online broker

intrepid1950 · Apr 18, 2008

Hello everyone,

I am new to stocks and never trade in my life. I have very little information about trading. I would like to open a account online but I can't decide the broker. Please advice me to chose a online broker who have lower commission, fast execution and after hours trading option. I would like to start with $4000. Please also advice some other skill or things to learn successful trading. Thank you

NoProblem · Apr 19, 2008

Quote from intrepid1950:

Hello everyone,

I am new to stocks and never trade in my life. I have very little information about trading. I would like to open a account online but I can't decide the broker. Please advice me to chose a online broker who have lower commission, fast execution and after hours trading option. I would like to start with $4000. Please also advice some other skill or things to learn successful trading. Thank you

Take some friendly advice, do not open any account yet. Keep the money in the bank for a few years (at least) and sign up here to practice......
http://www.updown.com
It is great fun as well as an awesome market learning tool.

They give you $1 million to start and aside from a 15-20 minute delay and a few other limitations, it is the most realistic market simulator I am aware of - - see how easy it is to double your money here before jumping in with real money.

Thank me later.

You wanting to hop in with $4k, fast executions and trade pre/after market yet have never traded before = you'll burn thru your $4k or $40k in less than a few weeks.

Check out the link I supplied and look me up when ya get there!

Best to you!

intrepid1950 · Apr 19, 2008

Quote from NoProblem:

Take some friendly advice, do not open any account yet. Keep the money in the bank for a few years (at least) and sign up here to practice......
http://www.updown.com
It is great fun as well as an awesome market learning tool.

They give you $1 million to start and aside from a 15-20 minute delay and a few other limitations, it is the most realistic market simulator I am aware of - - see how easy it is to double your money here before jumping in with real money.

Thank me later.

You wanting to hop in with $4k, fast executions and trade pre/after market yet have never traded before = you'll burn thru your $4k or $40k in less than a few weeks.

Check out the link I supplied and look me up when ya get there!

Best to you!

Thank you for friendly advice. I already did some virtual training on www.virtualstockexchange.com for about one month.

The reason I am interesting investing in stocks because of my income. I work 33 hours per week and not able to make even 1K a month after tax. This Wednesday when I watch the google stock that jumped 20% in just one day. I thought If I had invested in google I would had made 20% which means 800$ (if I had invested 4k).

But you are also right it will take a while to understand completely about trading. One month is not enough.

Thank you

NoProblem · Apr 19, 2008

See, that is what I was talking about.

You were willing to risk your entire port - if it went against you, and dropped $90.00 (as it very easily could have) instead of zooming $90.00, your $4k account would now only be worth about $2800.00.....an instant 30% loss.

Losses that big are very hard to impossible to make back - ever.

For GOOG, with only $4k, had you risked only 5% of your port and bought (1) May 550 strike call option for $200.00 before they reported, you could have sold it at the high on Friday for $2,000.00.

That's only one way to limit your risk - and limiting risk is what trading is all about.

I know this because I had planned to make that trade but work kept me unable to make any trade that day. :-(

Like I mentioned, there is much to learn - don't be in any rush to get in the market and trade with real money until your risk management is rock solid.