What are the key traits of a good fund? How would I choose one with the best either longterm or short term results? What factors affect it most?

Thanks.

Look at historical data on each fund for the various time periods. 1 year, 3 year, 5 year,etc.....And check on the history of the fund managers.

In other words, I guess, like many things - research.

Also check here
http://funds.ft.com/funds

Fidelity alone has a trillion good quality funds to choose from. With the internet today, it's so easy to do research on these funds. Research that took weeks 10 years ago, takes only minutes now.

Nifty! I just got a look at my financials that my dad has been hiding from me for the last 16 1/2 years. He didn't want me to see them so I'd assume I was "made" and not have to do school. I have some money in mutual funds apparently that arent small but not huge...

I'll definitely reinvest them later....only time will tell.

That must have been one of the coolest surprises ever I want a relative to pop up with some good news like that for me

That was great of your dad Harbaugh. That's the greatest gift that a parent can give their child (besides love and support of course). A nice nest egg!

I was always hoping for something like that when I was growing up. Never really happened, though.

I've been saving money for my kids. Any gifts they've gotten since birth, I've put into funds. They won't be able to retire on it or anything, but when they eventually buy a house,a car, or whatever, it should help with the down payment.

Same here - we've been putting aside Child Benefit money for precisely that reason. No idea how much it will grow to, but the way the UK is going in terms of costs, they'll absolutely need it.

A decision in picking funds will also depend on whether you are making a short term or a long term investment.

Absolutely - I think term of investment can be one of the most easily over-looked aspects of a basic portfolio strategy if you're not careful. It would be too easy to make investment decisions based on current market movements, rather than general market trends.

Yes, the present is more important because everything is always changing.
Speaking of funds for the kids, I also have an ITF account for each of them. Well, I also dreamed of having one before which never really happened also so I am making up for it now.

Yes, I'm still waiting on something like that myself and I'm thirty. As far as your question, the best thing you can do is research. You'll want to know everything over the past three to five years at least.

It pays never to stop learning. One can do research not only in the internet but also from inquiries and conversations with other experienced and more knowledgeable people in the trade.

Look at long-term performance and the history of the fund manager. Most importantly, however, is the fund's expense ratio. You want to keep that number as low as possible.