I Want To Invest In Stocks Online To Try And Make Some Money… How Do I Start?
Wednesday, June 17th, 2009 at
5:22 pm
My cousin told me that he has stocks and has made quite a bit of money from them. He also said he does it over the internet… I was wondering how I would go about doing this?
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In order to start investing stocks online, you will need an account at an online brokerage firm. However, if you are under 18, you won’t be able to create an individual account. In that case, you will need to open a custodial account, in which an adult will cosign the account with you.
I currently use Firstrade ( http://www.firstrade.com/ ). They are cheaper than big name brokers such as Etrade, Ameritrade, Scottrade, and Schwab. They also do not have any account minimums so you do not have to risk more money than you want to. Their website is also very easy to use, making them the perfect choice for beginners. I would definitely recommend them to you.
I would discourage you from using Zecco though because their website is not very beginner-friendly. In addition, even though they do not have any account minimums, the free trades deal requires at least $2,500.
However, remember that before you jump into investing, be sure to do some research. There are many great books and online tutorials out there. Be sure to take advantage of them. Good luck.
First of all, if you are asking this question, you really need to be careful about this whole thing. Even the pros, who spend their whole lives studying this, know that just picking a stock or two is a crap shoot. Be sure you don’t invest any money you can’t afford to lose.
But that does not mean you shouldn’t invest. Just choose the right approach. Do you have a job? Do you have access to a 401(k)? If so, you ought to invest there first, especially if your company does any sort of match.
If you still want to invest in individual stocks on line, don’t fall for the most common trap of buying a hot stock that has gone up a lot recently. Someone else already made the money on that one. Do your research, find a solid company, and be patient. If you aren’t willing to do that, then buying stock will be no different from going to a casino.
There is no get-rich-quick guarantee in the stock market. But if you do it right, it is a pretty relaible get-rich-slow strategy.
Here’s the LOW RISK way to get started in online trading:
- go to updown.com and open a virtual trading account.
- buy and sell stocks until you can define your own trading rules: when to open a long or short position, when to close them for profit or loss, and when not to.
- continue trading so you can fine tune your trading rules and make it more profitable.
- remember to keep a trading blog or journal of all your trades. Note each trade and the reason for them.
- when you are able to trade and show profits three months in a row, then open a live trading account with a broker of your choice.
- trade that live account using your newly defined trading method.
- You will find that trading a live account is entirely different from trading a demo account. The ego and your emotions take over.
- fine tune your trading method while trading your live account.
- again, when you are able to show profits three months in a row, add more funds to your account.
While you are doing this, learn everything there is to know about online trading. Ask other traders, read books, find resources on the internet.
Hope everything works out well for you!http://jsforex.blogspot.com
- Jim Syyap, Managed Forex Accounts
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save at least about 1000 dollars and go to etrade.com and open an account….be careful though, lost 150 my first day lol. You might want to go to thestreet.com first and do some research. You can also practice first just tracking stock pretending you bought it without actually putting up cash to see how you do
open an trading and demat account in any of the stock broking firm that offers internet trading.now a days many r offering net trading.later a bank account and u can stark trading via internet with an user id and password provided by that firm.happy trading.b careful and dont be fast.be coooool
Congrats on paving a better future for yourself! I recommend an online brokerage firm that has good beginner qualitys {like tutorials or an easy to understand set up}, i use zecco, better then schwab, etrade, etc. they are the only ones with free stock trades, no minumums..all the others will charge you fees for trading, but compare and see for yourself. Good luck and happy investing!http://friends.zecco.com/r/a7a2877caab81…
http://incomebooster.org/ is the biggest resource for making money online. It will teach anyone from 14 to 50 to make money online with some effort. They have a lot of tutorials and one of them is make 15$ a day tutorial. Go and check it out.
first open a demat account for urself if u r above 18only..den u can even start trading and make money.
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