Namars : Car racing

CHAPTER 1				DIFFERENCE BETWEEN STOCKS AND BONDS
INTRODUCTION				Sometimes it’s difficult for the new investor
Are you bored with the 9 to 5 job? Want				to differentiate the difference between the two.
something in your life to change instantly? Want				If I must say so, there are people who have
your dreams come true. Your dream of relaxing				been investing for a long time, but still they have
in a big house and there is a flow of money in the				not been able to articulate the difference. People
form of dividend cheque. Imagine yourself an				think that stocks are more riskier then bonds and
owner of a business and watch your company				basically it is true also,
grow.				STOCK means ownership of certificates in
All of this and much more is now possible by				multiple companies. The price to the stocks will
owning STOCKS.				actually depend upon the performance of the
In today’s fast moving world , stocks which				company. If company is doing well you will share
was always the ball game of the rich and wealthy				the appreciation, but if the company has gone in
people , with the trading technologies expanding				loss, then u will equally be sharing the loss.
itself , the market has opened its doors to each				BONDS are “credit “given by the investor
and all who wish to own stock.				to the company. It’s a kind of loan provided
If you wish to multiply your money and want build				to the company to carry on their activities. The
wealth then owning stock is the thing for you .But				percentage the investor gets is fixed.
before you take the plunge in this deep sea of				The shareholder would stick to the shares even in
stock market ,its vital and important for you				bad times and would expect that the company
understand about the stocks and how they trade.				would do better in future, but the bondholder is
Most people have heard about stocks from				just concerned with his initial amount and the
friends or often have overheard a conversation,				interest from the company.
like “oh Mr. Shah, did wonders on the stock				It is possible that investor has invested in a small
market and now is starting a new firm “or				and a risky company and if the company shuts
“Mr. Patel lost ...XYZ amount in the stock				down then the bond holder has to lose his initial
market. Though being a very popular topic of				investment as well, but this happens in a rear
discussion in most of the places, there is a lot of				case.
misconception about it. Everything in life is not				So what would be a wise investment BONDS OR
free so even this money building financial tool also				STOCKS?
has risk factors in it.				Well. It depends on the person personal decisions
The only way is to educate our self and protect				and what is his risk tolerance. Though the ideal
our self by investing the money at the right place.				long term portfolio could be a blend of little bit of
CHAPTER 2				both.
WHAT ARE STOCKS AND SHARES?				CHAPTER 19
To run a company or a business, you need funds.				FUNDAMENTAL ANALYSIS
This capital can either be generated from within				It is always been a difficult and a confusing
or one has to be borrowed from outside.				decision as to which stocks to buy. The financial
Borrowing the money can always be a very				analysts heavily depend to the Fundamental
expensive option , what companies do is give a				analysis at that time.
unit of ownership interest in a corporation or a				Fundamental analysis is looking at the basic or the
financial asset, which is called a SHARE and the				fundamental financial level. It helps as key to
person possessing the share is called SHARE				determine the company’s health and gives
HOLDER.				the idea of the value of its stock. Fundamental
It does not mean that if a person is				analysis is the cornerstone of investing. Its core
SHAREHOLDER he/she gets to make decisions in				objective is to do the financial forecast of the
the day to day operations of the business. They				companyv To conduct companies stock
get the equal share in the profits of the business				evaluationv To make projections about its
in the form of dividends.				business performancev To evaluate its
STOCK signifies the ownership on the				managementv To calculate its credit risks.
company’s assets and earnings. So in totality				TECHINCAL ANALYSIS
SHARES and STOCKS in today’s financial				Technical analysis forecasts the future directions
market mean the same thing.				of the prices, through past data and market
Normally a layman would buy certain shares and				trend. It ‘ignores’ the actual financial
keep it just to earn dividends, where as few				condition of the company, market currency, it
investors who want to deal in the stock trading				just solely goes by the “charts “that is
would buy and sell them. The prices of the shares				the price and volume information only. It is just
keep on rising and falling, so you should d be				not limited to charting but it also considers price
prepared to lose your investment anytime.				trends.
There are investors in the stock market who				Technical analysts believe that the investors
have lost their fortune in it and few have billions.				collectively repeat the behaviors of the investors
So what is most important before entering into				who preceded them. While it will take long time
the big well of stock market is to educate				for the technical analyst to be picked as the one
yourself properly and learn in which shares to				to manage your trade, but certain financial
invest which can give you big returns.				institutions and banks are using them as tools.
CHAPTER 3				CHAPTER 20
TYPES OF STOCKS				FAQ ‘Sv If I buy, when should I sell?
There are generally 2 types of Stocks.				Stock market is a creature in and of itself. When
COMMON STOCK: A common stock also known				will the bull market is going to change to bear
as Voting share or an Ordinary share gives the				market is anyone’s guess. Hence, we should
right to the shareholder to vote on the corporate				hold the shares which are stable and are moving
matters .policy and to elect the Board Members.				up. When you see the company’s shares you
Mostly the companies issue Common stocks. The				have taken are dropping, dipping continuously,
dividend paid on these stocks is not fixed and				then I guess it is time to abandon the ship from
would vary. The return on the Common stocks is				those share, meaning it would be wise to sell
much higher than in any other investment, but				those shares which are falling in price.v How
this return are with cost as common stock				many shares should I hold?
involves maximum risks. If the company goes				If they are fewer the better it is good to be
bankrupt or chooses to close down Common				diversified, but you should hold that many share
stock holders are only paid after the preferred				that you can manage, and handle on your own.
shareholders, bondholders and the creditors are				What is the point of holding 1000 shares and If
paid. The biggest benefit of a common stock is its				you cannot know them all… instead it’s
can be converted in cash, that is can be liquidities				better to have 25- 30 which are manageable.v
very fast.				How can I buy and sell my shares tax efficiently?
PREFERED STOCK : A Preferred stock is also				You will be able to do this inside a self select Isa
known as known as Preference share or				Most of the brokers provide you with this facility
Preferred share, is a higher ranking stock then				where they give you an empty Isa wrapper. You
the Common stock, and its terms are negotiated				have to fill it pound 7000 worth of shares and
between the company and the investor. Preferred				then trade tax free. All capital gains you make will
stock generally does not carry a voting rights but				be tax free.v What are Penny stocks?
it does carry priority over the Common stock in				There is no set accepted definition for the Penny
payment of dividend and upon liquidation. A				Stock. Some define it as stock priced under 1$
Preferred stock holder has option to convert his				and some say 5$. They are actually type of
stock to common stock after predetermined				stock that generally trades at very low value and
dates, which are called CONVERTIBLE				market capitalization. They are highly speculative
PREFERRED SHARES.				and have high risk due to lack of liquidity. They
CHAPTER 4				are generally traded over the counter (OTC) and
WHAT MOVES STOCK PRICES.				on pink sheets.v What is buying on margin?
