How to Find Good Investment Advice on the Internet
New to investing and not sure where to start? There are so many resources available on the internet that it can be difficult to separate the chaff from valuable advice that can kickstart your earnings potential. Here’s a basic primer on where to look for investment advice to get you started.
This point of entry is aimed at novice investors who may not understand all of the terms surrounding investing and the types of investments that are possible. The Khan Academy is a free and open-source classroom that offers information available online for free. Some of their investment courses are designed to teach new investors about mutual funds and ETFs, the different kinds of IRA accounts, hedge funds, and general investment advice. If you’ve never dipped your toes into the world of investing before, start here before moving on to any of the more advanced resources in this quick summary.
Specialized Trading News
One of the best ways to make money when investing is to stay informed about the companies in which you are interested in investing. The best way to do this is to stay on top of the news for that specific company, their main competition, and then general news related to the sector in which you’re trading. Sites like The Motley Fool, Seeking Alpha, and MarketWatch always have their ear to the ground on the latest movements. Add them to your daily news rotation and be sure to follow any tickers that have even a tertiary relationship with the stocks you are trading.
Traditional Sources for Investment
There’s a reason the Wall Street Journal has been in publication as long as it has. Traders who are interested in the market should have a subscription to the long-time newspaper, either digitally or delivered to your door. The WSJ has grown up with how technology has evolved and now offers bigger insight into the stock market thanks to a greater online presence. Sites like MarketWatch and Barron’s all reside under its umbrella. You’d do well to pay attention to the stories that come across your screen from these sites, as they will help you build an investment plan.
Social media can be more hectic to sort through for good investment advice, but that doesn’t mean you should ignore it entirely. Follow accounts on Twitter and Facebook from large hedge funds and their managers to understand how these professional traders are playing the market. Another specialized resource that resembles Twitter is called StockTwits. This site helps individuals who are interested in particular stocks share their ideas and plans by providing easy to access tools for referencing specific stocks. Plenty of hedge fund managers maintain accounts on this website so consider adding it to your social media rotation.
It’s tempting to think of Investopedia as a beginner’s resource, but you should think of it like Wikipedia. It’s a store of investment knowledge for beginners and advanced traders who want to hone their strategies. Chances are if you’re new to investing and need to look up a term you’re unfamiliar with or a trading concept to understand it better, you’ll do so with the help of Investopedia. The financial dictionary alone is an invaluable resource that will help novice traders get up to speed with clear and concise information.
JR Dominguez is the technology, finance and music editor for MiLLENNiAL. When he's not writing, you can find him day-trading stocks, playing video games, or composing commercial scores.