STOCKS TRADING
STOCKS TRADING
How much money to save in order to start TRADING STOCKS?
I'm 19 years old and I want to start trading STOCKS ONLINE. I was wondering how much money I should save to start trading and also which online company would be the best for me to use. Any useful tips are also appreciated ( ;
As for where to go, I personally like Scottrade. They are inexpensive, and have always been very good to me.
As for how much to save, here are some things to help you decide:
Think about transaction costs. Even if you can put in a trade for $7, that ends up costing you $14 for a buy and a sell later. If you only have $100 in your account, and you buy one stock, and sell it after a 10% gain, you will still end up with only $96 (a loss of 4%) when all is said and done, due to the trading fees. But if you buy $10,000 of that stock, get a 10% gain, and then sell it, you end up with $10,986 (a gain of 9.86%).
Think about diversification. If you only own one stock, you have a lot of exposure to risk, and are in a lot more danger all the time. If you want to diversify to say 10 stocks, that's great, but each one will have its transaction costs, as outlined above. So the more stocks you own, with a decent position in each one, the more money it takes.
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