5 Best Resources For Stock & Options Trading Tips
Stock trading is not a child’s play as lots of money is on stake. Every decision has to be backed by trustworthy information and intricate analysis. Access to resources on market trends, developments, analytics and tips can thus have a huge impact on your trading activity. Be it a novice or a professional in trading, stock investment tips are needed by all to glean rich profits.
Finding the right tips on stock investment is not at all difficult in today’s information age when one has easy access to various media outlets (TV, Internet etc), although redundancy and relevance remain the key issues in finding the right information.
So we have compiled a list of some of the most effective stock investment tips/resources that can help you in making the right decisions and eventually reap gains from trading in stock market.
- Stock discussions group:Having a place to ask questions and receive answers is a huge asset for any investor. Online stock forums such as Yahoo! Finance, Google finance and Advfn are the most active and populated forums which offer traders free service to engage in contextual discussions. Out there you can chat with other curious minds about the stock market and help you make the right pick.
- Social networksThe main advantage of the social networks is the access to the insights of the active investors in the market. For example- on Twitter you can ‘follow’ certain market analysts like Jim Cramer and gain an access to how they analyse and predict the market. Not only that, over Facebook you can also connect with them and ask questions and seek help.
- Analyst recommendation’sSome of the major financial institutions have in-house market analysts like Bank of America who post sharp insights periodically on their websites and through other channels. By subscribing to them, you can receive a daily newsletter/feed directly on your email as a daily and trusted dose of your market information. Additionally, trading gurus like Jim Cramer have a brilliant online presence over various blogs, and engage in TV shows like ‘Mad money’ on CNBC.
Analyst recommendation information is freely available from all the brokerage accounts. If you are an active broker, take a look at low cost brokerage firms for a list of stock brokers that have cheap commission rates
- Financial MediaBefore internet came to prominence, news channels and shows were the most comprehensive source of information about the daily trends in the stock market.
They still retain their following as an alternative source of information. For example- CNBC is the number 1 and the most trusted source for financial news in the western world. By simply listening to the insights of the commentators, and the interviewers, your knowledge base is bound to expand considerably. Other channels worth following are the Wall street Journal (WSJ) which is hailed as the US best journal (with a strong online presence) with an emphatic authority on financial and economic news. Financial times are equally well respected in the UK.
- MentorsFinally, a mentor could be a family member, a friend, a past or current professor, co-worker, or any individual that has a fundamental understanding in the stock market. A good mentor is indispensible when it comes to an immediate disposal in answering questions, seeking help, recommending useful resources, and keep spirits up when the market gets tough. All successful investors of the past and present have had mentors during their early days.
Broker advisory services are also an alternative form of direct consultancy who usually charges a nominal fee for their services. Although these forms (mentors and advisors) are the most direct and conventional, proper research about their track record must be done before investing on their analysis.