I have been poking around with investing for a few years now. I have diversified my assets a decent amount, between a home, several IRA's and 401k's, savings and checking accounts, and a little bit of commodities (gold, silver and recently looked into Moldavite as another option). All of the ways I've diversified so far are ok, however they don't really give me much control, and only mediocre to moderate returns.
I have been researching stocks, options, indexes and ETF's, etc. for some time, and would like to start buying and selling on the market. I have looked into some online "brokers" like eTrade, Scottrade, etc., and I have looked at various stocks and a couple indexes. I generally understand how stocks, indexes, and mutual funds work. I am not entirely certain how options work (I'll ask another question for that). I will admit, I am a bit surprised and overwhelmed by the wide variety of ways that one can invest these days, and I could use some advice. So, here are my key questions:
- Where does one start?
- Stocks, indexes/ETF's, mutual funds, options?
- Most of my retirement investments are mutual funds, and I would kind of like to have more control over these new investments than a MF would give me.
- What online tools will best serve a new invester?
- I have looked into eTrade, Scottrade, Ameritrade, etc.
- I liked what eTrade and Scottrade had to offer, scottrade is cheaper, but seems less complete.
- I am a beginner, however I learn quickly, and I like having control over my funds.
- Are there better/cheaper ways to invest in stocks besides online sites like etrade?
- How would I go about picking good stocks, indexes, or options to invest in first?
- I have been watching some tickers for big companies that I know about, however they don't seem to be the most ideal stocks to get good return from (although they might be good for long-term stability in my investments later on.)
- Where can I go to get GOOD info on investing options, with solid information about performance and returns?
- What exactly are penny stocks, and are they a good type of stock for a newcomer to invest in?
I am interested in both long-term investing, as well as short-term money making via dividends (or whatever else can provide short-term returns.) I am interested and open to other investing options as well. There is so much uncertainty in so many markets these days, I want to make sure I have my eggs in enough baskets that if something else collapses, I want to have some backups.