RobBot125 saidCan ANYONE give me the basic rundown on any of this? I just opened up an account on Etrade and I have no idea what is going on.....
I'm trying to make money.......and I failed hahahaha
You will not make money playing the stock market, not in the amounts you see in movies or the fairy tales told on this site or in seminars. THERE SIMPLY ARE NO FREE LUNCHES.
The only way to make money is in the long term by using a diversified strategy to spread out your risk.
If you attempt to day trade you will be paying commission on every trade you carry out. A minimum of at least $9.95 per trade, but it could be higher. You will also have to pay income tax on any capital gains. For you to be successful, every stock you purchase has to increase materially and because there are no free lunches the chances of picking a stock that will appreciates 25-100% in value over night is next to zero.
My suggestion is to think of your risk threshold and develop a strategy based on this threshold:
Zero coupon bonds
A book I can suggest that definitely requires reading is:
A Random Walk Down Wall Street -Burton G. Malkiel
It was required reading during my MBA studies and I have found it to be quite useful. It is very easy reading, well written and contains very good advice for someone in your situation.