1. #1

    Looking for a good stock trading program

    I'm presently 16 and hoping to start investing with a sum of roughly 250$, This is in part because I find E-trading enjoyable, In part because I could use whatever money it brings in, and in part to build credentials for a career in finance. That said, Up until the present I was micromanaging 25$ on a platform called plus 500 (http://www.plus500.com/) I managed to get up to 32$ in one month ( 28% growth ).

    That said the 25$ was a bonus for starting, 3 days ago I found that the bonus had been retracted and thus was left with 7$. 32$ is required to make a withdrawal, along with a passport to show you are above 18. The fact that within their terms of agreement there is nothing about taking this money back, nor having received any warning or explanation. As well as a few occasions where the program bought higher than i set to buy at ( normally doing day trades this was quite detrimental) has effectively resulted in me to stop using the program. That said I'm looking for a new platform. my main requirements are

    . Allows for leveraging ( > 5)
    . Money withdrawal does not require a passport
    . No monthly charge

    I've looked at a few programs but was wondering if anyone might have a suggestion.

    Thanks for any advise.

  2. #2
    First of all, I don't think you are old enough to start trading. Most places require you to be 18, and even if the money is not yours, you need to have power of attorney to have the company talk to you if you have problems. I dont believe any bank will give that to someone whos 16.

    Secondly, no business in there right mind will give you extra buying power for $250. At most you'd have $1250-- thats not a lot of buying power. Even if you did manage to get 1250, thats a huge reward to risk ratio with ZERO room for error. I think this would even be considered a loan. No 18? Gooood luck. So, what do you plan to do $250? buy 100 shares of 2.50 stock? 1000 shares of $.02 stock? (Here's a tip-- penny stocks arent worth it), I don't know of any places that are willing to give you anything for what you want. All places that I know of have a monthly cost of 200$+, or financial institutions that require a 5,000 dollar deposit. Some trading platforms are free but have a 10$ fee attached to every trade.

    Now, when you say "bought higher than i set to buy at ", did you set a limit order? Or did you just click the buy button? What are your qualifications for a trade? Are you sticking to Nasdaq? Seeing as how you've given me nothing to work with. I say you have zero place trading in the first place. Someone who wants to work in finance should know better.

  3. #3
    Quote Originally Posted by warlocked View Post
    I'm presently 16 and hoping to start investing with a sum of roughly 250$, This is in part because I find E-trading enjoyable, In part because I could use whatever money it brings in, and in part to build credentials for a career in finance. That said, Up until the present I was micromanaging 25$ on a platform called plus 500 (http://www.plus500.com/) I managed to get up to 32$ in one month ( 28% growth ).

    That said the 25$ was a bonus for starting, 3 days ago I found that the bonus had been retracted and thus was left with 7$. 32$ is required to make a withdrawal, along with a passport to show you are above 18. The fact that within their terms of agreement there is nothing about taking this money back, nor having received any warning or explanation. As well as a few occasions where the program bought higher than i set to buy at ( normally doing day trades this was quite detrimental) has effectively resulted in me to stop using the program. That said I'm looking for a new platform. my main requirements are

    . Allows for leveraging ( > 5)
    . Money withdrawal does not require a passport
    . No monthly charge

    I've looked at a few programs but was wondering if anyone might have a suggestion.

    Thanks for any advise.
    There is no stock brokerage in America that will allow you to open an account without some proof of age.

    Second, you're going to want more than $250. As someone who's been self-directing his own stock trades since you were watching Sesame Street I have to highly recommend against attempting to be a day trader. That said I also remember what it was like when I started, and there's no hope of convincing you not to do so. Everyone, it seems, must learn the hard way.

    Scottrade is my brokerage of choice. There are no monthly fees (In fact, no brokerage I'm aware of has monthly fees). Minimum $500 opening balance.

    Here's an important one.

    No one is going to allow you to leverage in the United States at all without a margin account which usually requires about $5000.

    No one allows you to leverage 5:1 or higher. That's ridiculously irresponsible and risky for the company as well as yourself.

    Money withdrawals will not require a proof of ID but will require either a bank account or other verification you are of age.

    ---------- Post added 2013-01-14 at 03:59 AM ----------

    And looking at that program you linked, I cannot recommend enough that you familiarize yourself with what you're doing.

    That's a program for international trading of things called CFDs (Contract For Difference) and the Foreign Exchange.

