Stock trading websites
So Im using scottrade, but I literally have absolutely no idea wtf Im doing and spending $7 anytime I do anything what-so-ever is eating up the money Ive made available. Are they any sites that dont charge you for everything? Are they any that are for noobs?
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$7 a trade is good. If you can't afford that, you should stop day trading. acutally, you should stop trading at all.
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There are online brokers that don't charge per trade, however their minimum account balances are a lot more than you've got if you think a $7 trade is expensive. Also, if you literally have absolutely no idea WTF you're doing, frequent trading of individual stocks is probably not going to be good for your wallet.
I have a Scottrade account because Scott is the best name ever, and also because $7 is pretty cheap. I do not trade very often at all. In fact I should probably pay more attention to that account. |
instead of wasting money, try just using google's stock portfolio to make fake trades and see how you do.
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You don't know what you are doing? You will make mad ca$h yo. I recommend trading with margin. That is always best if you are a beginner. |
Scottrade user here as well.
Originally Posted by Braineack
(Post 672284)
$7 a trade is good. If you can't afford that, you should stop day trading. acutally, you should stop trading at all.
Originally Posted by Faeflora
(Post 672335)
You don't know what you are doing? You will make mad ca$h yo. I recommend trading with margin. That is always best if you are a beginner.
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Originally Posted by y8s
(Post 672296)
instead of wasting money, try just using google's stock portfolio to make fake trades and see how you do.
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If you have an iphone, go into your app store and search for "itrade". It's a free app that you compete against other members every month using real stocks.
Here's a tip for you and anyone else interested. I started a spreadsheet and I put a few selected stocks that I like to track. Everyday, sometimes 3 times a day, I put the date / time and the stock quote on my spreadsheet. This way I can kind of predict how the stocks fluxuate. |
I have always used Fidelity and they are 7.95 for most trades. Some iShares ETFs are free to trade, but that's about it. Don't fall into the trap of thinking you need to trade very often and own individual stocks. That is where all the big money is, but until you really understand them, invest in broad spectrum ETFs. Are you just buying stale stocks or are you splitting up into chunks of alotted amounts that unless there is a substantial gain, the fee will eat up all possible gains?
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Originally Posted by thirdgen
(Post 672383)
If you have an iphone, go into your app store and search for "itrade". It's a free app that you compete against other members every month using real stocks.
Here's a tip for you and anyone else interested. I started a spreadsheet and I put a few selected stocks that I like to track. Everyday, sometimes 3 times a day, I put the date / time and the stock quote on my spreadsheet. This way I can kind of predict how the stocks fluxuate. It is a shame that more people do not know about these secrets, because everyone could (and should be) a millionaire! |
Originally Posted by rharris19
(Post 672389)
I have always used Fidelity and they are 7.95 for most trades. Some iShares ETFs are free to trade, but that's about it. Don't fall into the trap of thinking you need to trade very often and own individual stocks. That is where all the big money is, but until you really understand them, invest in broad spectrum ETFs. Are you just buying stale stocks or are you splitting up into chunks of alotted amounts that unless there is a substantial gain, the fee will eat up all possible gains?
The easiest way to do this is to install an applications like an iphone trading platform and to trade itrade ishares ETFs. With the iphone and a 3G network, one could easily place at least 30 trades a minute and start to compete. The key though, is to stick to things like commodities. They are great. In fact, I hear Geranium is getting pretty hot due to war issues in the country of Africa. |
Here's an even bigger secret:
I'm 29 and have been following stocks in this manner since I was in 6th grade. Special thanks to Mr. Kutz for believing in my mathmatical abilities... |
I just had yet another (this must be the 20th time in my 25 years of trading) stock go belly up and got my papers for the class action lawsuit. Be very careful if you are trading individual stocks.
( by careful I mean don't do it ) FWIW, I use Etrade but would switch to Scott if it wasn't such a pain in the ass to do. (Don't tell me it is easy - you don't know what I have set up on this end) |
Originally Posted by thirdgen
(Post 672383)
I started a spreadsheet and I put a few selected stocks that I like to track. Everyday, sometimes 3 times a day, I put the date / time and the stock quote on my spreadsheet. This way I can kind of predict how the stocks fluxuate.
Broad ETFs have a possibility, but the gains are marginal and the window of opportunity is too small for an individual to routinely predict. |
Originally Posted by rmcelwee
(Post 672537)
I just had yet another (this must be the 20th time in my 25 years of trading) stock go belly up and got my papers for the class action lawsuit. Be very careful if you are trading individual stocks.
( by careful I mean don't do it ) FWIW, I use Etrade but would switch to Scott if it wasn't such a pain in the ass to do. (Don't tell me it is easy - you don't know what I have set up on this end) I have only been trading for 10 years and have gotten 8 of those notices as well. Most of the time it has been with pink sheet stocks, but I knew they were a risk anyway. I fully expected to get that notice about Ford when I bought it at 3.25, but didn't and am very happy with my accepted risk. Don't get me wrong though, the vast majority of my investments are in ETFs(mostly international) and REITs. The rest is a small percentage I have assigned as speculative funds and invest in single stocks knowing full well that they could be worthless tomorrow. |
Originally Posted by y8s
(Post 672296)
instead of wasting money, try just using google's stock portfolio to make fake trades and see how you do.
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If you simply want a cheap per trade transaction use zecco.com or Tradeking.com. I started with Tradeking and like the interface, tools etc. I added a zecco account to trade (gamble on) pinks.
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I use Vanguard which is around 7 bucks a trade - as an FYI that is very cheap. +1 for fake trading before you have enough money. If 7 dollars is cutting into your margins you are simply not investing enough money.
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"fluxate" lol.
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Originally Posted by Newbsauce
(Post 673825)
I use Vanguard which is around 7 bucks a trade - as an FYI that is very cheap. +1 for fake trading before you have enough money. If 7 dollars is cutting into your margins you are simply not investing enough money.
And if anyone needs a referral to either, lemme know. |
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