Stock prices are directly related to the				A risky technique where in you are buying stocks
company’s earnings, but what exactly makes				with borrowed money from the broker. You can
this prices move? There are no hard and fast				term it as a loan from the broker to buy the
rules to this. The news report of a specific				stocks. In this it allows the investor to be paid the
company would make the investors have more				fractional amount and the rest in borrowed from
stocks of it or the negative news can make the				the broker. The broker sets a margin account
investors move out of those companies’				with you and also charges you with brokerage on
holdings by selling them.				the loan and you have to pay interest as well.
The other reason for the market to sway is				They can also hold the shares as collateral against
countries attempt to correct the inflation.				the loan you have taken and can take the stocks,
Generally changes the stock prices are affected				if you become a defaulter.
if the If the country usually higher or lowers the				.
interest rates				CHAPTER 1
According to analyst, amateur investors also can				INTRODUCTION
be a reason to move the stock market up and				Are you bored with the 9 to 5 job? Want
down. Amateur investors out of inexperience				something in your life to change instantly? Want
normally make decisions on press releases or				your dreams come true. Your dream of relaxing
rumors				in a big house and there is a flow of money in the
The day traders are also considered the major				form of dividend cheque. Imagine yourself an
contributor for the ups and downs of the stocks,				owner of a business and watch your company
as they generally deal in huge numbers of stock				grow.
which affect the stock.				All of this and much more is now possible by
1. If the company’s are able to show that				owning STOCKS.
they have met or exceeded their profit margin ,				In today’s fast moving world , stocks which
the stocks of the company will automatically go				was always the ball game of the rich and wealthy
up, but if vice a versa .. If company falls short in				people , with the trading technologies expanding
meeting the profit margin the immediate reaction				itself , the market has opened its doors to each
of the investors would be to sell the stock				and all who wish to own stock.
holdings of that company.				If you wish to multiply your money and want build
So to conclude, there is no exact reason for the				wealth then owning stock is the thing for you .But
stock prices to move up or down…				before you take the plunge in this deep sea of
Success in investing comes not with how and a				stock market ,its vital and important for you
dash of luck, but with analytical and cool mind.				understand about the stocks and how they trade.
MARKET TREND: BEAR OR BULL!!!!				Most people have heard about stocks from
Where these names do came from?				friends or often have overheard a conversation,
Remember bears are sluggish and bulls are				like “oh Mr. Shah, did wonders on the stock
forceful. The bull flairs its thorns up when tries to				market and now is starting a new firm “or
attack its prey and the bear swipes downs, this is				“Mr. Patel lost ...XYZ amount in the stock
metaphorically depicted in the stock market.				market. Though being a very popular topic of
When the market has trend is upwards it’s				discussion in most of the places, there is a lot of
said to be a Bull market and Bear market when				misconception about it. Everything in life is not
the trend hits the downward graph.				free so even this money building financial tool also
BULL MARKET				has risk factors in it.
A bull market trend is associated with increasing				The only way is to educate our self and protect
confidence of the investors, and anticipation of				our self by investing the money at the right place.
the future rise in the prices which would motivate				CHAPTER 1
the investors to buy the stocks. India’s				INTRODUCTION
Mumbai Stock Exchange Index, SUNSEX, was in				Are you bored with the 9 to 5 job? Want
the Bull Run for almost five years fro2003 to				something in your life to change instantly? Want
2008.				your dreams come true. Your dream of relaxing
BEAR MARKET				in a big house and there is a flow of money in the
A Bear market is a steady drop in the stock				form of dividend cheque. Imagine yourself an
market over a period of time. It is accompanied				owner of a business and watch your company
by pessimistic approach taken by the investors				grow.
anticipating future down fall in the prices and				All of this and much more is now possible by
hence starts selling the shares. No specific				owning STOCKS.
definition is available for the Bear market. But one				In today’s fast moving world , stocks which
generally accepted measure is a price decline of				was always the ball game of the rich and wealthy
15 % over a two month period of time.				people , with the trading technologies expanding
CHAPTER 5				itself , the market has opened its doors to each
STOCKMARKETS				and all who wish to own stock.
A stock market is a public for trading of the				If you wish to multiply your money and want build
company stock at an agreed price. It is				wealth then owning stock is the thing for you .But
considered the fast way to get the money from				before you take the plunge in this deep sea of
an individual and give it to the company that				stock market ,its vital and important for you
needs it.				understand about the stocks and how they trade.
The concept of stock trading comes from way				Most people have heard about stocks from
back in 1600 , when the East India Company was				friends or often have overheard a conversation,
launched, it needed money from the people for				like “oh Mr. Shah, did wonders on the stock
their voyages, without any guarantee of return				market and now is starting a new firm “or
.hence they approached the investors to whom				“Mr. Patel lost ...XYZ amount in the stock
they gave shares in return of the cash.				market. Though being a very popular topic of
The idea was that the risk would be shared and				discussion in most of the places, there is a lot of
divided among the investors, no fixed returns				misconception about it. Everything in life is not
would be paid to them but if company progressed				free so even this money building financial tool also
and did well then the investors will be benefited.				has risk factors in it.
The idea worked and the investors made profits				The only way is to educate our self and protect
and by the end of 17th century many more were				our self by investing the money at the right place.
entering the ball game of trade.				CHAPTER 2
In 1801 the LSE (LONDON STOCK EXCHANGE)				WHAT ARE STOCKS AND SHARES?
was formulated, the systems were formulated				To run a company or a business, you need funds.
and there was no looking back after that. LSE				This capital can either be generated from within
also runs AIM (Alternative investment Market) for				or one has to be borrowed from outside.
the young companies as “starter market				Borrowing the money can always be a very
“				expensive option , what companies do is give a
Today, along with Britain, LSE runs the biggest				unit of ownership interest in a corporation or a
exchange with 1800 + companies, which is called				financial asset, which is called a SHARE and the
the “main market “.				person possessing the share is called SHARE
CHAPTER 6				HOLDER.
