Your Questions About Investools Review

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John asks…

Is Trading Platform named ThinkorSwim trustworthy and reliable?

I don’t know anyone who uses this platform. Please share some experience with me if you use it.

Justin answers:

I’m as user and major fan of ThinkOrSwim. I found them last year when Barron’s reviewed stock brokers & voted them number 1.
Http://www.tradersnarrative.com/wp-content/uploads/2007/12/software%20based%20broker%20ratings%202007.jpg

I was with Schwab (30 years) and Scottrade (5 years). I’ve moved all my investment portfolios to ThinkOrSwim. They make Scottrade and Schwab look like mediocre brokers. They’re charting is incredible. Tons of great tools.

During the day they’ve got a constant market update going on from 9:15AM – 11;30AM & 1:30PM – 4:00PM.
Http://streamer.thinkorswim.com:8000/shadowtrader.m3u

They have regular webinars, which are recorded for viewing when you have time.
Https://www.thinkorswim.com/tos/displayPage.tos?webpage=onlineSeminar

Their training arms are also very good;
http://www.investools.com/ (for the newbie)
http://www.optionplanet.com/
http://www.redoption.com/

They have CNBC broadcasting on the platform (only broker that does so).

Don’t go to ThinkOrSwim unless you’re a serious trader. The platform is great, but somewhat hard to learn if you’re coming from a web based broker.

Customer service is outstanding.

You can contact me at: YA@ErieStockTrader.com

Michael asks…

I want to learn how the stock markets work, from scratch, so I know what stocks to buy etc.?

Would be great if you can provide links that teach you EVERYTHING about the stock market. Like for example short selling, what the index means, how companies list, etc. etc.

I just want full comprehensive details in simple beginners language.

Justin answers:

It took a majority of my friends about 3 years to become active traders with consistent profits. I would recommend that you learn the language of the market first before you do anything else.

Afterwards, buy books about stockmarket investing. Majority of book stores e.g Borders, Books-A-Million and Barnes & Noble have these books in the business and finance section(NON-Fiction section).

Also, while you are reading books look at some stockmarket investing websites e.g forbes.com, fortune.com; my personal favorite is bloomberg.com. This way you will continue to learn more market lingo and also get a rough idea of how the market retraces/corrects or rallies. Also, read stockmarket investing magazines so you know what is going on in the stock investing world.

After reading a few books and understanding basic lingo, then take some self study stockmarket investing courses. E.g, there is a website that offers introductory stockmarket investing courses; chk it at this site: www.investools.com
I don’t know how good they are, I took investing courses about 5 years ago via a mentor or mine. However, chk the site out, it may be helpful.

Once you take a course, paper trade for at least 3 months before you go on to live trading. Paper-trading is using live market data and trading on your trading journal, without using real money. While you are in your paper trading phase, also review different brokerage firms and pick a stockbroker that clicks with you. Make sure the stockbroker is licensed.

Remember never to invest in something you don’t know. Don’t take investment tips blindly. If you get investment tips always test them with your analysis before you trade on the tip. Education about stocks and the market will limit your risks.

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