I’m interested in investing a miniscule amount of money (around $1000) in the stock market just to get my feet wet. I’m in no way looking to make some huge profit or anything of the sort…just wanting to throw some cash out there, buy and sell a few stocks and just get a feel for things.
What is a good website to do that sort of thing through? With such a small amount I obviously want to keep fees to a minimum so my money doesn’t get wasted on that junk.
Zecco: 10 free trades with a $2,500 minimum balance otherwise it is $4.50 a trade.
TradeKing: $4.95 for every trade.
Scottrade: $7.00 for every trade.
These are the 3 best options.
Start it out with scottrade.com they only require $500 USD to open an account or $2,000 for a margin account…. some other brokers require at least $2000 to open an account…
References :
Sharebuilder will let you do it for $4 per trade if you set up a re-invest plan.
TradeKing is 4.95 a trade, and also does options.
If you may also want to dabble in bonds, Firstrade will let you in on the action, though their stock trades are 6.95.
With only $1000 and in this market though, investing in individual stocks might not be the best option, especially if you’re just learning. You may want to try ETFs, which trade like stocks but are comprised of multiple assets. That way you’re diversified.
Right now commodities, bonds (no junk bonds though), government debts (Treasuries and TIPS) are probably safe bets. If you want ot get a little riskier you can try some of the ETFs that short the market.
If you have your heart set on stocks though, stick with the larger companies that are likely to whether the storm. Real Estate and financial stocks are like burning money at the moment. But whatever you decide, do your due diligence.
Also keep the number of trades low. Even low commissions can eat your return pretty quickly.
Also, in this market you should be prepared to lose some or all of your investment. If that money is essential funds, then you’d be much better off socking it away in money market account.
~X~
References :
forex is the best to trade
References :
try scottrade.
References :
try sharebuilder, it’s a good site and it’s user friendly.
References :
If you really want to invest your money, you should try Scottrade, as they offer some of the lowest fees, but great service should you run into any problems. However, if you are looking to get a feel for the market, you might want to consider trying a virtual portfolio, especially in the current market. The UpDown offers a great virtual portfolio. In fact, you can earn real money if you outperform the market consistently. This way, you have no real money at risk, but could also make some money while learning how the market works. I only say this because $1,000 isn’t very much to invest, and broker fees will eat into your profit significantly. It might be best for you to learn how the market works without risking your money, then jump into the real thing when you understand it fully. Just a thought, I hope it helped!
Best of luck!
Brendan Prewitt
President, New York Capital Investment Group LLC
References :
http://www.theupdown.com
Zecco: 10 free trades with a $2,500 minimum balance otherwise it is $4.50 a trade.
TradeKing: $4.95 for every trade.
Scottrade: $7.00 for every trade.
These are the 3 best options.
References :
http://www.zecco.com
http://www.tradeking.com
http://www.scottrade.com
http://www.lucky-dog-investing.com/broker-reviews.html
http://www.investopedia.com
Zecco.
References :