Looking to make my start in the world of stocks? Any advice would be great. I want to put 2 or 3 thousand in an Ameritrade account. Thoughts of seasoned investors who started on a similar route….
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You wanna have a bunch of stocks when the crash hits?
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scottrade offers the best deal for service ans transaction fees.
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Look at the below link for a comparitive chart.
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The last thing you need right now is a brokerage account in which you will certainly loose money.
Just a point of information – E-trade, Ameritrade etc are not online stock traders, they are brokerage firms that service on-line customers.
Before you invest in or trade any security, the first investment you should make is in yourself, and the best investment you can make is by educating yourself.
Start your education by learning why you should invest, or trade and the importance of being able to make your own decisions.
What Works on Wall Street by James O’Shaunessey,
One Up on Wall Street by Peter Lynch,
Trading For A Living by Alexander Elder
Mastering the Trade” by John Caster
How to Make Money in Stocks” by William O’Neil
The Disciplined Trader by Mark Douglas
Get into the habit of making daily visits to some websites like MSN Money and Yahoo Finance.
Other website that can provide instructions and help with procedures and terminology are Investopedia.com, Stock Charts.com, investorshup.com; and 1source4stocks.com
Visit some of the more professional websites like Zacks.com, Smart Money, Schaeffers.com, Trading Trend, Trading Markets.
To be trader you need
1 – A written sound trading/investment plan with rules that will not only help you but more importantly protect you, mostly from yourself.
2 – Sufficient trading/investment capital. Use your own money, there’s no need to go into debt so that you trade/invest.
3 – A written money management program in place.
4 – A full and complete understanding of the rules & regulations of the industry.
There’s no easy way to become a trader/investor, you have to work and work hard at it and don’t let anyone tell you differently.
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I suggest Zecco.
TD Ameritrade is too expensive for you.
Just going to throw this in the mix…for your consideration. I invest/trade long-term with Fidelity ( full service, yadda-yadda) have a couple of IRA accounts for wife and daughters with E*trade..( okay, nothing special)….BUT I constantly converse on-line with many different investors and traders…and almost ALL of them say Scottrade offers much more in the way of research and tools …to even the smallest accounts.
If and when you really get into ” trading” especially they provide up to the minute info on highs, lows, percentages, volume, increase in volume, etc. You may not need it to get started , but just to have it there should be a ” bonus”. Some outfits save that kind of service for their accounts with 25 or 50 grand.
P.S. Check it out…I’m going on info from other people…won’t know ” for sure” ’til I open another account .
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$0.01 a share commission up to 200 shares.
$1 to enter & $1 to exit.
Over 200 share trades get progressivly higher $5 for 500
Instant order fills.
Scott Trade charges $7 per trade – so that’s $14 of commision for a round trip – in & out.
Get’s expensive if you trade often.
They have slow order fills.
If you’re day trading – this is very dangerous and can be costly.