I would like to get into penny stocks but know next to nothing, is there a good resource for learning that anyone would feel comfortable recommending. It can be a website or a book as long as you know it would be accurate and good for people just getting into penny stocks
I have a few ebooks available. Going to be coming out with a personal one soon to accommodate. Several links to other resources you will find handy when it comes to working with stocks. Thanks!
Investopedia is a good resource to learn about basic stocks and keep up with current news/techniques. That being said, every self-respecting investor should start their investing careers by reading the Intelligent Investor by Graham. Even Buffet recommends this book all the time.
I started out about twelve years ago by using the simulation tool available at E*trade. I don't know if they still have it, but I did see a similar tool at Investopedia http://www.investopedia.com/simulator . There is no better teacher than 'doing'. And since you don't want to lose money while you are first doing, then simulators are the best way to go.
I have just recently learned about penny stocks so I will check out these resources, thanks! How do the simulators work?
The simulators work by giving you an account with a specified amount of "mock dollars" in it. For instance they might give you one hundred thousand dollars in an account and the trading that you do on that account looks and feels real in every aspect except that it is not real. You are looking at numbers, and if you loose money you know that you are not ready to do the real thing yet. But if you gain money you might think to yourself "Oh no, I should have really invested, I could have !!!!! "
There are lots of good articles on the internet about investing. There are how to websites and ezines is a good one. Just do a search on google, bing and yahoo and see what comes up. Theres bound to be lots of results.
Like some above me have said, try Investopedia, it's basically Wikipedia but solely made for investments purposes!
Demo accounts are a great way to learn about stocks. It is a lot better to learn while losing fake money, than to learn while losing real money. Spend a few weeks with a demo or simulation account and see how you do. Try and believe the money you are using is real to get a better feeling on how your decision making changes under pressure. When real money is involved it is a whole hell of a lot more stressful!
I had remember hearing something about using a demo account to get a feel for how the game works. They seem like they have a greater reliability then just going at it with real money. Not to mention you would know how each asset works and when you are ready to spend the grand on trading it is smooth sailing. I think there might be videos demonstrating the demo account for stock trading.