Getting Started Trading for Beginner Would-Be Investors
To begin trading you’re going to need somebody to trade with, meaning a stockbroker.
There’s lots of options but when it comes right down to it… you need to find someone that you’re comfortable with.
I got started with E-Trade.
I’ve been pretty satisfied with them.
I haven’t had any real trouble.
I’ve also been really impressed with T.D. Ameritrade.
I’ve only had a little experience with them but their think or swim platform is supposed to be really impressive.
And I think you can download that one for free and just use it.
Either way there’s several factors you need to keep in mind.
There’s the brokerage fees and what trading platforms they have.
I know E-Trade has like power E-Trade pro and like I said C-D Ameritrade has thinkorswim.
These are not the only two by any stretch of the imagination.
They’re just ones that I’ve had some experience with and haven’t heard anything amazingly bad.
The main thing to keep in mind is that you are their customer.
They’re there to help you.
So don’t be intimidated about calling asking questions, and if you ever get a bad vibe. Choose someone else.
Like I said it’s a personal preference and they should be there to help you.
So that being said also if you know that you’re going to be trading on your phone, make sure that they have a good app.
Check out the ratings.
See what they say to get started.
Lesson one: never ever trade with money you cannot afford to lose.
Don’t even consider it, not even temporary.
Don’t take a loan.
Don’t borrow money. It’s a bad idea.
Lesson two: the more you can invest the better.
Yes the more you get started with the more leverage you have.
If you can move a decimal point over in your account than a decimal point over in your profits.
It’s as simple as that.
So obviously yes the more you have to get started the more leverage you have.
But also you might want to start slow, or smaller anyway, just to get your feet wet. Because you don’t want to be too big in a position and learn a hard lesson too early with too much money.
So these are all personal preferences.
This is based on your risk tolerance.
Whatever you think you can handle.
Obviously every broker is going to have a minimum starting account.
I’m pretty sure several brokers have a very low one.
I think E-trades was about a thousand.
That was when I got in.
I don’t know what it is now.
Basically just you have to do your research.
But those are the two options I mentioned before that I’ve heard good things about so that’s pretty much it.
Like I said they’re there to help you so choose wisely choose who’s right for you.
And as always.
Lesson three: don’t look for a fair fight.