STOCK EXCHANGES				It does not mean that if a person is
WHY DO COMPANIES LIST ON THEM?				SHAREHOLDER he/she gets to make decisions in
Stock Exchange is an organization or a				the day to day operations of the business. They
corporation which helps in trading of stocks to				get the equal share in the profits of the business
investors and stock brokers. The main aim of				in the form of dividends.
listing the companies on stock exchange could be				STOCK signifies the ownership on the
Raising Capital for the businesses				company’s assets and earnings. So in totality
Mobilizing Savings for further Investment and				SHARES and STOCKS in today’s financial
Facilitating Companies Growth				market mean the same thing.
NYSE				Normally a layman would buy certain shares and
The biggest and the most prestigious stock				keep it just to earn dividends, where as few
exchange is the NYSE ( NEW YORK STOCK				investors who want to deal in the stock trading
EXCHANGE) .NYSE came in existence way back				would buy and sell them. The prices of the shares
in 1972 , when 24 New York stockbrokers and				keep on rising and falling, so you should d be
merchants got together				prepared to lose your investment anytime.
Sign the Buttonwood Agreement.				There are investors in the stock market who
NYSE is first exchange of its kind and trades in				have lost their fortune in it and few have billions.
the open outcry system. Each stock is traded				So what is most important before entering into
by a specialist (who is the employee of NYSE) on				the big well of stock market is to educate
a specific location on the trading floor. This				yourself properly and learn in which shares to
specialist actually works as auctioneer between				invest which can give you big returns.
buyer and the seller in particular stock. This type				CHAPTER 3
of trading makes NYSE different from other				TYPES OF STOCKS
exchanges which are totally dependent on				There are generally 2 types of Stocks.
electronic devices.				COMMON STOCK: A common stock also known
Today with changing times half of NYSE is also				as Voting share or an Ordinary share gives the
trading on electronic devices, and is come out of				right to the shareholder to vote on the corporate
the Stone Age.				matters .policy and to elect the Board Members.
NASDAQ				Mostly the companies issue Common stocks. The
The NASDAQ (NATIONAL ASSOCIATION of				dividend paid on these stocks is not fixed and
SECURITIES DEALERS AUTOMATED				would vary. The return on the Common stocks is
QUOTATION) is the second type of exchange				much higher than in any other investment, but
and the largest electronic screen based trading				this return are with cost as common stock
market of United States of America. The				involves maximum risks. If the company goes
exchange does not have central locations of				bankrupt or chooses to close down Common
specialist, neither do they floor trading. The entire				stock holders are only paid after the preferred
trading is done through computers and				shareholders, bondholders and the creditors are
telecommunications.				paid. The biggest benefit of a common stock is its
AMEX				can be converted in cash, that is can be liquidities
The third largest exchange of America is the				very fast.
AMEX (AMERICAN STOCK EXCHANGE), which				PREFERED STOCK : A Preferred stock is also
has been taken over by NASD (parent company				known as known as Preference share or
of NASDAQ) in 1998.				Preferred share, is a higher ranking stock then
OTHER EXCHANGES				the Common stock, and its terms are negotiated
There are many other stock exchanges around				between the company and the investor. Preferred
the world. Almost all countries have stock				stock generally does not carry a voting rights but
exchanges, with Americas stock exchange being				it does carry priority over the Common stock in
undoubtedly be the largest.				payment of dividend and upon liquidation. A
List of other exchanges,				Preferred stock holder has option to convert his
LONDON STOCK EXCHANGE				stock to common stock after predetermined
HONG KON GSTOCK EXCHANCE				dates, which are called CONVERTIBLE
MUMBAI STOCK EXCHANGE				PREFERRED SHARES.
JOHENSBURG SECURITIES EXCHANGE				CHAPTER 4
And the list can go on…………				WHAT MOVES STOCK PRICES.
CHAPTER 7				Stock prices are directly related to the
WHAT ARE STCOK INDEXES				company’s earnings, but what exactly makes
A stock market index is a method of measuring				this prices move? There are no hard and fast
a section of stock market. Statistical indicator				rules to this. The news report of a specific
used in measurement and reporting changes in				company would make the investors have more
the market value of group of stocks. By				stocks of it or the negative news can make the
measuring the performance of a one company				investors move out of those companies’
based on the performance of other companies in				holdings by selling them.
the same type of business, which will help the				The other reason for the market to sway is
investors to make best investment.				countries attempt to correct the inflation.
Major types of stock indices:-				Generally changes the stock prices are affected
There stock indices may classified in many ways.				if the If the country usually higher or lowers the
GLOBAL market index includes all types of				interest rates
companies irrespective of where they are				According to analyst, amateur investors also can
domiciled or traded. The 2 best examples of such				be a reason to move the stock market up and
index are MSCI WORLD and S&P GLOBAL				down. Amateur investors out of inexperience
100.				normally make decisions on press releases or
NATION market index indicates the performance				rumors
of a stock exchange of a nation and reflects the				The day traders are also considered the major
economy of the country. The examples of such				contributor for the ups and downs of the stocks,
index are the INDIAN SUNSEX and the JAPANESE				as they generally deal in huge numbers of stock
NIKKEI 225				which affect the stock.
More specialized indices comprise of tracking the				1. If the company’s are able to show that
performance of the certain sector of the market,				they have met or exceeded their profit margin ,
the example is MORGAN STANLEY BOITECH				the stocks of the company will automatically go
INDEX, it comprises of 36 American companies				up, but if vice a versa .. If company falls short in
under biotechnology industry				meeting the profit margin the immediate reaction
Other indexes may track the companies from its				of the investors would be to sell the stock
size, or a certain type of management etc.				holdings of that company.
Weighting				So to conclude, there is no exact reason for the
The index can be also classified under the criteria				stock prices to move up or down…
as to how is it priced				Success in investing comes not with how and a
PRICE WEIGHTED INDEX also known as equal				dash of luck, but with analytical and cool mind.
dollar weighted index, each component stock				MARKET TREND: BEAR OR BULL!!!!
contributes only to its price when determine the				Where these names do came from?
overall value. The size of the company or the				Remember bears are sluggish and bulls are
volume in which its trading is not taken into				forceful. The bull flairs its thorns up when tries to
considerations, hence evens a slight up or down in				attack its prey and the bear swipes downs, this is
a single company highly influences the index				metaphorically depicted in the stock market.
