Posted: 7/23/2012 7:32:06 PM
I ordered a couple of books based on suggestions from multiple web sites. Books about penny stocks are expensive! I ordered a couple based on basic stock market investing to start out with. If you don't know the basics, it's like gambling on sports but not understanding the vig, money lines, halftimes, home field advantage, etc.
In case you were wondering the books are:
How to Make Money in Stocks - William O'Neil
The Intelligent Investor - Benjamin Graham.
I've started How to Make Money in Stocks. It says to not buy low and sell high. It says to buy high, because it will go higher. It focuses a lot of chart cycles and says where to buy. Kinda boring, and it focuses on safe stocks with good futures. I'm not willing to wait for 5 years to triple my money, just not what I'm looking for.
I haven't started the second book yet, but will probably switch over soon.
As for right now, I've realized that there's a million stocks on the exchange that can go to 0 within months. This is not like studying 30 NFL teams, there are literally thousands upon thousands of stocks.
As Rush said, it seems like the big money is to be made in Biotechs. I've seen a lot of talk about Dendreon - DNDN over the past 6 months or so. It's been beaten down since then going from 14 to a little over 6. I'm thinking it's time to get back in.
Regardless if they get FDA approval or not, the drug is still being sold in many states, and has good revenue. It's a cancer treating drug that serves a growing epidemic.
If anyone has some recent opinions about DNDN or any other agressive stocks that aren't really in danger of going to 0, I'd like to hear it.
Some people may think it's funny that I'm asking a bunch of sports gamblers advice on stocks, but I think this is the perfect avenue. The normal investor would be happy with a 20% return per year, so they'll go with only safe stocks.
We're all gamblers here, and trying to hit it big. Let's do it then.