need guidence in how to
- Thread starter ij1889
- Start date
ZoomZoom Diva
New Member
Generally there is a fee for every trade, buy or sell. This fee is now normally a flat fee as long as the units are even lots (multiples of 100). Odd lots may have additional fees. Some types of account may have an annual fee, and some may allow a certain number of commission-free trades per quarter or year.
Interest may vary on uninvested portions as well as your ability to access it. The univested account may be a good money market for liquid assets depending on the plan.
I can probably provide some general industry answers if you list questions, but every company has it's different twists and turns, so reading the details is critical.
Interest may vary on uninvested portions as well as your ability to access it. The univested account may be a good money market for liquid assets depending on the plan.
I can probably provide some general industry answers if you list questions, but every company has it's different twists and turns, so reading the details is critical.
Picklz
SUDO Make me a SAMCH
Yep, what I would suggest is reading the account details (fine print) from multiple financial institutions, to see which would fit you best. Alternatively you can post up what you are looking to do and we might be able to make some suggestions on which firm might suit you best. Are you looking to buy some stocks for a long term investment or do daily trading? How much are you looking to invest initially? etc.
Sites to check out would include E-trade, Scottrade, Fidelity, Charles Schwab. I'm sure there's others those are the ones I'm most familiar with though.
Sites to check out would include E-trade, Scottrade, Fidelity, Charles Schwab. I'm sure there's others those are the ones I'm most familiar with though.
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A
aviateur
Guest
ThinkOrSwim is a very good broker, especially if you want to trade options, but they have good prices on stock trading as well...
https://www.thinkorswim.com/tos/myAccounts/displayRates.tos
Their software is completely free and is very nice. They have software for mobile devices.
You can buy stocks in single shares at 0.15 per share (minimum $5.00 fee) or $9.95 whichever is better for you. I believe their minimum starting account size is $3500. Check out their fee schedule at the bottom of the above page.
https://www.thinkorswim.com/tos/myAccounts/displayRates.tos
Their software is completely free and is very nice. They have software for mobile devices.
You can buy stocks in single shares at 0.15 per share (minimum $5.00 fee) or $9.95 whichever is better for you. I believe their minimum starting account size is $3500. Check out their fee schedule at the bottom of the above page.
ij1889
New Member
i am looking to buy long term stock, and as well as short term, i think it would be better if i would be charged a set number of dollars for what ever number of stock i wish to buy.
i believe i wish to focus just on stock for the current moment
what im confused about is for example scottrade's $7 trades, do i pay $7 for the number of stock that i buy from a certain company?
i guess i just need to sit down with someone and have them explain what all the little fees and all that stuff mean.
i want to be able to buy an sell anything that i want, with out having to call my families financial adviser/stock broker
i believe i wish to focus just on stock for the current moment
what im confused about is for example scottrade's $7 trades, do i pay $7 for the number of stock that i buy from a certain company?
i guess i just need to sit down with someone and have them explain what all the little fees and all that stuff mean.
i want to be able to buy an sell anything that i want, with out having to call my families financial adviser/stock broker
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A
aviateur
Guest
Here's a typical example.
You start by putting $4000 in a brokerage account; or any amount over the minimum account size for the brokerage account. You may get margin and you may not. Margin is an amount that the broker will "lend" you on the trade and it's usually 1/2 of the amount you've got in the account, so in this case it would be $2000. Keep in mind that if you use any of the margin you will be charged interest on the amount used.
Next you choose a stock or ETF that you think looks promising. That is you believe that it will go up or down (you can make money both ways as long as you're not using IRA or 401k/403b account). If you believe that the stock or ETF will go up, you purchase the stock at a time of your choosing using the brokerage software. You like stock XYZ at $35.00 per share so you tell the software to buy XYZ at price $35.00. You can purchase during the day when the market is active or put the order in at night and it will become an order the next day (there are many types of orders but we are keeping it simple).
So lets say you put in an order for XYZ @35.00 and you're buying 10 shares. The brokerage will deduct $350.00 + commissions (say $5.00) from your account when you purchase the stock. Now you've purchased your first stock and your account balance is $3500 - $350 - $5 = $3145. You can hold the stock as long or as short as you want. After a little while you think the stock has topped out so you're ready to get out of the stock and the price has gone up to $40. You will put in an order to sell to close 10 shares of XYZ @$40. You made $5/share which is $50 but again when you close out you pay another commission (say $5) so instead of making $50, you've made $40. Your account balance is now $3540. You've also incurred either long term or short term gains taxes. If you've held the stock or ETF longer than a year, it's long term gains which is at a lower tax rate (15% I believe). If you've held the stock shorter than a year the gain is taxed at your marginal tax rate. In any case, either make sure you keep track of all your trades or that your brokerage does it for you (and usually they will be able to print out a nice sheet on your list of trades).
So that completes a single trade. You can do multiple trades at a time just as long as you have enough money in your account.
I'd be happy to help you out anytime.
This will be true with whatever online broker you go with. You choose which stock or ETF you would like to buy and when to go in on the purchase and when to end it.
AJ
110 HP of FURY!
I use sharebuilder which is now a part of ING. They have a $9 per trade fee which is higher than most, but it's only $4 when you set up some sort of auto deposit from your bank and fund your choices each month.
I like the reports I get, easy to use, I can chose to get news updates on each company I have, and overall site navigation is nice. I'm sure I'd like another just as much or more, but this works for me.
I like the reports I get, easy to use, I can chose to get news updates on each company I have, and overall site navigation is nice. I'm sure I'd like another just as much or more, but this works for me.
D
DrWebster
Guest
Scottrade is a great broker, I've been with them for years.
ij1889
New Member
cool cool, wanna met up and ill buy you dinner and you can help me better understand all this process?
J
JustROLLIN
Guest
TradeKing is the lowest cost discount broker I know of. They have no startup fees, no minimum for accounts, its a $5 fee for all stock trades, and I believe options are $0.75. I use them currently and the only complaint I have is that they dont have mobile software. But, if you are looking for long-term activity you prolly wont need it.