Student Wanting To Trade Stocks Online. Where?
I am a 22 year old finance student wanting to open an online account for day trading. Problem is I my pockets aren’t over flowing with cash so I can’t afford to put 2k online. What’s the best place to open an account that has a low minimum deposit so I can get some experience under my belt.
You can certainly open a trading account on E*trade or Scottrade very easily…application on line…send a deposit…you’ve got an account…in a couple of days you log on to your portfolio, your money will be in ” cash” and you’ll be ready to buy a stock…BUT… there are rules when it comes to day trading… as far as having cash in your account to cover a “sell”…IF your ” buy” hasn’t reached a settlement date ( 3 days)…unless you are operating on ” margin” ( borrowing) and I don’t think you can get that kind of privilege in a tiny account right off the bat.
But, don’t let it deter you from becoming a trader…you can operate with small buys…and figure to ” hold” for a week or so… if you’ve got the profit ( don’t forget to add the commission) sell.. and look for your next small buy….or if your profit is good enough, you may decide to let it ride awhile.
Not quite the hectic pace of day-trading, but it will give you the ” learning experience”.
Hey man I know how you feel! I highly recommend Zecco.com. I believe their commission is like $4 a trade, but once you get at least $2000 in there its free trading. Not sure exactly on the details but check that out for sure. Now if it is just experience that you want, I would try practice trading at investopedia.com. It’s free. Good luck to you!
Go to http://www.daytradingfreedom.com and get the free report that’s offered there. The report is good, but what you really want are the follow up emails they’ll send you which have some tips on how to open an account for much less money than you normally need.
Good luck!
SJ.
If you don’t even have 2k, just save it for later until you are out of school. You have no business being a day trader and if you want to throw it away like that, give me your name, and I’ll have you mail it to me.
T-Waves is an excellent trading site. See for yourself at http://www.twaves.net
View Steve’s Market Outlook at http://www.twaves.net/Reports/WeekendMar…
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Some folks just blow this stuff off, and I think that their investing ability takes a hit because of it. There is a major tendency to seek out shortcuts that most folds end up sabotaging themselves. A little look in the mirror helps everyone to keep a sharp focus in a pitiless market.