Online Stock Trading

[Omar1223]

i was thinking about getting into trading stocks online. i have begun to read books and am learning through my classes how to trade.

what websites or services do some of the people on the forum use? Etrade, Fidelity Investments, Charles Schwab?

I plan to begin at about 5-7 trades a month initially and after I gain some confidence probably about 10-20 trades a month.

If you guys have any books you could recommend for me to read that would be great too. Thanks.

 

[stevejobs]

Zecco.com It's free!! otherwise Firstrade.com

 

[poelow]

I use Fidelity... 8 dollars a trade is hard to beat from one of the preeminent brokers. Kinda sucks to think though I've lost 400+ dollars in commissions alone since I started.

I thought Jim's Cramer's book Real Money was the best of his writings. I would recommend it. Also, shows like Fast Money, Mad Money, and Kudlow and Company (IMO), can give you a good picture of the sentiment of the market, or sectors and stocks to invest in.

The best teacher is experience by far though. I started trading back in November, and even though I've lost money since then, I have a much better understanding of how things work now, although my portfolio is down -3.5% since I started. Quite a baptism by fire as the market is down -12% since then.

 

[appolyon]

You must read Dr Alexander Elder's 'Trading for a living' ... it is considered by many to be the traders bible

... once you have taken a bit of a hit on the markets and feel a little downtrodden read 'Market Wizards' by Jack Swagger ... good motivational book about getting back into the markets

 

[stevejobs]

Originally Posted by poelow

I use Fidelity... 8 dollars a trade is hard to beat from one of the preeminent brokers. Kinda sucks to think though I've lost 400+ dollars in commissions alone since I started.

USE Zecco.com!!!

 

[lifersfc]

Read Pioneering Portfolio Management by David Swenson. Few have the talent to beat the market, once you factor in slippage, spreads, and transaction fees.

 

[Karo]

I'm also a trading noob as well, just started a few months ago. My stocks were going swimmingly until last week when it had a big drop, now I'm a little in the red.

Sorry for hijacking this thread, but this question is important. Which online site is best for getting latest financial news for US and Asian markets?

 

[poelow]

Originally Posted by Karo

I'm also a trading noob as well, just started a few months ago. My stocks were going swimmingly until last week when it had a big drop, now I'm a little in the red.

Sorry for hijacking this thread, but this question is important. Which online site is best for getting latest financial news for US and Asian markets?

I like marketwatch.com, bloomberg.com is good too. I like to look at the US futures: http://www.bloomberg.com/markets/stocks/futures.html

 

[604guy]

Originally Posted by appolyon

You must read Dr Alexander Elder's 'Trading for a living' ... it is considered by many to be the traders bible

... once you have taken a bit of a hit on the markets and feel a little downtrodden read 'Market Wizards' by Jack Swagger ... good motivational book about getting back into the markets

Agreed on Market Wizards and New Market Wizards, both very good. Good focus on the psychology of trading, which many say is the most important aspect of trading. Also many excellent interviews and tips from people that know what their doing.

 

[dopey]

This thread frightens me.

 

[mmhollis]

Marketwatch in my opinion is the best for obtaining market news. I would also like to plug www.sharebuilder.com, especially for younger folks you can really build your portfolio this way especially if you are interested in building positions in some of the higher priced securities like google or goldman sachs. You can even make weekly investments automatically taken out of your account every tuesday.

Also remember that with almost every down turn great opportunities present themselves.

 

[itsstillmatt]

Don't do this. I have never seen an amateur trade successfully, and have seen many blow up their savings. Research stocks and buy them to own, or find a good mutual fund.

 

[feynmix]

Back when I first thought about investing, I was pretty scared to just start with stocks. I too recommend starting slowly, and with mutual funds. Good luck.

 

[appolyon]

Originally Posted by dopey

This thread frightens me.

why?

 

[Omar1223]

i plan to buy stocks to own them. i didnt mean to use the word trading. can the websites that people have recommended also be used to research mutual funds?

thanks for the input so far.