Please Can Someone Tell Me How To Go About Trading In Stocks Online, How Do I Setup An Account?
Thursday, June 25th, 2009 at
10:59 am
how to set up the account ,the kind of softwares i need, and finally, consider the fact that i am in west africa, but i want to be dealing in stocks in the world’s major markets
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Tagged with: About • Account • Online • Please • Setup • Someone • Stocks • Stocks Online • Tell • Trading • Trading Stocks • West Africa
Filed under: How To
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Since you in west africa that might be very very hard for you to invest. Most companies allow you to sign up online, I use Sogoinvest.com but you’ll have to look at a company that does this in your country. I’m sure theres one company that does it.
I’m assuming you are in the US.
First you must have a brokerage account. I suggest Scottrade because of low commissions. It’s fine for beginners. Go to Scottrade.com to download an application. There will be a minimum dollar figure you’ll have to deposit. Second, as a beginner, never invest any money you’ll need in the next 10 years. And, if you don’t own a house, I suggest saving for that with CD’s first. They are yielding over 5% now and totally safe. Finally, as you are learning, I recommend buying a book on buying mutual funds. Mutual funds are baskets of stocks managed by a professional. They will be offered via the brokerage account. They are less risky than stocks. Then after you get used to mutual funds you can start to buy stocks. But read a lot. I am a part time trader and make a lot, but to get to my level of knowledge, I lost a lot first. Trading is not for everyone, but investing is. It takes a long time to learn to manage risk. So, be prepared for a long learning curve and read all you can. Not just on the internet, where the quality is shakey. Use books. Many ‘answerers’ have offered many good books.
Good luck.
This really depends on your style of trading. If you are day trading, and trying to scalp the market (more accustomed to currency trading), then you might like to choose a discount brokerage with very low cost, but may have a higher spread. someone like tradeking would probably suit in this respect.
I like to also trade futures… so I use e-Trade, as you’ll find many good trades on oil, gold and silver at the moment… so worth considering.
I Also have accounts with OptionsXpress. But I only trade this account with monthly stock trading strategies, so am happy to wear the higher costs.
Spread is only one consideration you need when selecting. You’ll need to assess risks like, default risk, systematic risk, political risks and the ease of funding and withdrawing money too. Many trading brokerages have a fee for this, ranging from $20 to over $100 for others.
I got an email from another brokerage firm yesterday, called http://www.xforex.com I will be doing some more analysis on these guys, but they look to be ok from my initial analysis.
good luck with your trading
Gareth
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