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Originally Posted by 40ft e-Peen
Hey rs. I've been reading this thread from time to time and it seems like its a real exciting experience. I have some extra cash on the side and I want to try my hand on trading. I'm completely new to this and I was wondering if you guys have any input or tips you could share? I was wondering how you guys trade and with which brokerage? My intent is to just put in a few hundred and just research some companies and go from there. Are there any online trading websites that you have tried before? And what about the fees per trade?/
Thanks!
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Hey man
I'm glad to see that you're interested. Let me be the first to tell you that you're probably going to lose money. lol Dont fret though, everyone does at first. My advice to you is do as much research as you can before putting any real money into the market.
If you want to do the trading yourself, I suggest you open up a brokerage account at you're local bank. Most banks do have online brokerage sites that allow you to do this. Or there are other options, such at E-trade, Scott Trade, etc. Every brokerage usually has a different fees, but it all depends how much money you put in, and how often you trade. I think standard rate is about $7.00 - $9.99 depending on how many trades you do a month. But starting off, you could be looking at $20 and over per trade. An alternative to this, if you don't want to put in any real money, is to open a Google or Yahoo finance stock portfolio, and go ahead and put in some simple order entries. It doesn't cost a thing. Then from time to just check out how well (or poorly) your stocks are doing, until you really get the feel for it.
If you hear anything on the news about buying a particular company, i would try and hold off at first and do my own research before coming to a conclusion on weather or not to buy in. Remember, the markets discount all news. By the time the news reports, chances are the stocks has already run it's course. DON'T listen to anyone on CNBC. lol Remember, chances are you will lose your money. But don't be discouraged. You gotta be able to take some risks if you want that cake. Fortune favor the brave my friend.
good luck