# Advice for a newbie



## JimmyTheBroker (29 May 2017)

Hi guys,


I have a few questions that I need some answers too.

a)      I’m worried that I’ll sign up to a dodgy website, what are some safe websites that I can use to invest in currencies, shares and commodities? Which is also connected to multiple stoke markets around the world. Ideally, I am looking for low transaction fees; brokerage without advice.

b)      I am unsure how to invest in commodities (gold, oil, coal, iron ore). Do I find companies that trade heavily in the particular commodity (Ie Rio tinto = Iron ore) I am interested in and hope that the company’s shares will be heavily influenced by the commodity market? Or is there a way to invest directly in a commodity?

c)      Similar to my question with commodities; Is there a way I can directly invest/convert my currency into another country’s currency?


Thanks everyone!

Jimmy


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## tech/a (29 May 2017)

Interactive Brokers

Google them
You can trade anything in the world


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## KochAlex (1 August 2017)

I would not simple jump in. Many traders do that and it usually costs them a lot of frustration and money. Read some trading books (classics are always good) to get an idea about the different trading concepts and build slowly from there.


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## crackajack (6 August 2017)

JimmyTheBroker said:


> Hi guys,
> 
> I use oanda no problems
> 
> ...



I use oanda no problems


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## noirua (26 November 2022)

This advice has nothing directly to do with investing. However, when listening to opinions it might well be:
Here's why you should not GOSSIP.
In Ancient Greece, Socrates had a great reputation of wisdom. One day, someone came to find the great philosopher and said to him:
- Do you know what I just heard about your friend?
- A moment, replied Socrates. Before you tell me, I would like to test you the three sieves.
- The three sieves?
- Yes, continued Socrates. Before telling anything about the others, it's good to take the time to filter what you mean. I call it the test of the three sieves. The first sieve is the TRUTH. Have you checked if what you're going to tell me is true?
- No, I just heard it.
- Very good! So, you don't know if it's true. We continue with the second sieve, that of KINDNESS. What you want to tell me about my friend, is it good?
- Oh, no! On the contrary.
- So, questioned Socrates, you want to tell me bad things about him and you're not even sure they're true? Maybe you can still pass the test of the third sieve, that of UTILITY. Is it useful that I know what you're going to tell me about this friend?
- No, really.
- So, concluded Socrates, what you were going to tell me is neither true, nor good, nor useful. Why, then, did you want to tell me this?
"Gossip is a bad thing. In the beginning it may seem enjoyable and fun, but in the end, it fills our hearts with bitterness and poisons us, too!"
- Pope Francis

[Mind you, Pope Francis does let things happen we know about and appears to steer away from commenting or revealing the truth some may want to hear. One of these is the Cardinals from many different countries who hamper him from coming to decisions we know and he knows must or should happen]


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## aus_trader (26 November 2022)

Can't offer advise but provide some general guidance to your question Jimmy. I understand where you are coming from, and I have spent a lot of hours recently comparing platforms that can get me started in the US stock markets.

Have been involved in the Aussie stock markets and trading and investing in the asx stocks for a few decades. However, it was difficult and costly to invest in the US stocks in the past. So only just opened an account that enables me to buy US stocks directly a couple of days ago. I posted about it in my Speculative Stock Portfolio thread, see post: https://www.aussiestockforums.com/threads/speculative-stock-portfolio.33280/post-1201747


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## Garpal Gumnut (26 November 2022)

JimmyTheBroker said:


> Hi guys,
> 
> 
> I have a few questions that I need some answers too.
> ...



Jimmy,

Just remember that when you trade on overseas markets that you are making two "trades" if your cash stash is in $AUD.

One on the stock you are interested in e.g. Amazon or Caterpillar in the US markets.

And secondly on the exchange rate. So if you bought one of the above you are also involved in the $ movements between $USD and $AUD.

So if Amazon or Caterpillar go up and the $AUD appreciates against the $USD you may not gain as much or even be at none, a bigger gain or a bigger loss depending on the stock and exchange rate movements.

I'd agree with @tech/a on IG Interactive Brokers, it is a very good platform.

gg


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## divs4ever (26 November 2022)

noirua said:


> This advice has nothing directly to do with investing. However, when listening to opinions it might well be:
> Here's why you should not GOSSIP.
> In Ancient Greece, Socrates had a great reputation of wisdom. One day, someone came to find the great philosopher and said to him:
> - Do you know what I just heard about your friend?
> ...



 i would like to offer a different  viewpoint  

 listen/read gossip BUT remain cynical and skeptical  , since i act ( if i do act at all ) in a contrary way  to normal human emotions , normal human reactions sometimes offer me an opportunity  ( gossip also includes advertising and official presentations for me  ) 

gossip ( and rumor ) moves markets  , but can such moves benefit YOU

 now traders who are well organized  and agile  can ( relatively ) safely ride the wave of emotions  ( the 'buy the rumor , sell the fact'  strategy )


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## tech/a (26 November 2022)

At times the best position for some single direction traders ( long ) is out of the market.
Often  forgotten can be hugely beneficial to your equity curve and mental well being.


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## noirua (27 November 2022)

tech/a said:


> At times the best position for some single direction traders ( long ) is out of the market.
> Often  forgotten can be hugely beneficial to your equity curve and mental well being.



'Masterly Inaction" was something said by the late Bob Beckman in the 1970's.  Somehow I find this very difficult as I'm mainly a very short term trader - the shortest times I've held shares was 9 minutes and twice just 12 minutes.  So I'm always ready to buy something else and holding fire is a particular problem for me.








						Bob Beckman - Wikipedia
					






					en.wikipedia.org


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## divs4ever (27 November 2022)

shortest hold ( that didn't culminate in a take-over ) for me was ART   a shade over 2 months .

 but that was because the company took a decision i wasn't comfortable with  ( not a pre-planned  strategy )

 but then i have plenty of scars  , and a few  diamonds to show for the risk taken ( by buying the down-trend )


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