CAPITALIZED WEIGHTED INDEX also known as				When the market has trend is upwards it’s
market value weighted index, whose components				said to be a Bull market and Bear market when
are weighted according to the total market value				the trend hits the downward graph.
of their outstanding shares. The impact of the				BULL MARKET
component’s price change is proportional to				A bull market trend is associated with increasing
the issues overall market value.				confidence of the investors, and anticipation of
CHAPTER 8				the future rise in the prices which would motivate
HOW DO I BUY AND SELL SHARES?				the investors to buy the stocks. India’s
In ancient days buying and selling stocks/shares				Mumbai Stock Exchange Index, SUNSEX, was in
was the privilege of the rich , who with the help				the Bull Run for almost five years fro2003 to
of certain share brokers use to buy and sell				2008.
shares and among those few , the ones who had				BEAR MARKET
the inside information of the companies use to				A Bear market is a steady drop in the stock
mint most money.				market over a period of time. It is accompanied
But the today’s internet age, the entire				by pessimistic approach taken by the investors
information is available to the common man,				anticipating future down fall in the prices and
making him pretty much the part of this never				hence starts selling the shares. No specific
ending market. As now most of the information is				definition is available for the Bear market. But one
available on the internet, the stock brokers give				generally accepted measure is a price decline of
their services with no frills attached , meaning you				15 % over a two month period of time.
tell them which shares you want to buy or sell				CHAPTER 5
and they would do exactly the same , no advice				STOCKMARKETS
given .				A stock market is a public for trading of the
There are big stocks brokers like Barclays,				company stock at an agreed price. It is
Brennan etc who charge for the service their				considered the fast way to get the money from
certain amount of commission for each deal, and				an individual and give it to the company that
also few brokers charge you yearly and quarterly				needs it.
fee just to keep your account open and do the				The concept of stock trading comes from way
dealing on your behalf.				back in 1600 , when the East India Company was
Investors buy shares only for the purpose of				launched, it needed money from the people for
income in forms of dividend, and then they should				their voyages, without any guarantee of return
scrutinize properly and buy such shares that yield				.hence they approached the investors to whom
the most dividends.				they gave shares in return of the cash.
Some investors are not interested in income but				The idea was that the risk would be shared and
are more inclined towards capital growth, hence				divided among the investors, no fixed returns
when the share price increases in anticipation that				would be paid to them but if company progressed
the company will yield more profits in future and				and did well then the investors will be benefited.
which will affect the increase in the dividend				The idea worked and the investors made profits
payments… hence investors who are interested				and by the end of 17th century many more were
in capital growth, should invest in share that are				entering the ball game of trade.
expected to yield huge dividends in future.				In 1801 the LSE (LONDON STOCK EXCHANGE)
CHAPTER 9				was formulated, the systems were formulated
WHAT TYPE OF TRADER ARE YOU?				and there was no looking back after that. LSE
Each individual who is the stock market and is				also runs AIM (Alternative investment Market) for
intending to make money has to identify himself				the young companies as “starter market
from the various trader types he falls into and				“
has to utilize that strategy.				Today, along with Britain, LSE runs the biggest
The following are the types of traders,				exchange with 1800 + companies, which is called
POSITION TRADERS				the “main market “.
Most investors fall in this category, as they buy				CHAPTER 6
stocks and hold them for months and years				STOCK EXCHANGES
expecting to get more profits out of it.				WHY DO COMPANIES LIST ON THEM?
Institutional investors, mutual funds and				Stock Exchange is an organization or a
investment banks are interested in such stocks				corporation which helps in trading of stocks to
which yield profits in long term. They concentrate				investors and stock brokers. The main aim of
more on the financial strength of the company				listing the companies on stock exchange could be
and not in technicalities.				Raising Capital for the businesses
SWING TRADERS.				Mobilizing Savings for further Investment and
These are the traders who look for the fast				Facilitating Companies Growth
movement in the market. Fast buying and selling ,				NYSE
and in this short term of holding shares these				The biggest and the most prestigious stock
types of traders make lots of wins and losses				exchange is the NYSE ( NEW YORK STOCK
.They have the fast profit making mentality ,				EXCHANGE) .NYSE came in existence way back
they have high risk to reward ratio.				in 1972 , when 24 New York stockbrokers and
DAY TRADERS.				merchants got together
The stock market moves up and down every				Sign the Buttonwood Agreement.
day and these types of traders make the most				NYSE is first exchange of its kind and trades in
and capture the big portion of the move. He does				the open outcry system. Each stock is traded
not believe in keeping the stocks for more period				by a specialist (who is the employee of NYSE) on
of time like position and swing traders. He uses				a specific location on the trading floor. This
the stock market as source of income and not				specialist actually works as auctioneer between
investment.				buyer and the seller in particular stock. This type
CHAPTER 10				of trading makes NYSE different from other
INVESTING				exchanges which are totally dependent on
PICKING STOCKS AND PLANNIGN TRADES				electronic devices.
Stock picking in many ways is as good as				Today with changing times half of NYSE is also
choosing a spouse for you. There are lots of				trading on electronic devices, and is come out of
options available to you if you have money. Once				the Stone Age.
you have decided that you want to invest in				NASDAQ
shares, the biggest question which comes to the				The NASDAQ (NATIONAL ASSOCIATION of
mind is how to I buy stocks? How do I plan my				SECURITIES DEALERS AUTOMATED
trades?				QUOTATION) is the second type of exchange
It is up to you to decide in which category of				and the largest electronic screen based trading
investors you want to be and which strategy you				market of United States of America. The
would follow				exchange does not have central locations of
GROWTH INVESTING STRATEGY				specialist, neither do they floor trading. The entire
IF you are kind of optimistic investor, then this				trading is done through computers and
strategy is good for you. Here the investor				telecommunications.
foresees the growth of the company’s				AMEX
earnings and invests in it. This type of strategy is				The third largest exchange of America is the
considered to the best for beginners in the stock				AMEX (AMERICAN STOCK EXCHANGE), which
market.				has been taken over by NASD (parent company
VALUE INVESTING STRATEGY				of NASDAQ) in 1998.
