Best website to day trade small amounts of money? | TigerDroppings.com
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TheCaterpillar
LSU Fan
Nashville from BR via Oxford
Member since Jan 2004
40558 posts

Best website to day trade small amounts of money?

I want to start playing around with the stock market a little more, but don't want to drop thousands per stock.

Is there a good software/website that lets you buy and sell stocks in smaller amounts (like $50-$500) without a transaction fee each time or at least a small one?

Recommendations?




Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
58191 posts

re: Best website to day trade small amounts of money?
Why don't you just mail me a check. I'll put a bunch of nudies on a DVD and mail them back to you. At least you'll have something to show for it and you won't go crazy prematurely.


TheCaterpillar
LSU Fan
Nashville from BR via Oxford
Member since Jan 2004
40558 posts

re: Best website to day trade small amounts of money?
I am confused by this response.

I will pretend it didn't happen.

Anyone else have any suggestions? I didn't think playing around with small amounts of money in the stock market as a hobby would make me go crazy.


Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
58191 posts

re: Best website to day trade small amounts of money?
quote:

I didn't think playing around with small amounts of money in the stock market as a hobby would make me go crazy.


That's what most people think. And they think wrong.


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makersmark1
Auburn Fan
Member since Oct 2011
2234 posts

re: Best website to day trade small amounts of money?
many sites have "model" portfolios if you just want to play around.

In general, get rich quick does not work long term.

Take your money and invest it for the most part.

I dabble in individual stocks and options, but most of my money is in diversified ETF's, etc.


TheCaterpillar
LSU Fan
Nashville from BR via Oxford
Member since Jan 2004
40558 posts

re: Best website to day trade small amounts of money?
I have an IRA, 401k, and general savings account for emergencies.

I just want to play around with it with low dollar stocks. Make a few trades a month tops.

is eTrade a viable option or is it expensive?


Ole War Skule
LSU Fan
North Shore
Member since Sep 2003
1634 posts

re: Best website to day trade small amounts of money?
you really can't make $50 trades and have a chance to make money. Absolutely lowest commissions will be $5/trade. In and out will cost you 20%.

I use Fidelity ($8/trade) and like the site very much. There are cheaper ones out there, but they won't offer research, yield tracking, etc.

Nothing wrong with you getting your feet wet and learning about investing. Just know the odds are stacked against you in a big way. There are thousands of people paid big bucks using big computers to find the deals. If you think you can beat them all, go for it.

And yes, you can do it. I've beat the market consistently for the last 10 years, but that will probably result in me becoming overconfident and getting wiped out this year


white perch
Northwestern St. Fan
the bright, happy side of hell
Member since Apr 2012
3552 posts

re: Best website to day trade small amounts of money?
Spider-Man tuba was saying something about $1 trades through something like budgetinvestor.com or something like that


white perch
Northwestern St. Fan
the bright, happy side of hell
Member since Apr 2012
3552 posts

re: Best website to day trade small amounts of money?
Also, I've got a Schwab account. They have a lot of commission free ETFs. That may be an option for you.


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Hand
Army Fan
far side of the moon
Member since Dec 2007
2009 posts

re: Best website to day trade small amounts of money?
quote:

Best website to day trade small amounts of money?


FWIW, you can't day trade small amounts of money without getting a letter from the SEC and getting your account frozen.


Ole War Skule
LSU Fan
North Shore
Member since Sep 2003
1634 posts

re: Best website to day trade small amounts of money?
quote:

FWIW, you can't day trade small amounts of money without getting a letter from the SEC and getting your account frozen.



I did not know that

you have to have 25k in your account if you day trade 4 or more times a week


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rintintin
New Orleans Saints Fan
Life is Life
Member since Nov 2008
8837 posts
Online

re: Best website to day trade small amounts of money?
quote:

FWIW, you can't day trade small amounts of money without getting a letter from the SEC and getting your account frozen.



Woops, sorry SEC, and thank you for giving me a reason to quit before I lose all my money.


LSUCooper
LSU Fan
Tusc. AL
Member since Dec 2006
896 posts

re: Best website to day trade small amounts of money?
I traded years ago with a Datek acct
It's now something else
Had 500$ in there made several trades and eventually closed it
Never got an SEC letter
It was fun but I lost about 300$
Over about a years time


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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
31292 posts

re: Best website to day trade small amounts of money?
quote:

you can't day trade small amounts of money without getting a letter from the SEC and getting your account frozen.


Nice point, I did not know that.

But just as with anything else, trading isn't free and if you play penny ante poker you will be entertained for awhile but eventually the cost of trading will eat you up.


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rmc
LSU Fan
Zachary, LA
Member since Sep 2004
22717 posts
Online

re: Best website to day trade small amounts of money?
quote:

you really can't make $50 trades and have a chance to make money.


I agree here. You'd basically be throwing money away.


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beaverfever
Arkansas Fan
Little Rock
Member since Jan 2008
8097 posts

re: Best website to day trade small amounts of money?
There isn't honestly. I'd say the minimum reasonable trade to where commissions aren't a factor is at least 500. If you want to day trade I'd say more like 2000+


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RebelExpress38
Ole Miss Fan
In your base, killin your dudes
Member since Apr 2012
2958 posts

re: Best website to day trade small amounts of money?
I would just download the app "stock wars" and have fun. You won't lose real money and you can start with 100k. Find some friends and compete with them over a year or something for a pot of cash. You'll have more fun with that than you would losing money in the real market.


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TigeRoots
New Orleans Saints Fan
Member since Oct 2008
3901 posts

re: Best website to day trade small amounts of money?
I agree with all of the points in this thread. That said, I use Sharebuilder and it's $6.95 per trade.


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anc
Member since Nov 2012
3214 posts

re: Best website to day trade small amounts of money?
Use something like BuyandHold.com

$14.95/mo. for unlimited window trading. Perfect for someone who just wants to play with under $1,000.



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Giantkiller
New Orleans Pelicans Fan
the big Bee Reezy
Member since Sep 2007
3169 posts

re: Best website to day trade small amounts of money?
I did about a week's worth of research on the Dow, picked 3 stocks to get in on, and put $500 in an etrade account. I bought Alcoa, Bank of America, and something else. Maybe HP. I don't remember. Either way, I looked at how they rolled, and picked them based on being down and expected them to rise. They were like $8 to $11 a share, and one eventually hit the number. The Bank ofAm stock eventually was pulled off the exchange, and I'm still waiting for Alcoa to get there. So long story short, if you're patient or don't care about sitting there on money, you'll eventually make like a dollar or two.


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