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> What are some ways of identifying which stock to go after? Are there any particularly useful websites you use that help with this?

With only 1k using questrade you definitely shouldn't be actively trading like other people recommend. Even investing your entire account into one trade will cost you 1% ($5 on the buy, $5 on the sell) so it'll be impossible. Figure out if you want to be growth oriented or value oriented. Growth stocks are more expensive from a valuation perspective and have huge potential but also huge risk. Think of Facebook, Tesla, Netflix. Value stocks are stocks believed to have strong fundamentals and trade at a cheap valuation. These are a lot less exciting and generally lower risk/reward but can be the foundation for a stable long term portfolio. If you genuinely want to get into investing, read http://www.amazon.ca/The-Intelligent-Investor-Definitive-Investing/dp/0060555661 pretty much the bible for investing. Also be weary of technical trading and patterns etc, people often fall into the trap of seeing something in complete randomness. Personally I'm a value investor and I work in equity research so studying companies is what I do for a living.

We all love the stock market. Yeah, but slightly off base here. Baseball betting, it's legal in New Jersey now. If you are into stats and ALGO seems like a natural, picked 6 winners in a row. That's never happened to me in the market. :-)

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Baseball is all stats, if you put your time into it, think you can come out ahead. Lots.

Back to the dow ... :-)

Here's a former trader saying how he does it:


\> Trading Bases: How a Wall Street Trader Made a Fortune Betting on Baseball

https://www.amazon.com/Trading-Bases-Fortune-Betting-Baseball/dp/0451415175/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=&sr=

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I found this to be a pretty good resource from a non-biased source. Granted it gets decently technical and doesn't read like a novel.. but if you're actually interested -- should be worth the skim. (particularly the section on market-micro-structure). There's probably a better book out there more focused specifically on market-micro-structure, but I haven't read it.

http://www.amazon.com/Science-Algorithmic-Trading-Portfolio-Management/dp/0124016898/ref=sr_1_5?ie=UTF8&qid=1412367379&sr=8-5&keywords=algorithmic+trading

Are you newer to investing? Not judging, just offering tools to become more knowledgeable!

If you are check out the following:

The Intelligent Investor: this is a classic book on investing, a must read - https://www.amazon.com/dp/0060555661/ref=cm_sw_r_cp_api_Pgh9Bb44B9X7W

The Simple Path to Wealth: NOT A GET RICH QUICK SCHEME. might not be everyone's cup of tea, but a great quick read. Good for retirement and more of a passive investment - https://www.amazon.com/dp/1533667926/ref=cm_sw_r_cp_api_6ih9BbYWRWH38

I am reading "How to make Money in Stocks" by William J. Oneal http://www.amazon.com/How-Make-Money-Stocks-Winning/dp/0071614133

I have been writing down many notes and taking my time with the read. My girlfriend's father is a successful investor and bought this book for me. For someone who didn't know much about the market at the start of the read, It's answered all of the question's I've had and then some. William J. Oneal is the founder of Investor's business daily, which is a revered source for stock analysis and data.

The book's value far exceeds its 10 dollar amazon price. I highly recommend it!

In my personal opinion, Jason Kelly's book linked below was a great Stock Market 101 book, very easy to read:

https://www.amazon.ca/dp/0452298628/ref=cm_sw_r_tw_dp_U_x_6KEpDbFEAJ12Z

I highly recommend it!

I would start with a book that appeals to you. Is there any particular trading/investing style that speaks to you? Maybe long-term investing etc?

Peter Lynch's books are great, interesting reads and based on how individuals can find things wall street overlooks: https://www.amazon.com/One-Up-Wall-Street-Already/dp/0743200403/ref=asap_bc?ie=UTF8

The Intelligent Investor is a great beginner's book that Warren Buffet swears by

The grandaddy of them all is "The Intelligent Investor" Benjamin Graham. "By far the best book on investing ever written." --Warren Bufett

Check out this book man. I'm just starting as well and its really helped explain things. Well put together and it's pretty cheap.

https://www.amazon.com/Neatest-Little-Guide-Market-Investing/dp/0452298628

Agreed, definitely feel like I'm walking on eggshells when discussing the matter.

