on-air personalities have first-hand experience trading stocks, enabling them to offer viewers reliable analyses on where the market is headed. In addition, 24-hour news outlets like MSNBC, CNN and Fox News also feature programs centered on stock market investment.

Keep in mind, however, that financial news networks are no substitute for a good stockbroker. In fact, many of their programs open with disclaimers informing viewers to invest at their own risk. As CNBC’s Jim Kramer warns, on-air personalities can’t be held accountable for poor investment decisions due to the ever-changing nature of the stock market. For this reason, these networks should be viewed strictly as news sources instead of free investment advice.

Finance Faculty at a Local College

People interested in turning stock trading into a full-time profession can benefit from signing up for a few business courses at a local college. These classes will provide you with a solid understanding of how to make sound investment decisions, enabling you to purchase stocks with confidence. Enrolling in business courses also gives you the opportunity to pick your professors’ brains and hit them up for free financial advice.

Books on Stock Investment

If you’re overwhelmed by the bevy of market information found online and on television, swing by your local library and pick up some books on investment. Make a point of avoiding books promising instant riches or make other unrealistic claims. Instead, look for works by successful investors, economists and businessmen like Warren Buffet, Peter Lynch and Paul Krugman. Having dedicated their professional lives to studying market trends, you can depend on these authors for practical, realistic advice on where to invest your money.

Navigating your way through the stock market has never been more difficult. With market shares rising and falling, finding consistency in stock trends and safe investments can be an arduous undertaking. By opening yourself up to advice from seasoned investment pros, you’ll gain the knowledge to show the market who’s in charge.