January 16, 201511 yr Does anyone else play the stock market at all? I have a penchant for the penny stocks.
January 16, 201511 yr I have a Scottrade account I play around with. kinda fun. Would love some penny stock ideas.
January 16, 201511 yr How do I start? It depends on how much time you want to invest into managing your money. If you have a certain sum of money that you're looking to invest, you may consider contacting a financial advisor or some professional that can develop a financial strategy with you. If you feel comfortable doing it on your own, I'd recommend spending some time on Forbes, Motley Fool, and other similar websites to research companies that interest or intrigue you. By no means am I a professional, but here are my thoughts: Find a couple good, reputable company (or two or three) with solid products / services that you like, or interests you. Procter & Gamble, for example. If you're going to invest X amount of dollars, it'd be wise to diversify your investments. Aim for companies that pay regular dividends. When you're starting out, I feel it's important to invest in quality companies -- not necessarily the companies with the most potential. You need to develop a financial plan, whether it be 1 year, 3 years, 5 years or 10+. Leave the day trading to the professionals and those that have enough disposable income to risk losing money with bad investments and transaction fees. Penny stocks are tempting, because there is little risk & you hear fairy tales about making a bunch of money off of a nominal investment. It rarely works. You're better off investing money elsewhere, in my opinion.
January 16, 201511 yr By no means am I a professional, but here is what I would do: Find a couple good, reputable company (or two or three) with solid products / services that you like, or interests you. Procter & Gamble, for example. If you're going to invest X amount of dollars, it'd be wise to diversify your investments. Aim for companies that pay regular dividends, and invest. Check your account as often as you want, but you need to develop a 3, 5, or 10 year plan. Leave the day trading to the professionals and those that have enough disposable income to squander away money with bad investments and transaction fees. Penny stocks are tempting, because there is little risk & you hear fairy tales about making a bunch of money off of a nominal investment. It rarely works. I mean, I already have money invested for the long term. I just meant, how does one go about day trading? Let's say I have $100 or even $500 to put into an account that I don't mind losing. How would I get started with the day trading? I could see that as something that would be fun...like sports betting or going to the horse track.
January 16, 201511 yr If you have a few bucks to play with penny stocks might be fun at times but more often than not you will get burnt and lose money (Probably 80% of it). I would just assume when buying it you are OK with losing all of that money.
January 16, 201511 yr Day trading is not worth the side effects that come along with it. Become an investor instead.
January 16, 201511 yr Day trading is not worth the side effects that come along with it. Become an investor instead. Where can I do that without all my gains getting fee'd to death?
January 16, 201511 yr Where can I do that without all my gains getting fee'd to death? How do I start? I have a Scottrade account. It costs $7.00 per trade if you trade one share or 1,000. It is not my retirement fund, but more of a fun fund. I have a few bluechippers and have rolled the dice on a couple. I ususally buy around $500-$1,000 worth of a company. Duke (DUK) Walgreens (WBA) and Chipolte (CMG) have been very good to me. I sold a couple of my losers at the end of the year to write them off as loses. If you decide to open an account send me a PM. I get 3 free trades for giving leads to open up a new accunt.
January 16, 201511 yr Where can I do that without all my gains getting fee'd to death? It's hard to avoid fees altogether and have a variety of options to buy. You can try to buy directly from the creator or look on trading websites that offer no fee trades but the options are usually thin. You can find reasonable rates out there now.
January 16, 201511 yr Author Penny stocks are fun but its like going to the casino. I have done moderately well. I maintain a fun account. But its completely separate from my regular longterm retirement funds. The thing to remember with fees is if you buy a 1000 shares of a stock take the fee to buy and sell divide it by 1000 and thats how much you have to gain to break even. It can be tough to do due diligence on small companies. I always buy companies with a viable product... Yesterday I made a bunch off of a company that makes lighting for companies that grow medical marijuana.. I highly recommend you paper trade for awhile and read up on rules in relation to day trading..The sec does not like it at all.
January 16, 201511 yr Penny stocks are fun but its like going to the casino. I have done moderately well. I maintain a fun account. But its completely separate from my regular longterm retirement funds. The thing to remember with fees is if you buy a 1000 shares of a stock take the fee to buy and sell divide it by 1000 and thats how much you have to gain to break even. It can be tough to do due diligence on small companies. I always buy companies with a viable product... Yesterday I made a bunch off of a company that makes lighting for companies that grow medical marijuana.. I highly recommend you paper trade for awhile and read up on rules in relation to day trading..The sec does not like it at all. Now there's an industry with a high ceiling.
Archived
This topic is now archived and is closed to further replies.