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Unread 06-12-2010, 09:07 PM   #16
rentalguy1
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I apologize for sounding like a richard cranium. I just hate to see someone make a mistake. $10K is not a lot of money these days, and I was able to save that by the time I was the OP's age. You just have to make a point to save instead of spend. While your buddies are going to bars and out to eat every night, you need to be at home drinking ice water and eating mac-n-cheese. For me it was water out of a canteen and MRE's. Also, FWIW, if I did my own trading I'd be broke...

PS. I don't need and wasn't looking for a e-pat. I was giving a example of what the OP can accomplish in the next decade if he does the right things and has a little luck.

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Unread 06-12-2010, 09:24 PM   #17
ericson89
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If you want to learn about the market, try morningstar.com You can use some of their information for free and if you create an account the amount of information they have can make your head spin. Research, research, research and take your time.
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Unread 06-13-2010, 10:14 AM   #18
RedJeepXJ
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I use sogotrade, as they have very low commisions on both stocks and options, $3.95 a trade for stocks

Quote:
Originally Posted by rentalguy1 View Post
You won't even be able to open a trading account with less than 10K. There are laws regarding this...
really what laws? I had no issues opening an account with a LOT less then that, I think initially I put a grand in

Quote:
Originally Posted by 2010Rubicon View Post
Obviously, you have extremely limited or NO experience. No wonder you are part of the generation that wants everything NOW.

Trading with a $200 account will get you nowhere.....

When you don't have several thousand dollars in a trading account, then wait until you can afford it. Thinking that you can learn stock market mechanics by trading with a tiny account will only lead to failure. No one picks a winning stock every time. If you want to trade successfully, you will make NUMEROUS mistakes. It takes a lot of money to learn how to trade, not just a couple hundred dollars and losses that can be measured with small bills.
bad advice, the key thing in investing is to start investing, so he buys a few small shares of stocks now, buys more when he can later, that seems like a decent way to start trading as well as it hurts a lot less to lose smaller amounts of money, I started out trading in $400-$500 blocks and made some good profits on it.
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Unread 06-13-2010, 10:47 AM   #19
rentalguy1
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Quote:
Originally Posted by RedJeepXJ View Post
really what laws? I had no issues opening an account with a LOT less then that, I think initially I put a grand in
read my later post, please.

Quote:
bad advice, the key thing in investing is to start investing, so he buys a few small shares of stocks now, buys more when he can later, that seems like a decent way to start trading as well as it hurts a lot less to lose smaller amounts of money,
Good points (from all), but a few hundred bucks is just nor nearly enough to start buying regular shares or options. If you have to start this way, do it in a high risk mutual fund. I started off with $1500 in 1991 in a Franklin Templeton fund, and that, combined with a strict savings and investing mentality proved very well for me over the years. I've already admitted that I do very little of my own trading to keep me from going broke. I let a BoA broker do it, when I do it. With the market in the shape it's in now, I have most everything in annuities. Zero risk, and a minimum 6% return, but it takes a lot to get started.

Quote:
I started out trading in $400-$500 blocks and made some good profits on it.
Was that $400-500 total assets, or blocks? I'm curious as to when you started, and what kind of profits you made on that small amount. My $1500 that I started with did very well, but it got in near the bottom of the dot com bubble. Still, with a 21% return, it didn't morph into $10K (or even $5k) in a few years. It did well enough to screw up my income taxes, though.
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Unread 06-13-2010, 10:56 AM   #20
yellowjesus
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I use scottrade and it suites me well. I would also suggest it to you. The min amount is $500 as others have said but its tough to trade unless you plan on putting it all in one company and seeing how it pans out. The market is very tough and especialy now but theres always a strong sector to invest in. Just keep your eyes open and stay imformed to whats happening. Read investors business daily and other newpapers like barrons. There are probably are market forums somewhere you might be able to find something there.
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Unread 06-13-2010, 11:09 AM   #21
kairo
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And just remember, don't get carried away and sell when you make $15. Capital Gains Taxes.

FWIW, I use Charles Schwab.
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Unread 06-13-2010, 11:25 AM   #22
cmvash
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Quote:
Originally Posted by kairo View Post
And just remember, don't get carried away and sell when you make $15. Capital Gains Taxes.

FWIW, I use Charles Schwab.
Good point. Short term capital tax gains(under 12 months) are about double what long term capital tax gains are(over 12 months). Something to think about.
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Unread 10-22-2013, 08:06 AM   #23
StokedXJ11
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*Bump

I have been doing tons of research and I am interested in learning more about investing in stocks as well. Do any of you have any more personal 'lessons learned' about playing the stock market and any tax implications involved?
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Unread 10-22-2013, 08:55 AM   #24
imoapie
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I'll save you the time. SPY and call it a day unless you want to put serious effort in. Even then it is not worth it because the big players make the market. I'm in the industry professionally.
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Unread 10-23-2013, 04:46 AM   #25
fatso
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I dabbled using Tdameritrade. It had a 2g min. to start the account. It was fun while it lasted and I learned a bit but pulled out when I realized what he said:
Quote:
Originally Posted by imoapie View Post
Even then it is not worth it because the big players make the market.
The truth!
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Unread 10-23-2013, 09:00 PM   #26
2010Rubicon
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This discussion began 2010 and what has changed? Nothing really, just more decline. You missed the golden era of trading at the turn of the century. Since then it is has been all downhill with decimalization, flash trading, and more market manipulation than ever.

Tell you what... wait until the next market crash in a few years. Then buy 1,000 shares of BEARX, hold on to them for a while, then dump them and catch the ride back up with something else.
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Unread 10-23-2013, 10:45 PM   #27
nwiTJdave
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I used to use etrade. Several years ago when I closed my account they "lost" every single penny I had there. It took them 5 months and finally me threatening legal action if they did not release it within 24 hours. It wasn't an absurd amount either, it was only a few thousand dollars.

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Unread 10-23-2013, 10:47 PM   #28
nwiTJdave
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Quote:
Originally Posted by 2010Rubicon View Post
This discussion began 2010 and what has changed? Nothing really, just more decline. You missed the golden era of trading at the turn of the century. Since then it is has been all downhill with decimalization, flash trading, and more market manipulation than ever.

Tell you what... wait until the next market crash in a few years. Then buy 1,000 shares of BEARX, hold on to them for a while, then dump them and catch the ride back up with something else.
That is terrible advice. The market is at an all time high right now and most companies are offering a higher percentage on dividends. Sure its nice to buy super cheap and wait for the upswing, but there is far more to investing than just flipping stocks.

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Unread 10-24-2013, 05:30 AM   #29
2010Rubicon
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Quote:
Originally Posted by nwiTJdave View Post
That is terrible advice. The market is at an all time high right now and most companies are offering a higher percentage on dividends. Sure its nice to buy super cheap and wait for the upswing, but there is far more to investing than just flipping stocks.
Think about your timing. If the market is higher than ever, then you are already too late.

You have given TERRIBLE advice.
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Unread 10-25-2013, 11:20 PM   #30
Jay12
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Quote:
Originally Posted by 2010Rubicon View Post
Think about your timing. If the market is higher than ever, then you are already too late.

You have given TERRIBLE advice.
And you provided false information. "Just more decline" since 2010? You may want to check that.
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