Where the hell do I start?
For any virgin share trader the sheer amount of information out there on the internet is enough to make you turn to drink. So where the hell do you start?
There are forums, financial blogs, get rich quick sites, bulletin boards, feed sites, statistical data sites, spread betting sites by the hundreds, all trying to get you to sign-up to something that will make you gazillions by the time the coffee is ready.
I realised the first step is to get cynical and quick. Take most of it with a massive pinch of salt then pick up a good book on trading for beginners, sit back in a comfortable chair and begin to get a grasp of the basics. Then, at least, you will be able to make sense of the market jargon.
Yes, I know there are hundreds on books on said subject, so is it out of the frying pan into the fire? All I can say is that, luckily, I was recommended a couple of books by a friend who is a financial journalist (I can hear you saying ‘who would trust a journalist?’ Good point; and he is not rich. Another reason to doubt his opinion). Anyway, I quickly read Investors Toolbox and The Naked trader and I already feel confident enough to turn the computer back on again.
Brokers
Now that I feel I understand some of the ground rules, the next step is to look for an online broker. To start trading you need a broker and there are loads to choose from.
As I am a UK based virgin trader I began looking close to home. Here are a few of the brokers I checked out:
- www.tdwaterhouse.co.uk
- www.etrade.co.uk
- www.stockbrokers.barclays.co.uk
- www.iii.co.uk (interactive Investors)
In the end I chose ‘Interactive Investor’: the language was simple and straightforward, no jargon, and they outlined their offer clearly upfront:
- £10 flat fee for real-time UK trades with no inactivity penalty
- £15 flat fee for US and European trades
- Trade Shares, Investment Trusts & ETFs
- FREE transfer of share certificates
- The iii.co.uk website also has a wealth of useful market information about trends, sectors, hotspots, new issues and more.
I am now set up with a free account and ready to roll. But not yet. I still have much to learn before I press any sort of ‘Buy’ button.
m