Benjamin Graham and David Dodd both				OTHER EXCHANGES
professors at Columbia Business School, and				There are many other stock exchanges around
professors too many big investors, are known as				the world. Almost all countries have stock
FATHER of this strategy.				exchanges, with Americas stock exchange being
In this strategy, the investors tend to buy stocks				undoubtedly be the largest.
whose price has recently fallen and are available				List of other exchanges,
at cheap prices. But you have to be careful, value				LONDON STOCK EXCHANGE
investing does not mean “JUNK				HONG KON GSTOCK EXCHANCE
“.Investors has to do their homework on the				MUMBAI STOCK EXCHANGE
companies, and distinguish between the value				JOHENSBURG SECURITIES EXCHANGE
company and the companies with declining prices.				And the list can go on…………
The company should have its fundamentals				CHAPTER 7
healthy to prove its worth.				WHAT ARE STCOK INDEXES
DIVIDEND INVESTING STRATEGY				A stock market index is a method of measuring
In this strategy the investors, buys stocks which				a section of stock market. Statistical indicator
pay dividends regularly to them on quarterly or				used in measurement and reporting changes in
yearly basis... The choice of companies in this				the market value of group of stocks. By
strategy should be sound and healthy. This				measuring the performance of a one company
strategy may not be the sexist strategy, but in				based on the performance of other companies in
the long run, this time tested investment strategy				the same type of business, which will help the
would definitely yield returns.				investors to make best investment.
CREATING A STOCK TRADING PLAN				Major types of stock indices:-
If you want to build your wealth, keep your				There stock indices may classified in many ways.
wealth and grow your wealth you should have a				GLOBAL market index includes all types of
solid Stock Trading Plan .A stock trading plan is a				companies irrespective of where they are
fixed set of rules and actions which formulate				domiciled or traded. The 2 best examples of such
your trading strategy. Every trade you do should				index are MSCI WORLD and S&P GLOBAL
be governed by your trading plan.				100.
Your trade plan is your road map to tell yourself				NATION market index indicates the performance
and affirm yourself and reach your goals.				of a stock exchange of a nation and reflects the
You will have to consider certain criteria for your				economy of the country. The examples of such
plan like,				index are the INDIAN SUNSEX and the JAPANESE
1. the timing				NIKKEI 225
2. Price of the stock				More specialized indices comprise of tracking the
3. Current news about the stock				performance of the certain sector of the market,
4. Liquidity of the stocks				the example is MORGAN STANLEY BOITECH
5. How long to keep the stock i.e. to hold them				INDEX, it comprises of 36 American companies
6. When to sell the stock				under biotechnology industry
7. What to do when the prices of the stock does				Other indexes may track the companies from its
not move. Etc				size, or a certain type of management etc.
You can think of other aspects as well, but the				Weighting
above is the major point s you have to consider.				The index can be also classified under the criteria
Once you have made a plan, mock run of the				as to how is it priced
plan in the stock market which will help you to				PRICE WEIGHTED INDEX also known as equal
know if your plan is effective or it needs				dollar weighted index, each component stock
amendments.				contributes only to its price when determine the
CHAPTER 11				overall value. The size of the company or the
THE MECHANICS – PLACING THE ORDER				volume in which its trading is not taken into
STEP 1				considerations, hence evens a slight up or down in
OPENING A SHARE DEALING ACCOUNT				a single company highly influences the index
Once you have decided that you want to deal in				CAPITALIZED WEIGHTED INDEX also known as
shares, you have to open a standard share				market value weighted index, whose components
dealing account, which usually is free. The basic				are weighted according to the total market value
share dealing account offers certain services for				of their outstanding shares. The impact of the
free , that means “ No ADVICE “ they				component’s price change is proportional to
would simply buy or sell as per instructions given.				the issues overall market value.
They allow you to trade over the phone or thru				CHAPTER 8
internet				HOW DO I BUY AND SELL SHARES?
If you have opened an account with your broker				In ancient days buying and selling stocks/shares
then you have to send them money stating which				was the privilege of the rich , who with the help
and how many shares you want to buy. They				of certain share brokers use to buy and sell
would charge you certain brokerage fees for their				shares and among those few , the ones who had
services. Also few of them charge trading fee, if				the inside information of the companies use to
there is no activity for a certain period of time as				mint most money.
inactivity fee.				But the today’s internet age, the entire
If you are trading through a web site, then it				information is available to the common man,
would ask for a username in which you want to				making him pretty much the part of this never
open an account and then a password, that’s				ending market. As now most of the information is
it and you are on. Once you put the username				available on the internet, the stock brokers give
and the password , it would ask you which				their services with no frills attached , meaning you
companies shares you want to buy, how much				tell them which shares you want to buy or sell
you want to buy it would then give you a share				and they would do exactly the same , no advice
quote , if acceptable to you .they get their				given .
research on the trading charts and				There are big stocks brokers like Barclays,
You can always think and come back again. If the				Brennan etc who charge for the service their
quote is acceptable to you u confirms it and in				certain amount of commission for each deal, and
return you will get an email confirmation by the				also few brokers charge you yearly and quarterly
broker and the deal is done.				fee just to keep your account open and do the
Yes, it sounds a little tensed but you will get use				dealing on your behalf.
to it over a period of time.				Investors buy shares only for the purpose of
CHAPTER 12				income in forms of dividend, and then they should
RESEARCH STOCKS				scrutinize properly and buy such shares that yield
STEP2				the most dividends.
RESEARCH STOCKS				Some investors are not interested in income but
It is very important that you do proper research				are more inclined towards capital growth, hence
on the stock because the stock markets behave				when the share price increases in anticipation that
in weird ways and you should have proper				the company will yield more profits in future and
knowledge to it. Never buy the stocks at random,				which will affect the increase in the dividend
as the market is not random and it works on lots				payments… hence investors who are interested
of principles and attributes. If you want to				in capital growth, should invest in share that are
succeed in the stock market you have to do				expected to yield huge dividends in future.
proper research. Either you do the research on				CHAPTER 9
your own or you can hire someone to do it for				WHAT TYPE OF TRADER ARE YOU?
you.				Each individual who is the stock market and is
5 VITAL ISSUES				intending to make money has to identify himself
- Fundamentals about the company. How is the				from the various trader types he falls into and
company doing, is it a profit making company and				has to utilize that strategy.
a sound company.				The following are the types of traders,
- What is the price history of the stocks of that				POSITION TRADERS
company, i.e. how much are the investors paying				Most investors fall in this category, as they buy
for the stocks.				stocks and hold them for months and years
- Price target is also a vital factor; you have to				expecting to get more profits out of it.
see how much the investors would pay for the				Institutional investors, mutual funds and
stocks in future.				investment banks are interested in such stocks
- What catalysts would change the investor’s				which yield profits in long term. They concentrate
perception of the stock?				more on the financial strength of the company
- The most important of all compare the stocks				and not in technicalities.
with others in the same industry.				SWING TRADERS.
