posted
Hello everyone! I just signed up and wanted to say hi. I have been following your posts and messages for about a month now and have learned a lot just from reading.
I've also been paper trading using msn.com's money link (real stone age device since it only shows what the stock is trading for with a 20 minute delay) for the past month, and by following your advice I've been able to double my imaginary money in less than a month.
I want to do some on-line trading with small amounts of money to start and was wondering if anyone could give me a few pointers to get started.
I work full time in front of a computer, so access is not a problem. How could I get started? I went to ChoiceTrade and read their rules, they say you need a minimum of $5000 to open an account or $25000 if you're a day-trader?
Can you do this if you live in Canada (trade on NYSE, or Nasdaq)? or do you have to stick with the TSX?
What are the best books for a beginner?
I read here someone saying it is really important to understand charts? which charts and how difficult is it to understand them?
how do I find the right stocks? is there a program that does that? what are the best trading programs available for trading??
I have tons of questions, any help will be very apreciated.
posted
welcome! allstocks is a nice place to be! Just make sure you read a lot and papertrade before you try playing with real money, until you know what you're doing. Don't be afraid to ask questions, there's lots of good people here
Posts: 1091 | From: Brugge, Belgium / Dallas TX USA | Registered: May 2006
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posted
hey anytime you post something on the other board about newbie they will immediately send you over here, so dont be offended, search for a good broker that has cheap trades, sometimes in the pennies they charge you a percentage also when trading and learn about roundtrips,
-------------------- a little at a time turns a penny to a dime! Posts: 303 | From: lake charles | Registered: May 2006
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posted
HI Gold...welcome to allstocks...I would call Choicetrade directly...I opened my account with $300...so i am not sure where you ead that info at...but here is a great big list of info for you...I hope it's helpful! GLTY!
Some simple and Basic questions:
What do these letters mean? DD=due diligence (Research) MM=Market Maker (definition http://www.sec.gov/answers/mktmaker.htm ) EOD=End Of Day EOW=End Of Week HOD=High of Day PPS=Price Per Share O/S=Outstanding Shares POS=Piece of "Poo Poo" IMHO=In My Humble(Honest) Opinion LMAO=laugh My A** off L2's=Level 2's
How is one "flagged" a daytrader? To avoid being flagged a daytrader, you can not sell and trade the same stock more than 3x's in a 5 day period. Buy "XYZ" and sell it the same day=not a day trader. Buy "XYZ" on Monday and sell it on Tuesday=not a daytrader. Buy AND sell "XYZ" more than 3x in a 5 day period= Day trader. You can buy and sell different stocks...just not the same one.
What are "free" shares? Many People will sell a stock once it has "reached" an increase where they can sell to "get back" their original investment and then continue to let the rest of the shares "ride", these are "free shares" (ones that the gain of the pps has "covered") All of these, once sold, would be complete profit.
What are settled funds? You open your account with cash, those are "settled funds", You buy stock XYZ , you sell XYZ to purchase a different stock, It will take 3 business days for those funds to become "settled". Some brokers will let you purchase stocks with unsettled funds but you can not sell that newly purchased stock for the 3 days, The sell of a stock is what needs to "settle" not the purchase of a stock. Think of it as a check clearing your bank after you have deposited it.
Example: I have $200 in a cash account...I buy 200 shares of XYZ on Monday...I can sell those shares ANYTIME after my purchase...in 5 minutes or 5 months...it doesn't matter...I dont have to wait for anything...However, this is where the "settlement time" comes in, although allot of brokers will let you buy with the unsettled funds from the sale of XYZ...I CAN NOT SELL..the new stock that I purchased...(here it is) UNTIL the settlement date...usually 3 business days...
The settlement date applies to the SELL of a stock...NOT the purchase of the stock...
Must have book to read is "a beginners guide to day trading on line" by Toni Turner www.toniturner.com
posted
Choicetrade isnt $5,000 minimum to open a account.. go to their Homepage and click on HELP then click on FAQ's.... there is a link there about opening a account .. minimum's etc.. definetly not $5,000 .. way less then that... you can open a account with $100 if u want to...
-------------------- 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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