Stocks - Trading DIY style - How and where

hoosier21

looking for some starter advice, first question where is the best place you have found for online trading?

How much in a minimum amout to start?

[Deleted User]

I use TDAmeritrade. I am not sure of their minimum requirement to open an account. I have recieved excellent customer service whenever I have had questions or there there has been any issues. Hope this helps. :cool:

ken brydson

http://itsybitsysteps.com/e-trade-baby-loses-everything-as-stock-market-cras :biggrin:

tommyt21

I use fidelity, cost 7 bucks per trade. I believe its a 2k min for a new account?? I like to hold for at least 12 months at a time so the fee isnt a big deal. I'm currently in a small cap its a company I work with and I train our staff how to use their product. Went to one of their conventions and bought shares the next day. I'm up over 30% since Septmber when I jumped in.

bmbguy

Choosing a broker is one thing, but where you trade is less important than how you trade.

Choose a trading methodology that suits your personality, your situation and schedule, and your timeframe. And stick to it. Learn how to preserve your capital and manage your risk. And don't expect the markets to be logical -- for very often, they are not.

tonyb

Excellant points my good man.
If you plan on trading like a jack rabbit, then obviously the lower per trade costs the better, but thats usually how people lose their nest egg. In these economic times, maybe big cap stocks that pay dividends is the best long term investment. Obviously lots of others out there. Usually around 2 g's is the minimum account balance for most places. Personally, I wouldn't buy stock right now untill we see what steps are taken over this fiscal cliff thing. Lots of investers are going to be selling to take their gains ahead of the supposed increase in capital gains taxes so that may drive prices down some if your buying on the high side now. Buy the dips, sell the highs, remember that. Keep any emotional attachment locked away too. As always, do your due diligence before plunking down the coin. Research, then research some more untill you feel good about what your doing.

CCNJ

Scottrade is probably the cheapest at 7 a trade and 500 minimum to open an account. You can just do a google search on best online brokers in 2012 and read all about the options you have.

If you are looking to invest and grow your money over the long term, trading stocksis probable not the best way to accomplish this. I would suggest dollar cost averaging into mutual funds each month which should get you better results. This strategy removes the human and emotions from the mix which is what usually is the downfall for most.

Once you build up a nice portfolio of mutual funds, you can open up a small brokerage account to trade individual stocks with your play money that you can afford to lose. Just my 2 cents.

hoosier21

thanks for the information, not sure what my goal is or if I will even jump in, thought I would get some ideas here.

The more I look, the more I realize I know nearly nothing about how to pick a stock, read and understand the information about a stock.

I might as well throw a dart at the wall with several listed on it.

Got to learn more.

Tommyt21, what is the company?

CCNJ

Many of the online brokers have online research available so you can can tell which sector of the market they think will outperform (technology, healthcare, telecom, etc). They also give you recommendations on which stocks in each category they like the best. You also need to know market orders, limit orders, etc which you can also learn on their sites.

The most important thing is to know the right time to buy. When everyone is buying is usually the worst time to buy. I have bought and sold facebook a few times this year. I have been a buyer around 19 /20 and have been a seller when it hits 23/24.

Goodluck and make sure you research before you jump in.

bmbguy

CCNJ wrote: »

The most important thing is to know the right time to buy.

I'd add that it's also important to know when it's time to sell. And when it's time to cut your losses and move on -- the hardest part of trading. By far.

CCNJ

bmbguy wrote: »

I'd add that it's also important to know when it's time to sell. And when it's time to cut your losses and move on -- the hardest part of trading. By far.

Totally agree. There is also more emotion involved in selling.

ken brydson

This cracked me up every time I watched it...thought it would get at least one laugh...

ken brydson

this cracked me up every time I watched it.... thought it would get at least a laugh...

http://itsybitsysteps.com/e-trade-ba...ck-market-cras

tommyt21

hoosier21 wrote: »

thanks for the information, not sure what my goal is or if I will even jump in, thought I would get some ideas here.

The more I look, the more I realize I know nearly nothing about how to pick a stock, read and understand the information about a stock.

I might as well throw a dart at the wall with several listed on it.

Got to learn more.

Tommyt21, what is the company?

Emotional trading will cause you to loose money! Also understand that if your looking to do this to make a quick buck you should be prepared to loose a quick buck. I prefer to invest, the company I recently invested in I did exstensive research, I use their product, train others on there product, went to there convention and have close relationships with some of there employees. Also, now with the healthcare law being the unchallenged law of the land ( company is only one of two with goverment certs on new regs for Obamacare electronic health records for PCMH) All of that combined is what led me to invest in them.

I would look into a dummy account to do pretend investments while your learning, that way if it goes south which is most likley going to be the case if you dont know what your doing its not a big deal. I believe Investopedia use to let you create a dummy account. Research as much as you can about a company, get expert advise and if its being promoted on the internet stay the Eff away from it!

tommyt21

ken brydson wrote: »

this cracked me up every time I watched it.... thought it would get at least a laugh...

http://itsybitsysteps.com/e-trade-ba...ck-market-cras

Is that Jack Black doing the voice? Pretty funny

civilian

There is a good site called marketwatch and you can play stock market games there (even set up your own).