ONLINE Trading (Stocks)

  • Posted by a hidden member.
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    Oct 03, 2012 2:04 PM GMT
    I am currently researching about online stocks and trading. E-trad, Scottrade, etc.

    If you've done it so, I'd like to hear from you guys more Pros/Cons.

    I'm basically trying quit my current job and work for myself whether my own business etc etc

    I just wanted to really find out the viability and sustainability of online trade in the future.
  • AMoonHawk

    Posts: 11422

    Oct 03, 2012 2:53 PM GMT
    sell no matter what (up or down) when ever there is a 10%change in your stock choice
    Don't invest all of your money in stocks because there is the potential to loose it all
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    Oct 03, 2012 4:36 PM GMT
    I use TD Ameritrade and it has worked very well for me. They don't have as many annoying fees. Make sure you research all of the potential charges and fees, they can cut into your trading profits in a hurry.
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    Oct 03, 2012 8:55 PM GMT
    Excellent thread I'm in the same boat as you but into currency exchange, commodities and indices. The only thing I can solidly say is everyone will have their own opinions and try to come off an 'expert' but this is exactly any other business where you have to do the math and fact-based research on your own. If the math adds up go for it! make sure you have a strategy and a plan if not then it is essentially gambling just like any business without a plan.

    I'd also suggest demo trading for a while before you get real money in, most newbs blow up 2-3 accounts easy in the first 3 months till they learn discipline and strategy.
  • metta

    Posts: 53189

    Oct 03, 2012 9:01 PM GMT
    dreamer saidI am a full-time stock and options trader. Start by reading Alex Elder's "Trading for a Living" - and subscribe to Investor's Business Daily. Scottrade works great for buying and selling stock and buying and selling calls and puts- $8.00 commissions per transaction. I you wish to implement more complex options strategies, I would go with optionsxpress.

    There is more than one book with that title:

    I have done terrible with stocks and my neighbors keep telling me to jump back in. They told me to just do stocks that are good companies with high dollar amounts that fluctuate a lot...and they also recommend selling after a 10% increase. They give Apple as an example...which means an investment of over $60k. That is a lot of money to me so I have not felt comfortable playing with that much money. It is basically gambling.

    The stock has been going up and up and up and I was hoping to see it go down.

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    Oct 03, 2012 9:07 PM GMT
    I tried to start with trading stocks but I realized that you needed a lot of money but then I learned about options. They are cheaper and the profits are bigger. I have accounts with both Scottrade and Options Xpress. I made 100% on my first options trade. I didn't know what the hell I was doing really but if you can figure it out you can make good money. I recommend reading Michael Sincere's books Understanding Stocks and Understanding Options.