Could someone explain something to me about Etrade?

Question

I don't know a thing about stocks, but I decided to open an Etrade account, and just to see what it was all about, I put in $40. But when I go to my account, I am too dumb to even understand what I'm looking at. Could someone please explain to me what exactly will happen to this $40 I transferred into the account? And how stupid was I to do this?

Answer 1

To tell you the truth 40.00 is not a bad price to pay for the ability to learn your way around an order execution interface. You are not going to be able to invest in anything with it until you put some real money in there, but if there is an ability to practice with it, cool beans.

Is it level II, direct order entry or is it a broker executed system? I am sure that E trade has tutorials that teach you the interface. That is a good place to start to learn the ropes.

Answer 2

How do you deposit the money into your account??

You should have documentation of the transfer and documentation from the source,   Check you paper trail of the transaction

Was the money ever received by the firm, check the paper trail moving it to the B/D

Yes you are dumb,  you can not open a brokerage account with $40.

If you know nothing about stock, why would you open a brokerage account.  It not the smartest thing to do

Why would send money anywhere when you can't read a statement - you don't know if the money was ever received - you didn't bother to check the source from where the money came from - this is all basic money management.

Before you spend $.01 you should know what your doing, why you doing it, and how to do it.

Close the account, E-trade may do it for you (or should), spend the $40 on educating yourself

Answer 3

is it a brokerage or a savings account?  

it may just be savings, i don't remember the requirements for the borkerage account