In regard to "The Games People Play," is this the edition you're referring to?

https://www.amazon.com/Games-People-Play-Transactional-Analysis/dp/0345410033

There's a book by the same name. I thought it was a good read, but I read it out of interest, not so much looking for technical knowledge.

The Intelligent Investor by Benjamin Graham is a must.
http://www.amazon.com/Intelligent-Investor-Definitive-Investing-Practical/dp/0060555661

I also have a PDF copy of Margin of Safety by Seth Klarman.
http://financetrends.blogspot.com/2008/08/seth-klarman-margin-of-safety-pdf.html

https://www.amazon.com/dp/0071803254/ref=cm_sw_r_cp_api_Jnl1AbRGWWZSD

This book. Read it and you’ll have a GREAT understanding coming from no experience.

That, or just head over to /r/wallstreetbets

A recommendation from a doctor turned venture capitalist friend of mine:

https://www.amazon.com/Reducing-Risk-Black-Swans-Volatility-ebook/dp/B07BDPSR7X/ref=nodl_

I am not by definition or profession a "trader." I trade on and off when market conditions warrant the hassle.

I learned through mentors and reading texts on the subject.

A good starting place might be reading:

Murphy's "Technical Analysis of the Financial Markets"

http://www.amazon.com/Technical-Analysis-Financial-Markets-Comprehensive/dp/0735200661

Since you are in the beginning stages of investing I highly recommend JL Collins’ book. This will introduce you to the fundamentals of saving through Index Funds.

https://www.amazon.com/Simple-Path-Wealth-financial-independence/dp/1533667926/ref=sr_1_1?s=books&ie=UTF8&qid=1537139353

I'm currently reading "Technical Analysis of the Financial Markets": http://www.amazon.com/Technical-Analysis-Financial-Markets-Comprehensive/dp/0735200661

I've also read "How I made $2,000,000 in the stock market" http://www.amazon.com/How-Made-000-Stock-Market/dp/1607964929/ref=sr_sp-atf_title_1_1?s=books&ie=UTF8&qid=1374989664&sr=1-1&keywords=how+i+made+%242+000+000+in+the+stock+market

I like both.

I can recommend "A Random Walk Down Wall Street". Talks about everything you need to know.
http://www.amazon.com/Random-Walk-Down-Wall-Street/dp/0393340740/ref=sr_1_2?ie=UTF8&qid=1458593263&sr=8-2&keywords=random+walk+down+wall+street

I have book to recommend to you:

https://www.amazon.com/Essentials-Investments-9th-Zvi-Bodie/dp/0078034698/

Start with Natenberg . If you're not willing to put in (a lot of) time, options are not the way you want to go...

I'd suggest reading the Four Pillars of Investing

These two books

https://www.amazon.ca/Technical-Analysis-Financial-Markets-Comprehensive/dp/0735200661

And

https://www.amazon.ca/Technical-Analysis-Complete-Financial-Technicians/dp/0134137043

https://www.amazon.com/One-Up-Wall-Street-Already/dp/0743200403

chart

More in-depth study can be found here

I bought this book in 1982 and it got me started, it has been updated over the years, How to Invest $50-$5,000 10e: The Small Investor's Step-by-Step Plan for Low-Risk Investing in Today's Economy
http://www.amazon.com/How-Invest-50-Step-Step/dp/0061935166

When you are done, read this:
http://www.amazon.com/Option-Volatility-amp-Pricing-Strategies/dp/155738486X

Random Walk Down Wall Street

P.S. you can write a book on this but I won't get into it more detail than this, read this book if you want a crash course. http://www.amazon.com/How-Make-Money-Stocks-Winning/dp/0071614133

TSLA options strikes are at $2.5 increments, so 220, 222.5, 225, 227.5 etc. There are no strikes of 228.5 and 223.5. Base on Thursday's closing price, the most likely strikes you got would be the 227.5 calls and 225 puts.

To answer your question, no, you are doing it wrong.

Based on the price you got, the options you got were weekly options that expired today. That means you had one day for the stock to make the move you need to make some money. What you have today is pure luck, and it's not even that good a return, for you are risking 100% of the money for a 14.7% return.

It sounds like you don't even know what you don't know. For the love of God, stop doing anything with options until you read this book at least twice back to back.