So, to sum up we can say that it’s important				These are the traders who look for the fast
that as an investor you should have understanding				movement in the market. Fast buying and selling ,
of wider markets trends, knowledge of individual				and in this short term of holding shares these
sectors. Also you should be able to analyze the				types of traders make lots of wins and losses
financial records. You should not be able to have				.They have the fast profit making mentality ,
access to rumors and upcoming deals. Last but				they have high risk to reward ratio.
the most important is No emotional bias, generally				DAY TRADERS.
this last point is overlooked.				The stock market moves up and down every
Research before buying the shares; this can be				day and these types of traders make the most
done in many ways,				and capture the big portion of the move. He does
- Go through the TV SHOWS and the				not believe in keeping the stocks for more period
newspapers, they have all the details of the				of time like position and swing traders. He uses
shares which are doing well.				the stock market as source of income and not
- Take valuable tips from friends and family				investment.
members who have the knowledge of the				CHAPTER 10
subject,				INVESTING
- Never take any decision in HASTE and do not				PICKING STOCKS AND PLANNIGN TRADES
ignore any ADVICE.				Stock picking in many ways is as good as
- Full service brokers also help to do the research,				choosing a spouse for you. There are lots of
they hire the stock analysts and they in turn find				options available to you if you have money. Once
out which would be the ideal stocks purchase for				you have decided that you want to invest in
the client. They charge a specific fee for their				shares, the biggest question which comes to the
services.				mind is how to I buy stocks? How do I plan my
- Interviews of the owners, CEO’S, directors				trades?
etc also are helpful as they normally give the				It is up to you to decide in which category of
correct synopsis of their company.				investors you want to be and which strategy you
- In today’s world the internet technology has				would follow
made the things easier for the investors to the				GROWTH INVESTING STRATEGY
research on their fingertips, they can research on				IF you are kind of optimistic investor, then this
trading charts and platforms. Some of these				strategy is good for you. Here the investor
charts are available for free and some have costs				foresees the growth of the company’s
attached to it.				earnings and invests in it. This type of strategy is
It is of very important that you get all relevant				considered to the best for beginners in the stock
and correct information on time so as to grow in				market.
the market and make maximum profits. You				VALUE INVESTING STRATEGY
should be aware of that in the stock trading				Benjamin Graham and David Dodd both
wrong and unreliable information is very				professors at Columbia Business School, and
dangerous.				professors too many big investors, are known as
CHAPTER 13				FATHER of this strategy.
HOW TO READ QUOTES				In this strategy, the investors tend to buy stocks
HOW TO READ SHARE QUOTES IN				whose price has recently fallen and are available
NEWSPAPERS / INTERNET				at cheap prices. But you have to be careful, value
Most of the people track their stock trades in the				investing does not mean “JUNK
business sections of the newspaper or on the				“.Investors has to do their homework on the
internet. The information provided on the stock				companies, and distinguish between the value
table is the most current data available.				company and the companies with declining prices.
The stock table looks something like below				The company should have its fundamentals
STEP1				healthy to prove its worth.
Column 1 and 2 are the 52 WEEK High and Low				DIVIDEND INVESTING STRATEGY
– This is the highest and the lowest price paid				In this strategy the investors, buys stocks which
for the single stock over the last 52 weeks i.e.				pay dividends regularly to them on quarterly or
one year.				yearly basis... The choice of companies in this
STEP 2				strategy should be sound and healthy. This
Column 3 is the Companies name and the Type				strategy may not be the sexist strategy, but in
of stock – This column lists the name of the				the long run, this time tested investment strategy
company. If there are no special letters or				would definitely yield returns.
numbers following the name it is considered to be				CREATING A STOCK TRADING PLAN
a common stock, but For example “pf” is				If you want to build your wealth, keep your
return then it means the preferred stock,				wealth and grow your wealth you should have a
different symbols imply different types of stocks.				solid Stock Trading Plan .A stock trading plan is a
Step 3				fixed set of rules and actions which formulate
Column 4 is the Ticker Symbol (SYM) – This				your trading strategy. Every trade you do should
is the unique alphabetic name which identifies the				be governed by your trading plan.
stock issued by the firm. If you are looking for				Your trade plan is your road map to tell yourself
the stocks quotes online you should search for				and affirm yourself and reach your goals.
the company by the Ticker Symbol.				You will have to consider certain criteria for your
STEP 4				plan like,
Column 5 is the Dividend per Share – This				1. the timing
indicated the annual dividend paid for each share,				2. Price of the stock
but if the space is blank then the company is not				3. Current news about the stock
paying any dividends.				4. Liquidity of the stocks
STEP5				5. How long to keep the stock i.e. to hold them
Column 6 is the Dividend Yield –This is the				6. When to sell the stock
percentage return on the dividend. Some				7. What to do when the prices of the stock does
companies do not pay dividends regularly; the				not move. Etc
Board of Directors decides how much to pay on				You can think of other aspects as well, but the
quarterly basis calculated on annual dividend of the				above is the major point s you have to consider.
share divided by the price per share.				Once you have made a plan, mock run of the
STEP 6				plan in the stock market which will help you to
Column 7 is the Price/ Earnings Ratio –Mostly				know if your plan is effective or it needs
commonly known as P/E, this is calculated the				amendments.
current stocks prices by earnings per share from				CHAPTER 11
the last 4 quarters. The higher the P/E, the more				THE MECHANICS – PLACING THE ORDER
investors are paying for the company’s				STEP 1
potential.				OPENING A SHARE DEALING ACCOUNT
STEP 7				Once you have decided that you want to deal in
Column 8 is the Trading Volume –The figures				shares, you have to open a standard share
shows the total number of shares traded for the				dealing account, which usually is free. The basic
day, listed in hundreds. To get the actual number				share dealing account offers certain services for
traded add”00” to the end of the				free , that means “ No ADVICE “ they
numbers listed or multiply the number in the				would simply buy or sell as per instructions given.
column by 100				They allow you to trade over the phone or thru
STEP 8				internet
Column 9 and 10 are the Days High and Low				If you have opened an account with your broker
– This indicates the maximum and the				then you have to send them money stating which
minimum people have paid for the stock in a day				and how many shares you want to buy. They
STEP 9				would charge you certain brokerage fees for their
Column 11 is the Close – The close is the last				services. Also few of them charge trading fee, if
trading price recorded at the end of the day, i.e.				there is no activity for a certain period of time as
at market close.				inactivity fee.
