Q. Depending on which one you tell me. What are the investments that I need to be going after if it's growth? What are the investments that I need to be going after if it's income? Are Blue Chip stocks great for building wealth and income?

Answer
Pick up a few books and read up on stocks. Go for low risk, low yield stocks first since you are new at this. Read as much as you can and watch youtube videos and documentaries. If you find the topic interesting then open a brokerage account somewhere and start buying stocks. Don't open a forex account, I know lots of ads are out there promoting forex but trust me stocks are much better and safer to start out with.

I recommend a low fee brokerage like sogo who charge $3 a trade and also give you 100 free trades to start so make your first few trades really small ones. Trust me when you are playing small for the purpose of learning then you don't need people charging you $10 a trade like most brokers do so sogo is good in that respect.

https://www.sogotrade.com/Setup/Default.aspx?rf=392837

Later if you become more seasoned you might want a fancier broker. And one last word of warning, never never buy and sell the same stock in the same day more than three times a week. It's the PDT rule.

While you are learning about stocks also read up on options. That is a must if you want to be an investor.

Hit amazon and look for 5 star reviews on books. It all depends on how seasoned your uncle is on the stock market so I cannot answer but here is a hint, if he is not a total noob get him this book on options:

Option Volatility & Pricing: Advanced Trading Strategies and Techniques by Sheldon Natenberg

Where can I find the best stocks to pick?

I basically want to know where can I find stocks that can earn me a lot of money and is going up daily.
I am sort of new to this. I can't afford those websites that charge memberships

Answer
Why ask Y!A?

Luckily, I'm here for you.

I'm not going to tell you what stocks to pick, in fact, no one can. Picking a stick, riding the price up, and then selling it is dependent on current market conditions, trends, sector health, on and on and on. You are not just buying a stock, you are buying ownership of a company in hopes that the company will do well if you want to ride it, or in hopes that the company will perform poorly if you are trying to short it.

If you are lost already, go buy some books on investing, learn about economics and how the market and the world works, and then start picking stocks in an online portfolio or simulation.

If you can't even afford WSJ, you should read market reports, economic release calendars, watch the news and what is going on, even watch CNBC if you really have to. (Note, lots of noobs actually listen to what the reporters have to say.. don't do this. Just examine the graphs and understand why things happen and soon you will figure out how certain things are connected and related.)

Also, if you actually end up taking my advice and not giving up after reading one mundane econ report, you may end up loving FOREX or Futures. Stocks aren't the be all end all.. the general population just tends to associate "Stock trading" with easy money and easy investment when it's really a game of predictions, will, and timing.

Answer
The particular website linked at the bottom specializes in giving novice/beginner forex-traders helpful fundamental information regarding large and detailed introductions on foreign exchange, forex-trading tips, concepts, fraud warning info, trading safety info and also excellent, detailed information on the Major currencies of the world and the Central Banks that go with it.

There is also an article written especially for novice traders, where a more advanced trader is writing about his experiences in forex-trading during one day. All these articles are for novices and beginners, but the very first link at the top of the list below is especially written for novices. On the home-page of the website, it will show the latest news on economies and forextrading and may help you while you trade.

I find this site particularly helpful since im still a bit of a noob too! hope this helps!

A question about Forex from a noob?

Hello! Here is the deal:

Imagine a situation:

I gave my broker 1000 USD. He has a margin of 5%.
To execute my operations I use MetaTrader. I decided to "sell GBP" and the operation was executed.
Why was it executed if I had only 1000 USD? I did not have any GBP to sell
What mathematical operation is made in this case?

Thank you!

Answer
Hey,

The margin in forex allows you to open bigger positions than your account's capital and also to sell something you don't have.
The trading program is using your capital as securities, and continuously calculates whether you can stay in the position or not. If you'll lose too much money in your position on the GBP, the trading program will close your position and will take your USD.