How do you buy and sell stock? can you do it @ the age of 16? can i buy penny stock then sell it the next day?

Question

How do you buy and sell stock? can you do it @ the age of 16? can i buy penny stock then sell it the next day?

Answer 1

You will need to open an online trading account to do that (ie-- etrade, Scottrade, ING, etc.).  I believe you need to be 18, but you could start filling out the online form and see if it stops you when you fill out the portion about your birth date.

Buying penny stocks and trying to sell the next day isn't a wise investment strategy.  Keep in mind that you pay a fee every time you buy or sell so you need to make more than those two fees combined to see any profit.  On top of that, statistics have shown that doing that doesn't yield the kind of returns that long term holding does.

Answer 2

if u want to do stocks just tell ur bank teller what u want to invest

on.U have to put in at least $500 and u also have to wait at least

5 years to take ur money out of stocks.U can be of any age even a 5 yr old.Thats the info the tellers told me.

Answer 3

You shouldn't buy stock shares at all! I am living in the International Capital of scams in stock markets and real estate, Hong Kong. If your stupid intent of doing in Internet, you probably end up of being cheated by those rouge traders. More likely, you probably end up with in debt and it will pay by your parents or elder brother or sister. If you were in Hong Kong and were owed money on-line trading, you might be chopped into pieces by the underworld gangs in HOng Kong. GO to buy more books and study real hard and get a higher average then further your education in the university is what you should do. You are not at the legal age to do stock shares trading on line yet, thank god.

Answer 4

You are a thinker. GOOD JOB. I always was, but there was hardly an internet when I was younger! Check this out. I trade stock everyday through Ameritrade, $10 per trade. Follow me? YEAH, scottrade IS cheaper, but TD Ameritrade has done me right. I hear people on the msg boards b!tching all the time about other brokers... Get a TRUSTED adult involved, I KNOW IT SUCKS! But you only need that person for a few mins. You need a checking acct., with a minimum of $500 (that's anywhere you go). IF you can get that kind of dough, you're set. Open your checking, go to Ameritrade.com, and set up an acct. Do an electronic funds xfer, and start trading. Screen stocks on yahoo, mktwatch, etc., then buy them on ameritrade... Dude. It DOES work, I was looking at a 7 cent stock today! they make lithium batteries, like for plug in cars, etc!!! ALWAYS RESEARCH!!!!!!!!! DD (due diligence) is what they call it! good luck to you in your endeavors! NEVER GIVE UP!

Answer 5

You have to be 18 to open a brokerage account in the United States, but one of your parents can open a custodian account for you.

You can buy pennys stocks and sell them the next day, you may not make any money (and the chances are you wont) but you have to pay for what you buy before you can sell it.

Before you invest in any security, the first investment you should make is in yourself, and the best investment you can make is by educating yourself.

Start your education by learning why you should invest and the importance of being able to make your own decisions or how the pro’s make theirs.

Here is some reading material that can get you started in the right direction,

The first book you should read is Rich Dad Poor Dad by Robert Kiyosaki

Then try some of these

What Works on Wall Street by James O'Shaunessey

Beating the Street by Peter Lynch

One Up on Wall Street by Peter Lynch

How to Make Money in Stocks” by William O’Neil

Get into the habit of making daily visits to some websites like MSN Money and Yahoo Finance.  (http://moneycentral.msn.com/home.asp http://finance.yahoo.com/ )

While at MSN following the strategy lab analysts to get a feel for what the pros are doing and why.  This site has some basic information for beginners. If any site offers free information, take it.

Other website that can provide instructions and help with procedures and terminology are

Investopedia - http://www.investopedia.com/  Stock Charts - http://stockcharts.com/

http://www.investorshub.com/  http://www.1source4stocks.com/

Answer 6

You should have completed 18 years of age to deal/trade in stocks.

Answer 7

You don't need to be buying any stocks at the age of 16 buddy! You need to be buying a book for school!! Focus !