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It is a bad idea. You will end up losing your money.
The reason is that every traded equity is handled by certain entities called ‘market-makers’. Their actions, amounting to speculation, can move a particular stock in any direction.
Then, you have the issue of insider trading. Yes, it is illegal, but very difficult to prove. It goes on all the time. Friends and family, ex-politicians owed favors, etc get first dibs. By the time significant news hits the wire, the profits have already been skimmed.
The valuation of companies is iffy, as well. A few years ago, Shell restated its proven oil reserves down about 20%. Now how do you think you can guess how much oil does a company stands on? You’ll have to use the numbers provided by the company.
Companies restate their earnings from previous quarters. All of the sudden, the stock drops like a rock.
Also, consider that stocks trade after-hours, as well. Only institutional investors have access to the INSTINET. So it is entirely possible that a stock may have opened much lower than the previous close.
Finally, please understand that trading-speculating, I would call it, belongs to the professionals who gamble with other people’s money.
You are better off to save your money for a downpayment on a house.
However, if you choose to ignore this advice, then put your money in an index mutual fund. I recommend one that trades ‘spiders’ – monetized S&P 500 index.
Good luck…
You will probably lose your money. You should invest in stocks for the long term.
You should check out what the best traders are buying and selling at http://www.top10traders.com – this is a free site that lets you create a portfolio of stocks with $100,000 in "play" money. Each day the site ranks the best performing portfolios, so you can see how your picks perform compared to other investors. You can read posts on investing from the best traders, as well as share your own investing ideas. There is a charting feature, so you can see how your portfolio performs compared to the S&P 500. Also, you can create your own "group" so that you can see how you are doing compared to your friends.
Here are this month’s best traders:
Hope this helps – and good luck.