STEP 10				If you are trading through a web site, then it
Column is 12 is the Net Change – This is the				would ask for a username in which you want to
dollar value change in the stock price then the last				open an account and then a password, that’s
day’s closing price. If the + (positive) sign				it and you are on. Once you put the username
indicates rise and a - (negative) sign indicates a				and the password , it would ask you which
drop in the price.				companies shares you want to buy, how much
CHAPTER 14				you want to buy it would then give you a share
HOW TO BUY SHARES?				quote , if acceptable to you .they get their
We have already discussed this before, but just				research on the trading charts and
to refresh it further, in ancient days dealing in				You can always think and come back again. If the
trade market was only the privilege of the rich				quote is acceptable to you u confirms it and in
people, but now it is not so a common man is				return you will get an email confirmation by the
also a part of the trade market.				broker and the deal is done.
You can buy shares through any of the following				Yes, it sounds a little tensed but you will get use
ways				to it over a period of time.
Stock broking through bank, custom stock				CHAPTER 12
brokers over the telephone or on line trading				RESEARCH STOCKS
through internet.				STEP2
If you have no idea how to go about investing				RESEARCH STOCKS
and really need a lots of help then in that				It is very important that you do proper research
circumstances , you can go for ADVISORY				on the stock because the stock markets behave
SERVICE , where in the stock broker looks in to				in weird ways and you should have proper
you individual account and advices you on buying				knowledge to it. Never buy the stocks at random,
and selling				as the market is not random and it works on lots
But , if you wish to hand over the entire thing to				of principles and attributes. If you want to
someone else, then in that case you can go for				succeed in the stock market you have to do
DISCREATIONARY SERVICE, in this there is				proper research. Either you do the research on
certain strategy between you and the broker				your own or you can hire someone to do it for
which is agreed upon and the stock broker takes				you.
all the decisions of buying and selling on your				5 VITAL ISSUES
behalf with your money. This type of service risk				- Fundamentals about the company. How is the
factor is more.				company doing, is it a profit making company and
You can categorize the brokers in two major				a sound company.
types,				- What is the price history of the stocks of that
Discount brokers - these brokers will collect a				company, i.e. how much are the investors paying
certain amount of annual fee form you and will				for the stocks.
only carry out what has been told to them, over				- Price target is also a vital factor; you have to
the phone, in person or on the internet. They				see how much the investors would pay for the
would give ZERO advice to you.				stocks in future.
Full Service brokers- these brokers give you				- What catalysts would change the investor’s
recommendations and advices on which stocks				perception of the stock?
are good to buy, which will yield profits and which				- The most important of all compare the stocks
stocks are overvalued. They provided these				with others in the same industry.
services with a little higher fees and sometimes				So, to sum up we can say that it’s important
even commissions				that as an investor you should have understanding
CHAPTER 15				of wider markets trends, knowledge of individual
HOW TO PICK A BROKER				sectors. Also you should be able to analyze the
Now, the question arises is HOW DO I PICK				financial records. You should not be able to have
BROKER?				access to rumors and upcoming deals. Last but
You should first decide whether you want a				the most important is No emotional bias, generally
telephoning broker or he should be an online				this last point is overlooked.
broker as well. Then next you should find the				Research before buying the shares; this can be
following factors.				done in many ways,
ü Quality of information				- Go through the TV SHOWS and the
ü How fast is the execution of trade				newspapers, they have all the details of the
ü The markets available				shares which are doing well.
ü Costs attached with them				- Take valuable tips from friends and family
ü Check how much equities they would pay				members who have the knowledge of the
ü Would they provide with CFD’S				subject,
ü How much fees would he charge on the				- Never take any decision in HASTE and do not
unused cash in your trading account				ignore any ADVICE.
ü How much discounts. Penalties will be there				- Full service brokers also help to do the research,
on frequent /infrequent trading.				they hire the stock analysts and they in turn find
WHAT ARE THE QUESTIONS YOU WILL ASK				out which would be the ideal stocks purchase for
DISCOUNT BROKERS				the client. They charge a specific fee for their
- How much do they charge for buying and selling				services.
shares?				- Interviews of the owners, CEO’S, directors
- Do they have any subscription fees				etc also are helpful as they normally give the
- How do they buy and sell shares				correct synopsis of their company.
- Do they deal with telephone and internet both?				- In today’s world the internet technology has
- Do they offer trade discounts				made the things easier for the investors to the
- Do they offer and added services like alerts,				research on their fingertips, they can research on
dynamic market data etc.				trading charts and platforms. Some of these
CHAPTER 16				charts are available for free and some have costs
GOLDEN RULES OF BUYING SHARES				attached to it.
9 golden rules of buying shares				It is of very important that you get all relevant
1. STICK TO THE RULES- Always remember that				and correct information on time so as to grow in
the stock prices would go up and down, what is				the market and make maximum profits. You
needed is to stick to your strategy which you				should be aware of that in the stock trading
have planned. Swaying away from the rules would				wrong and unreliable information is very
only bring losses.				dangerous.
2. DIVERSIFY – Do not invest all your eggs in				CHAPTER 13
one basket; invest in various sectors not just the				HOW TO READ QUOTES
one which is mining.				HOW TO READ SHARE QUOTES IN
3. BUY SHARES THAT SUIT YOUR TRADING				NEWSPAPERS / INTERNET
CYCLES – if you are buying shares for a long				Most of the people track their stock trades in the
term it definitely wont suit you if you are short				business sections of the newspaper or on the
term trader and it goes other way also... short				internet. The information provided on the stock
term shares wont suit the long term trader as				table is the most current data available.
well.				The stock table looks something like below
4. KNOW YOUR RISK TOLERNACE – A				STEP1
speculative share has a different risk profile as to				Column 1 and 2 are the 52 WEEK High and Low
out of favor “ blue chip “.Allocate your				– This is the highest and the lowest price paid
capital according to your own risk tolerance and				for the single stock over the last 52 weeks i.e.
the risk profile of the trade.				one year.
