Hi,
I'm a college student, senior, and would like to start trading now. What do you recommend??
I really don't have any money saved but I want to start trading. E.g., scott trade has $7/trade, is that considered cheap??
Please help me!!!
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graduate, join a shop then start trading.
zecco is $0
Just trade using huge debt and margin the hell out of your account.
Hedge funds do the same thing :)
I don't know how things work in the states but in Australia we have CFDs (Contracts For Difference) which basically provide a much simpler way to trade underlying shares with added leverage than futures or options. Some banks even give you fully franked credits for the underlying shares. Obviously they are a very high risk/reward play that you shouldn't get into unless you REALLY know what you are doing! I know they have them in the UK, can anyone comment about them in the US?
CFDs are the shizzle. Unfortunately we do not have this type of vehicle in the U.S. Most people I ask about these vehicles have never even heard of them --- it is a shame because they make up so much volume on foreign exchanges. I am pulling this stat out of my ass --- but don't they make up around 20% of the volume in London?
P.S. has anyone tried/used zecco?
It's a respectable broker. But they've been grown a lot the past year and haven't been able to keep up with all the paperwork, ie taking weeks to get accounts funded.
I know someone who uses it though, and he seems to like it.
if you 'don't have any money saved' you probably might want to consider using fantasy stock trading to learn the ropes while u save, such as those offered on investopedia.com and even facebook. that way u'll make mistakes with fantasy money and will be better prepared when u start using ur own ca$h. also, zecco's is probably the best deal for u if u wanna trade w/ real money for free. second best would be interactive brokers, which offers $1 trades for students.
Hey thanks for the advice. I do have an Fantasy acc with facebook. I tried to join the stock simulated trading contest from investopedia but they said i needed to get a code from my professor.. any idea what code they're talking about??? Thanks.
nope. sorry i havent used the investopedia one, i just see the ad all the time whenever i'm on that site. investopedia.com is a gold mine. but i'm sure there are several other fantasy trading sites out there, check the exchanges websites and things like that.
Have some of mine - I have plenty.
Make me money though, otherwise I'll be back for your kidneys
If you don't want to use Zecco - Tradeking is the next cheapest out there I think. $4.95 trades.
I've been using them for a year, and they've been great so far...Let me know if you want to get a $50 referral bonus (like ING).
I use zecco to trade... and have an ameritrade account... I dont trade the ameritrade account. I just use it for the tools, and then trade free with zecoo. Good for an active trader with less thean 5k trading
Fark. $1 trades. That's the stuff dreams are made of. In Australia the absolute cheapest I've been able to find is $19.95 per trade. And even for that you need to have opened an account with them with at least $5000 in it. Most brokers are $25 or $30 per trade. What a financial backwater I live in...
You have a body, sell it. I'll give you 10 grand for kidney right now.
you'd be an idiot to sell for 10G...I'll set you up with some Russians who would gladly pay triple whatever SomeGuy offers. Besides, I think john mack already laid claim to both kidneys earlier in the thread...
But why do you want recommendations for brokers if you have no money? Why worry about per trade fees if you don't have the money to invest in the first place? Just save yourself the potential losses for now and paper trade till you save up some cash that you can afford to gamble (intelligently) with; hopefully you'll have learned more by then too
It's called Investopedia. Even if you are able to get a small amount of capital (5-10 thousand) to start, transaction fees will kill your returns. Any strategy other than pick and hold with broad index ETFs or Mutual Funds is pointless. Just mess around with fake money on a simulator.
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