written by reader Starter stock recommendation?

By hgpark888, May 3, 2013

Hello :)
My name is John and I am from Canada.
I have been greatly interested in stock investing and I have been keeping a simulation account for about 6 months in TSLA, BNS, SWY, MCD, INTC, SAND and few other stocks and it has performed relatively well.

And now, as I have recently graduated and started working I was able to save up and spend about $4000.00 to invest in stock market.

But contrary to spending cyber money on simulation account, I am very cautious about which stocks I should ”actually” start buying or look into.
I am leaning towards buying dividend stocks for first 2 years to establish some grounds first.
I have been keeping keen eyes on stock gumshoe and Travis is great! but, it would be great if I could gather some ideas from fellow investors as it would help young investor to start in a right way.

Currently, I have opened RRSP account through Questrade which is optimized for US Dividend Stocks.

Any advice for beginner investor would be greatly appreciated :)

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May 3, 2013 4:39 pm

Question do you know anything about stocks or are you just randomly picking them ?

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May 6, 2013 6:01 pm

I would recommend reading everything free that Motley Fool has to offer. Great learning tool. You might want to learn about Exchange Traded Funds (ETF) also. They are a good way to diversify. Another great source of learning is DecisionMoose. He is a former undersecretary of the treasury under Reagan. He charges about $26 per year for analysis. For the last month or so, he has recommended staying in cash right now. I agree.

I have been trading Forex and futures for about 5 years now. It is a great way to lose all of your money, but you can learn how to do it successfully. Babypips.com has a great free course that teaches the basics. Eminiaddict.com is a great teacher. He charges about $39 per month to watch him trade futures live via webcasts that he does daily. You can try it out for one cent for a week.

I lost a lot of money trading forex when I first started. It took me years to become profitable, but after 5 years, I can consistently pull money out of the market.

I am retired so I have a lot of time. There is a lot to learn in Forex. Unless you can treat it like a 9 -5 job, it is probably not for you. Motley Fool is the group I would follow. Get everything free that you can from them. Use the gumshoe to figure out things they don’t reveal.

Good luck.

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May 6, 2013 9:28 pm

Hi John.
Bil Klb is right on just about everything he said in regards to motley and etf’s. I also read the IBD and implement it’s canslim philosophy. I like your ideas about investing in dividend paying stocks. I think its a great way to get paid for buying a well researched stock and if kept long enough, it’ll cut your cost of said stock while letting you build up cash via dividends. Too me It’s like getting paid twice. Once when you sell (hopefully you bought low and sold high) and everytime a dividend is paid out. I just like the idea of my stocks paying me for owning them. BTW, use the gumshoe to to slueth out unrevealed stocks, just like bil klb said. That thinkolater is pretty accurate. You’ll do well if you follow these guidlines and stick to a investment philosophy.

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May 7, 2013 6:50 am