Getting started in the stock market...?

Question

When I get my first, fat paycheck I would like to invest some in the stock market. I have a few companies in mind--stable corporations that seem to be doing well. After I choose a company to buy stock in, then what? Which online trading site should I use? Etc, etc, etc.

Answer 1

Hi Michelle

You can open an account at Scottrade with as little as a $500 deposit, there are no minimum number of transactions (trades) required and no inactivity fees or account maintenance.  Scottrade has a flat rate ($7) for most online market and limit equity orders, regardless of your trade frequency, account balance, or the number of shares in a transaction.

However, some other important things to consider are; the reason you're investing (for short term enjoyment or long range goals such as college, a new home, or retirement), the risk associated with the various investments, and then choosing the investment, or mix of investments, that are right for you.

As far as the actual trading transactions themselves, opening a trading account with Scottrade is easy (you can apply online). It is only $7.00/trade for stocks priced over $1 per share, regardless of your trade frequency or the number of shares in a transaction.

You can compare the commissions/fees of several brokerage firms at: http://www.scottrade.com/online_broker_c...

I hope you find this information useful. Please let me know if you have any additional questions. I'd be happy to help.

Scottrade

www.Scottrade.com

1-800-619-7283

Answer 2

An answer today as to which stocks to get into might easily change tomorrow.  But since right now the market is so far down, I personally wish I had some money to buy Goldman Sachs.  (GS)  There are many other possibilities in the market now.  And some sectors are often better than others.   As for trading sites, I use my bank's trading site along with it's discount brokerage firm.  I am with Wachovia and am really happy with them, but they aren't all over the country.  Bank of America most likely has the same set up. I guess what I like is the fact that I can trade stocks with the same company where my checking account and home equity lines are, so the money can move easily from one account to the other as needed.  By the way, I pay 6.95 per trade up to 1000 shares, which is just as cheap as any other trading site.  If you want to know anything else, I'll be happy to answer any questions you have. Just email me.  I trade stocks for a living and am online most days for at least a little while.