5. DON’T RUSH IN – The market will be				STEP 2
still there waiting for you when you are ready to				Column 3 is the Companies name and the Type
trade. Learn about the market before you start				of stock – This column lists the name of the
trading particularly the new investors. The best				company. If there are no special letters or
way to start is with the PAPER TRADE, so as to				numbers following the name it is considered to be
learn the basics first.				a common stock, but For example “pf” is
6. DO NOT GET GREEDY – Don’t think				return then it means the preferred stock,
that you will be a millionaire in a day, be practical				different symbols imply different types of stocks.
and not over realistic. Don’t think it’s				Step 3
very easy, as it’s very easy to lose money				Column 4 is the Ticker Symbol (SYM) – This
also in the trade market.				is the unique alphabetic name which identifies the
7. ONKY INVEST WHAT YOU CAN AFFORD TO				stock issued by the firm. If you are looking for
LOSE – if the shares are the cause of your				the stocks quotes online you should search for
worries then definitely either you have invested in				the company by the Ticker Symbol.
the wrong ones, or you have far too many to				STEP 4
handle, so SELL them , nothing in the world d is				Column 5 is the Dividend per Share – This
more important than your peace of mind.				indicated the annual dividend paid for each share,
8. NEVER EVER CHASE SHARES – exercise				but if the space is blank then the company is not
patience, never run behind the shares and				paying any dividends.
purchase beyond your limits, because the time will				STEP5
definitely come when you will be able to buy				Column 6 is the Dividend Yield –This is the
them within your limits.				percentage return on the dividend. Some
9. KEEP ACCURATE UP TO DATE RECORDS-				companies do not pay dividends regularly; the
The most important of all, for penalties for not				Board of Directors decides how much to pay on
declaring your profits and not paying the capital				quarterly basis calculated on annual dividend of the
gains are too much high. So stick to the rules.				share divided by the price per share.
CHAPTER 17				STEP 6
STOCK MARKET INVESTING TIPS				Column 7 is the Price/ Earnings Ratio –Mostly
What should you do to be successful in the stock				commonly known as P/E, this is calculated the
market, may be the following tips would help you				current stocks prices by earnings per share from
HAVE A PLAN				the last 4 quarters. The higher the P/E, the more
If you want your money to grow, wealth to				investors are paying for the company’s
multiply then the first thing you need is a full				potential.
proof and solid strategy plan. If your plan is not				STEP 7
good then you would just end up fixing your				Column 8 is the Trading Volume –The figures
errors.				shows the total number of shares traded for the
INVEST REGULARLY				day, listed in hundreds. To get the actual number
Investment in shares is not a onetime game. You				traded add”00” to the end of the
should keep on investing if you want to yield good				numbers listed or multiply the number in the
profits.				column by 100
LOW COSTS				STEP 8
Frequent trading would definitely add up to costs.				Column 9 and 10 are the Days High and Low
Certain fees are always there which you need to				– This indicates the maximum and the
pay, but do not indulge yourself into				minimum people have paid for the stock in a day
counterproductive things, which ultimately would				STEP 9
make you use up your profits too. Best is to				Column 11 is the Close – The close is the last
stick to the basic low cost transactions.				trading price recorded at the end of the day, i.e.
DO NOT BUY TOO MUCH AT ONCE				at market close.
Try to buy at a certain amount and a certain				STEP 10
period of time, which will give you advantaged of				Column is 12 is the Net Change – This is the
best prices. Hence if you want to invest to do not				dollar value change in the stock price then the last
invest at a time, do it over a time frame of days,				day’s closing price. If the + (positive) sign
weeks or months.				indicates rise and a - (negative) sign indicates a
DIVERSIFY				drop in the price.
It’s the most important and vital thing to				CHAPTER 14
diversify as it would help to minimize the risk. All				HOW TO BUY SHARES?
the types of investment, goes thought the cycle				We have already discussed this before, but just
of setbacks ups and downs... hence you should				to refresh it further, in ancient days dealing in
diversify to earn profits in long term.				trade market was only the privilege of the rich
DO YOUR REASERCH				people, but now it is not so a common man is
Before you decide to invest choose the right				also a part of the trade market.
industry and in that choose the correct company.				You can buy shares through any of the following
It would take a little bit of time but, do your				ways
homework properly before investing because				Stock broking through bank, custom stock
it’s ultimately your hard earned money you				brokers over the telephone or on line trading
want to invest for betterment.				through internet.
NO EMOTIONS				If you have no idea how to go about investing
The most basic thing of investment is, you have				and really need a lots of help then in that
to keep emotions aside what it needs is cool,				circumstances , you can go for ADVISORY
calm and balanced mind.				SERVICE , where in the stock broker looks in to
KNOW YOURSELF				you individual account and advices you on buying
You should now yourself about the market as				and selling
well as which stock is good, if you are not able to				But , if you wish to hand over the entire thing to
do that than its always advised to have a				someone else, then in that case you can go for
professional do it for you .yes, we definitely				DISCREATIONARY SERVICE, in this there is
talked that we should keep our costs low, but in				certain strategy between you and the broker
this respect it’s always good to have				which is agreed upon and the stock broker takes
someone manage your trade if you are ignorant				all the decisions of buying and selling on your
about it,				behalf with your money. This type of service risk
CHAPTER 18				factor is more.
DIFFERENCE BETWEEN STOCKS AND SHARES				You can categorize the brokers in two major
For the first time investors it is difficult to decide				types,
where to invest his money .which option to select				Discount brokers - these brokers will collect a
and when all the information seems to be				certain amount of annual fee form you and will
confusing. In that the most common question				only carry out what has been told to them, over
asked is what the difference between STOCKS				the phone, in person or on the internet. They
and SHARES is.				would give ZERO advice to you.
In today’s financial market, the distinction				Full Service brokers- these brokers give you
between the both is somewhat blurred, however				recommendations and advices on which stocks
STOCKS mean ownership of certificates in				are good to buy, which will yield profits and which
multiple companies. You may not be only the				stocks are overvalued. They provided these
stockholder but also the shareholder for each				services with a little higher fees and sometimes
particular company as well.				even commissions
SHARES mean ownership of certificates in a				CHAPTER 15
certain company. It makes the person the				HOW TO PICK A BROKER
shareholder of that company.				Now, the question arises is HOW DO I PICK
The common misconception about stocks and				BROKER?
shares is that they are different things. In reality				You should first decide whether you want a
they are the same thing but are referred to				telephoning broker or he should be an online
differently when talking about more than one				broker as well. Then next you should find the
company.				following factors.

Namars

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