I’m 19 years old and i have been very interested in the stock market for quite some time now. I’m not interested in investing big bucks at this point in time, but maybe in the near future. For now I would like to invest a few hundred dollars in a few stocks, just to learn the basics of trading and hopefully make a little cash on the side. I have been watching a particular stock for a few months now, and I calculated today that if i would have invested 0 back in June, I could have sold today for a profit of over 00 which I believe is pretty good. I haven’t signed up for an online account simply because it scares the crap out of me. I have been looking into signing up with Zecco. Is this a good idea? Can someone please tell me how to get started without getting into some kind of trouble? I’m tired of reading lines like "a fool and his money are soon parted" and i would really appreciate some good advice for entering into the stock trading world. Thanks for the help.
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Chad 8th March 2010
There actually is nothing scary about opening a brokerage account. It is really no different then opening a typical money market account at your local bank. Your money will just sit in your account making small interest until you use it for trading.
Now trading stocks can get people into trouble when they do not know what they are doing. So you are correct in taking it slow. Personally as a beginner I think you should visit vanguard.com and buy a quality mutual fund or index fund to start out. Vanguard is probably the most well-respected mutual fund company around.
However, if you are set on trading individual stocks just make sure to take it slow and learn how to use STOP ORDERS and TRAILING STOPS so you do not lose your shirt right off the bat.
Zecco is perfectly fine if you just want a basic trading platform with no real tools to assist you with. The cheapest most popular online broker is probably Scottrade which offers 7 dollar trades. If you plan on being an active investor then you may want to try Zecco since they offer 40 commission free trades a month. If you only plan on buying a couple of stocks here and there then any well-known online broker is fine.
The sites below all offer plenty of free information to get you going in the right direction. You may also want to buy the "Investing for Dummies" book because it will take the mystery out of investing.
Frank Castle 8th March 2010
Let me know when your account is ready to go and I will help you for FREE. (I am a Portfolio Manager)
Rick 8th March 2010
Most of the online stockbrokers have "virtual" accounts that give you an imaginary pot of money and allow you to trade using their platform. It’s a great learning tool. One suggestion, don’t put all your money into a single stock. That one stock you followed that had a 400% gain in 4 months is not a typical stock.
TC 8th March 2010
I’m a financial advisor, and I taught myself how to invest in the market. I learned how to trade stocks and make money at http://www.investopedia.com
Investopedia allows you to buy and sell stocks with fake money, so you can simulate how it happens with real money, it was very helpful for me, and I hope it will be for you as well.
MikeMIke 8th March 2010
i have use zecco for half year with no problem. got lots of free trades.. dont paying for trade commission