Your Questions About Successful Trading Business

Thomas asks…

I am 16 and interesting in the stock market, thinking about Penny Stocks?

I am interested in business along with investing, and thought that maybe Penny stocks would be a good thing to start out with. However, after reading not even half an article about it, I realized that Penny Stocks are much more complicated that I thought. Should I not invest in Penny Stocks?

John answers:

Look up previous answers on this subject ….it is getting boring answering the same question daily.

In Summary:

The reason you want to invest in pennies (when you are old enough to open an account) is because they are cheap.

You can only make money at that level if you have skills to select the Good from the Bad and UGLY and currently I would expect you are close to zero in the skills department.

You can not take a cross country runner and put him in a NASCAR race and expect him to win…actually you would hope he survives the race.

What makes you think you can be successful in a very difficult aspect of stock trading, when you know NO skills. I have studied trading for over 20 years…last 10 or so as my only income. Are you prepared to put that amount of study into trading???? Most successful traders learned slowly and developed their investment strategy…and pennies was not where they made a lot of money initially I would expect.

You have 2+ years before you can trade stocks without parental permission….practice on paper setting up a spreadsheet and recording transactions….no need for a website to do it….do it manually you will learn more.

Making money at pennies requires a lot more skills and it is not a good place to start for a newbie.

George asks…

How hard is it to get into the photography business?

well i really enjoy photography a lot and i was wondering how difficult is it to get into the photography job world? like having my own business as a photographer or wedding photographer?

John answers:

First, I applaud you for asking about this in a sensible manner. Most people on here have bought a new entry level DSLR, no backups, have no clue how to really use it, no lighting equipment, and no business experience, then come on here asking people for name ideas for their new “business”. It would all be laughable silly except that they are serious.

Here is how I approach sensible people about this. Instead of saying photography business, you need to think in these terms… Photography BUSINESS. The emphasis is on BUSINESS. You need to have a good working knowledge of how to run and build a business first and foremost. Ask yourself this question…. “Could I start, promote, operate, market and build ANY business”? If your answer is “no” or “I’m not sure”, then you have no place trying to start, the photography part of it has little to do with it. There are many, many very good photographers, but that does not mean they can / are good business people. There are two different things.

That is not to say you can’t ever be successful in the photo business. But you have to lay the groundwork. Take business courses in school. If you know someone else who is in business for themselves, talk with them and learn from their knowledge and experience. It does not have to be related to photography. A successful business person can usually be successful no matter what business they are in.

Too many people only think, “I can take good pictures, I should be in business”. They soon find out that is most certainly not the case.

Approach it sensibly and you might make it, but it is a tough and competitive business to try to break into.

For some ideas of what kinds of things are needed to make a successful photography business, subscribe to either or both of these magazines. Rangefinder and Professional Photographer. These are trade publications affiliated with the PPA and WPPI, but the articles profiling photography businesses are very eye opening.

Http://www.rangefindermag.com/

http://www.ppmag.com/

steve

John asks…

What courses should a collectible card game seller take?

Say, if I wanted to own my own trading card game shop, what courses should I take? Management or something else?

John answers:

I’ve been in the antiques and collectibles business for more than 25 years.

I own an auction co. And have had 2 retail stores in the past.
If I’d have had the internet when I started out, I’d have never gotten a brick and mortar store.

If I were you, I’d consider learning the ins and outs of eBay, open up a store there. I’ve been on eBay for 10 years and I can assure you that there’s nothing like it for getting a good retail education.

From there you’ll learn much of what you need to know to run a store, but be warned, if your successful on eBay, you probably won’t need to open a physical store.

Another thing you can try is to get a job at a store similar to the one you want to open. There is no education like hands on education. Why pay good money for something you can get paid to learn?
And you’ll learn things there that you can’t learn in a course.
Good luck!

Maria asks…

What’s a good major to go with an anthropology minor?

My girlfriend wants to go to university for business with a minor in anthropology. However, she doesn’t know exactly if she’ll get what she wants from business. She is sure that whatever she does, she wants a minor in anthropology because it interests the hell out of her, but she doesn’t want to do it for a living.

So question is, if business doesn’t suit her, what “practical” major goes well with anthropology? (I say practical as in somewhat directly related to a career)

Thanks!

John answers:

Psychology, Geography, Forensics, Environmental Science, Industrial Design, Sociology and Human Resource Management are obvious choices. Also Petroleum and Mining engineering and Construction management. The latter two may seem odd to you but I work for a global engineering and constructon company and they have entire departments devoted to Native People’s issues since many mining and infractructure projects are done in areas where they impact the groups who live there. A History major with a minor in Anthro would prepare her for law school. Biology and Anthro would be good prep for medical research grad studies or Public Health. There is even a growing field called “Economic Psychology” which studies what drives consumers and markets. Anthro would be a perfect minor with that since it would complement studies on human behavior in a range of ethnic groups.

Any of these would give her a much better shot at an interesting and lucrative career than something as nebulous as “Business”.

Honestly, “Business” is NOT an academic career path. It is a trade school program in my opinion that really doesn’t qualify anyone for advanced studies in anything but an MBA (and the world is full of unemployed MBA’s). I cringe when I hear of young people majoring in “business.”

She ought to be more clear on what she wants to do with her life before she puts a lot of effort into her studies. Most successful business people do NOT have degrees in it so it seems to me a waste of a college education.

Betty asks…

How to get into the stock market and how it works?

I know many people who have been successful in the stock market and I thought I might give it a try but I don’t really know how to get started and need a quick brush up on the way it works.
Also, I know just because I have seen other people be successful does not mean I will be.

John answers:

Start by reading “Investing or Dummies” by Eric Tyson.

If you know nothing about the market you need more than “a quick brush up” If you want to be successful and not loose your money, you need to do a great deal of studying and then you study some more.

Here’s some websites you should visit
Investors Business Daily – http://www.investors.com/store/
Investors Hub – http://www.investorshub.com/
Investopedia – http://www.investopedia.com/
1 Source For Stocks – http://www.1source4stocks.com/info/stock-analyst-opinion.asp
Schaeffer’s http://www.schaeffersresearch.com/
Smart Money – http://www.smartmoney.com/
Trading Markets – http://www.tradingmarkets.com/
Zacks Research – http://www.zacks.com/
.
Study hard and you’ll invest well

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