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Started By
Message
Opened My First Brokerage Account Today
Posted on 5/3/13 at 6:24 pm
Posted on 5/3/13 at 6:24 pm
Opened my first brokerage account today. Decided to use Trade King. Any solid advice for a novice investor? I'm looking for more action than simply index funds. I may dabble in basic options, some day trading, etc. I can comfortably start investing with 5k or less.
I'm pretty stoked, btw.
TIA.
I'm pretty stoked, btw.
TIA.
Posted on 5/3/13 at 6:33 pm to Smalls
Day trading? You're killing me Smalls
Posted on 5/3/13 at 6:35 pm to Smalls
Lol. Save yourself the time and just give it away
Posted on 5/3/13 at 6:49 pm to Vols&Shaft83
Hey, if I throw 5k at something and make more than my transaction cost, I'll sell it and move on...
Posted on 5/3/13 at 7:07 pm to Vols&Shaft83
Short an uncovered put. I dare u
Posted on 5/3/13 at 8:24 pm to roguetiger15
hey dont listen to these guys, we've all gotta start somewhere man. You have to know your risk tolerance. If the $5K means alot to you then buy an index and be safe if it is nothing to you then play with the market and practice your day trading and by that I mean if you wanna learn to day trade then learn with your $5k dont listen to people....trades are $9.99 at etrade so on $5K its under 1% of the transaction
I'd suggest picking a stock with low volatility that you wouldn't mind holding if the price went down. Lets say Exxon, buy your 55 shares of it and if it pops $1 sell it and youll clear $45 not much but you'll learn the premises
Index funds are great but I personally dont do them, Id rather buy and hold specific blue chips but its your call, good luck to you and I hope you learn alot and make a lot of money.
Odds are you're gonna lose some money, but hey once you get it down, you're gonna be on the right path man so don't get down if you lose a little remember you're getting in literally at the top the market hit 15,000 today
and dear god avoid options and margin until you know what the hell is going on.....that i beg of you
I'd suggest picking a stock with low volatility that you wouldn't mind holding if the price went down. Lets say Exxon, buy your 55 shares of it and if it pops $1 sell it and youll clear $45 not much but you'll learn the premises
Index funds are great but I personally dont do them, Id rather buy and hold specific blue chips but its your call, good luck to you and I hope you learn alot and make a lot of money.
Odds are you're gonna lose some money, but hey once you get it down, you're gonna be on the right path man so don't get down if you lose a little remember you're getting in literally at the top the market hit 15,000 today
and dear god avoid options and margin until you know what the hell is going on.....that i beg of you
This post was edited on 5/3/13 at 8:33 pm
Posted on 5/3/13 at 8:45 pm to ThaBigFella
Obviously, I know I'm going to win some and lose some. For me, I want to learn, have fun with it, and hopefully win more than I lose.
Posted on 5/3/13 at 9:31 pm to roguetiger15
quote:
Short an uncovered put. I dare u
Cash-covered puts are no real problem. Short a few calls naked and see what happens.
Posted on 5/3/13 at 9:35 pm to tokenBoiler
Keep in mind tax rates for short term investment income
Posted on 5/3/13 at 9:43 pm to roguetiger15
(no message)
This post was edited on 5/3/13 at 9:48 pm
Posted on 5/3/13 at 10:01 pm to ThaBigFella
quote:
trades are $9.99 at etrade so on $5K its under 1% of the transaction
Yea... but you gotta sell it too, so $20.
Posted on 5/4/13 at 11:29 am to jso0003
Trade King is 4.95 per trade. They seemed to be the lowest.
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