posted
Hello. Im looking to purchase some Sirius Satalite Radio stock, but I have no clue where to begin. I would prefer purchasing online, since I work the night shift, going out to an actual buisness would not fit into my schedule. Most places that I seen, require you to open with a 500$ or more. It would take me 6 months to actually save that much up. Im looking to say purchase 5 or so stock's every 2 weeks's or so (10/month). So here's what im looking for I guess,
1) What type of an account would I need, and what is it called? (Just to purchase/sell stocks)
2) Where is a place that I could open an account with very little (50-100) to 0 money when opening an account?
3) A Place that I could pay with a credit card when I wish to purchase more stock.
4) I know ill have to pay 10-15 flat trade on my purchase's/sell's, thats not a problem.
5) Any other information you might have =)
Im totally new to this and have no clue about anything reguarding it. Thanks Alot!
Posts: 1 | From: Louisville, KY | Registered: Jun 2005
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I'm not that experienced myself, but since I recently went through setting up to trade online, I migh offer a suggestion or two.
First, hang out here and watch and ask and never be afraid that your queries will be out of place. This place is populated by a wide range of "types" of traders and "investers". Watch, ask, RE-ASK, and ask why. There are more ways to participate in the markets than meets the eye, but someone here will help you learn. Remember, ALL these guys had to learn too...they will help.
Second, as to how and where to set up an account, I went through that a couple of months back and spent weeks investigating and reseaching. There are lots of worthy candidates out there, but I chose Lowtrades because it is both as cheap as any and because there was no mininum required. I think Scottrade may be easier if you happen to live where one of their offices is convienient, but they have restrictions that I didn't want to have to deal with (like minimum amounts to open an account). Watch and learn here and you will see many post as to the practices of various online brokers.
In order to set up my account at Lowtrades, I had to do it by submitting the paperwork through the mail, with help on the phone fom one of their people. (I've had reason to call the 800 number and talk to them on several occasions. IMPORTANT!!! Every time a HUMAN BEING with reasonable Engliush answered the phone, was entirely interested in my call, and was quite helpful!) In the end, though there was no minimum amount to set up an account, I chose to start with at least $1000, because that allowed me to apply for the account to become a money market account, which in turn, made it accessable via regular checks (which are free to start with). But you may not be interested in that. Particularly, when the amounts you have to invest at a time are not that great, the amount the broker charges become a significant percentage of the cost of trading. Also, they provide a very useful tool they call the "Trading Desk" free if your account amounts to at least $500.
Lowtrades is not the only reasonable option, I point out. From what I hear, I think Choicetrades haas a similar structure in fees and services. There are places on line that are more attuned to people that only wish to invest limited amounts (such as you describe for yourself) each month. I don't remember any at the moment....sorry. But, those all seemed have limitations that I didn't like and I decided they were better suited to persons that could or would NOT get online regularly during the times the markets are open to tend to their own trading.
All-in-all, I recommend hanging out here for a while and letting these people help you learn, then you will be likely to have sufficient information to make the decisions.
Posts: 11304 | From: Fort Worth, Texas | Registered: Mar 2005
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posted
My first observation is that you only want to put in $50 to $100. Is that a recurring amount per month. To be quite honest you'll only lose money by putting in such a small amount. I'm not trying to question your trading style, but by simple math $10 in comissions eats up at least %10 any profit you might see.
Back to your original question. I use Ameritrade. I have had no problems with them. I have also heard great things about Choicetrades. From what I can tell, you are certainly not trading much during the daytime and you'll want to set up an order for a stock the night before. Is that correct?
You would most likely want a margin account (most traders do), but be careful because these can cost you a little bit.
I haven't seen any place you can purchase stock with a credit card. That actually sounds pretty dangerous (remember the fall in the early 20th century).
Good luck. Feel free to ask any question at any time.
-------------------- If you don't sweat the pennies, you're not making any money. Posts: 2218 | Registered: Feb 2005
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posted
I would suggest some things.. first you mentioned that it would take you like 6 months to save up $500 .. i am not sure about your living situation.. but why not hold a garage sale and sell unwanted things in your house.. see how much you get from the sale.. another option is to sell things on Ebay instead of a garage sale.. between that and saving from your job you should be able to save $500 or more alot faster then 6 months.. while doing all that i would suggest you read books on trading.. self educate yourself.. I'll recommend 2 or 3 books below... the first book is my favorite of all time on trading...
1. A Beginner's Guide to Short Term Trading by Toni Turner www.toniturner.com
3. Short Term Trading , Long Term Profits by Jon Leizman
As for a broker I would suggest Choicetrade.com .. that is what i use... but I would suggest to start off with $1,000 if possible ... and DO NOT put anymore then 1/3 of you bankroll into one stock.. diversify to limit your risk... the only other suggestion i can make if you still do not want to save up the $500 and buy in such small quantities is to open a account with Sharebuilder.com ... they seem to fit your needs though if you go with them i would transfer the account to Choicetrade.com or other brokerages as you build it up to $500 or more.. you can transfer the stock(s) over as payment to open a $500 minimum account etc...
-------------------- Let the world change you... And you can change the world.
Ernesto "Che" Guevara de la Serna Posts: 4669 | Registered: Mar 2004
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