Has anybody accumulated wealth using online trading sites such as etrade?

Question

Has anybody accumulated wealth using online trading sites such as etrade?

Answer 1

The success of trading and the accumulation of wealth does not depend on the manner of how trades are entered into to a system but rather strong ones trading abilities are.

You can use on-line systems or use a broker, and have great success with either, and successfull trading always generates wealth.  Both systems have produces very wealthy people.

All major brokerage firms provide their clients with on-line services, including trading platforms, latest market & financial news and research.

Customer need to select the site that is best for them.  Traders have requirements in a site, while investors have other requirements.  

Although most sites are geared to general securities and commodities, however customers may have special needs for the types of products they trade, and the markets in which they trade.

Answer 2

The secret to accumulating wealth is to "get rich slowly" by regularly buying stock in quality companies and ignoring the market altogether.  I came to the US 20+ years ago from a country where "regular folks" rarely invested in stocks.  I opened an account with one of the low-cost on-line brokerages and began buying shares of Coca-Cola.  After a while I added some shares of Microsoft.  And then some of GE.  My original investments are now worth several thousand percent more than I paid for them.  Of course, I'd be really wealthy if I hadn't also bought Ford shares at that time!

If you buy shares in 8 to 12 quality companies and hold them for the long-term, you will have a hard time NOT accumulating wealth.  Time is your friend!

Answer 3

Very few and it was luck if they were actively trading.

“I never have the faintest idea what the stock market is going to do in the next six months, or the next year, or the next two.”

Warren Buffett, CEO of Berkshire Hathaway (BRK.A and BRK.B)

“Market timing is a poor substitute for a long-term investment plan.”

Jonathan Clements, Wall Street Journal Columnist

“Market-timing is bunk.”

Pat Dorsey, Director of Morningstar Fund Analysis

“I’ve learned that market timing can ruin you.”

Elaine Garzarelli, Stock Investing Analyst

“If I have noticed anything over these 60 years on Wall Street, it is that people do not succeed in forecasting what’s going to happen in the stock market.”

Benjamin Graham, Investor and Author of The Intelligent Investor

“The market timer’s Hall of Fame is an empty room.”

Jane Bryant Quinn, Columnist and Author of Smart and Simple Financial Strategies

Answer 4

I have reasonable success.  I do not want to say that I have accumulated "wealth."  That is a relative term.  If you mean turning a $1,000 into 3 Million.  No.  That is the stuff of books and I feel it would an "urban legend."  Keeping your losses small and letting your winners run is the basic advice of all the big time traders.  Lastly, the worst place from which to buy is the 52 week low list.  I realize it does not make sense in view of the "buy low, sell high" rule.  I don not know your level of experience but even during this rough market, I am sure you don't want to go hunting at the "52 week low " store.

Answer 5

Yes. I personally know several people who also made it online trading. But do not take this that, by getting into online trading, any body can do it too.

First, those who made good know what it is they are doing. They have been actively trading for more than two years. Every one of them busted their trading accounts a number of times at the start. They consider it as part of the learning process.

Hope this helps.

Jim http://jsforex.blogspot.com