So I've been meaning to get into the stock market for probably 10 years now. I've always kind of taken the approach of investing in companies that I'm intimately familiar with and I do a lot of reading on specific companies so I generally have my finger on the pulse of any company I'd be interested in investing in.
I've loosely kept track of whether or not I would buy a stock at a given time and based on that completely (un)scientific data I've almost always been right. In fact, Apple has dropped $300+ in value since the date I noted that I would sell their stock. I think there's enough negative hype around it that it's going to continue to drop and I'd like to get in at some point but I digress.
So today I stumbled upon Tesla in an article and as everyone here knows, I love me some Tesla. That was the stock the motivated me to actually buy some shares. You have a new startup, selling a product people want, beating their sales estimates, posting early profits and well... For the short term I think Tesla is going to be a winner. For the long term who knows. Long story short, I bought 60 shares on a whim. About $3000, an amount I won't cry over losing if they were to go belly up tomorrow.
So as far as buying and selling goes, I know what I want to buy and I know how to buy and sell and I know some of the more basic principals such as short selling but I want to know what I don't know. What are some of the things I should know as far as the technicalities go? What would you tell your neighbor if they told you they were going to invest tomorrow?
I'm not so much looking for advice on what to buy or to diversify, etc. More so I'm looking for tips and tricks on the mechanics of it all. Things you wish you would have known when you first got started, etc.
I've loosely kept track of whether or not I would buy a stock at a given time and based on that completely (un)scientific data I've almost always been right. In fact, Apple has dropped $300+ in value since the date I noted that I would sell their stock. I think there's enough negative hype around it that it's going to continue to drop and I'd like to get in at some point but I digress.
So today I stumbled upon Tesla in an article and as everyone here knows, I love me some Tesla. That was the stock the motivated me to actually buy some shares. You have a new startup, selling a product people want, beating their sales estimates, posting early profits and well... For the short term I think Tesla is going to be a winner. For the long term who knows. Long story short, I bought 60 shares on a whim. About $3000, an amount I won't cry over losing if they were to go belly up tomorrow.
So as far as buying and selling goes, I know what I want to buy and I know how to buy and sell and I know some of the more basic principals such as short selling but I want to know what I don't know. What are some of the things I should know as far as the technicalities go? What would you tell your neighbor if they told you they were going to invest tomorrow?
I'm not so much looking for advice on what to buy or to diversify, etc. More so I'm looking for tips and tricks on the mechanics of it all. Things you wish you would have known when you first got started, etc.