ANSWER:
When I got started, I had a great experience with buyandhold.com, though other online sites are excellent too. You probably want a couple of free trades a month, and no lower limit, so you can build your portfolio.
I started reading Smart Money, because it got me interested and inspired to start purchasing. Other investment mags & websites can do this for you too. The important things are: 1) diversify your investments, and 2) never invest more than you are willing to lose. Another good tip is don't get greedy! Don't be afraid to sell a stock that's doing well.
A *very* common and surprising investment mistake that people make is that they buy high and sell low. Everyone knows "buy low and sell high," but what happens is that people gain confidence when the market is high, causing them to buy, and they lose confidence when it falls, abandoning their stocks for cash. Timing is everything, and a steady hand helps.
I'd start with a range of stocks - in a recession, basic resources are a good idea. I made a decent amount of money investing in metals and dental supplies.
Most financial sites, like Yahoo! finance, give an "analyst opinion" and other information on most stocks, which you can use to help make a decision. Also, set up one of those free portfolio trackers that will tell you how your stocks are doing, so you can stay on top of things.
Yep - you gotta pay taxes if you made money. If you sell the stock after holding it for more than 1 year, you are taxed at the "long-term" lower rate. Less than 1 year means more taxes. Personally, I don't worry about it too much. You only pay taxes when you make money, and if a quick sell makes more money, the higher taxes might be worth it. There are great strategies on offsetting taxes, though (hold for 2 years, reinvestments, tax-deferred investments, and offsetting gains by selling depreciated stocks). A financial adviser can help you with that, or you can figure it out for yourself if you're willing. There are *plenty* of books - I particularly like the books by Ric Edelman, who advocates an optimistic but cautious investment plan.
I recommend investing online to everyone, as long as you don't invest beyond your comfort range. If you do "week-trading" (like day-trading only waiting a little longer), you can usually make money, unless the economy is horrible. It's like gambling, only the odds are in your favor! I like it better than Vegas - it requires patience, but it's a great mind game.
Good luck!
CJ
Source: http://tradinggold.net/?p=36517
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