    CFDs are financial derivatives which are imperfect analogues of the stocks you buy. You will never be able to enter into a short position without a margin account and you won't be allowed to enter a long position without a certain amount of cash. With such low amounts of money any profits you make will be devoured by brokerage fees and premiums paid.

    The FOREX is an extremely advanced and highly leveraged (and therefore lucrative but dangerous) market that only people who are intimately familiar with market analysis, economics and how currency exchange works should even stand next to much less participate in.

    I think you should start slow with a regular brokerage. Learn the ins and outs for a while before you go leveraging yourself several times over and finding yourself broke.
    Last edited by Laize; 2013-01-14 at 04:01 AM.

  4. #4
    Or you can try paper trading. Many companies offer free trials with a paper money account. I would highly suggest paper trading before you do anything else.
    Try using Think Or Swim. You get 30 free trades for 3 months, after that its 10$ per trade (Live). You get 100,000 to play around with. You can watch yourself go bankrupt without losing a penny! Be aware that paper money is not 100% true. People are aware you exist in the real market, and will base trades off what you do.
    Last edited by Ayla; 2013-01-14 at 05:07 AM.

  5. #5
    Quote Originally Posted by Laize View Post
    There is no stock brokerage in America that will allow you to open an account without some proof of age.

    Second, you're going to want more than $250. As someone who's been self-directing his own stock trades since you were watching Sesame Street I have to highly recommend against attempting to be a day trader. That said I also remember what it was like when I started, and there's no hope of convincing you not to do so. Everyone, it seems, must learn the hard way.

    Scottrade is my brokerage of choice. There are no monthly fees (In fact, no brokerage I'm aware of has monthly fees). Minimum $500 opening balance.

    Here's an important one.

    No one is going to allow you to leverage in the United States at all without a margin account which usually requires about $5000.

    No one allows you to leverage 5:1 or higher. That's ridiculously irresponsible and risky for the company as well as yourself.

    Money withdrawals will not require a proof of ID but will require either a bank account or other verification you are of age.

    ---------- Post added 2013-01-14 at 03:59 AM ----------

    And looking at that program you linked, I cannot recommend enough that you familiarize yourself with what you're doing.

    That's a program for international trading of things called CFDs (Contract For Difference) and the Foreign Exchange.

    CFDs are financial derivatives which are imperfect analogues of the stocks you buy. You will never be able to enter into a short position without a margin account and you won't be allowed to enter a long position without a certain amount of cash. With such low amounts of money any profits you make will be devoured by brokerage fees and premiums paid.

    The FOREX is an extremely advanced and highly leveraged (and therefore lucrative but dangerous) market that only people who are intimately familiar with market analysis, economics and how currency exchange works should even stand next to much less participate in.

    I think you should start slow with a regular brokerage. Learn the ins and outs for a while before you go leveraging yourself several times over and finding yourself broke.
    where do you recommanded him to start? i personnaly am interested in this but i have absolutely no idea where to begin.
    book to read perhap?
    My main language is not english , feel free to send me a PM if i made errors that bother you , i shall try to correct it next time!
    www.Joethejoe.weebly.com

  6. #6
    Quote Originally Posted by Forfax View Post
    where do you recommanded him to start? i personnaly am interested in this but i have absolutely no idea where to begin.
    book to read perhap?
    Reading a book will teach you basics. I've read 2 books (and started a 3rd), before realizing they are utter garbage. Think about it this way. For 30 dollars do you really expect to make thousands? They'll teach you basics that arent worth the the money its printed on.

    Steps:

    1) Decide what kind of trader you want to be. I suggest day trading (Day trading does not consist of trading of stocks that are brand names. Google, Apple are examples)
    2) Find an online course that will each you. These courses run about 5-9 thousand. Anything less is not worth your time (IMO)

  7. #7
    Quote Originally Posted by Tayona View Post
    Reading a book will teach you basics. I've read 2 books (and started a 3rd), before realizing they are utter garbage. Think about it this way. For 30 dollars do you really expect to make thousands? They'll teach you basics that arent worth the the money its printed on.

    Steps:

    1) Decide what kind of trader you want to be. I suggest day trading (Day trading does not consist of trading of stocks that are brand names. Google, Apple are examples)
    2) Find an online course that will each you. These courses run about 5-9 thousand. Anything less is not worth your time (IMO)
    Perhap you're right but i really don't know anything about this , reading a book to get the basic might be just what i need to begin with.
    My main language is not english , feel free to send me a PM if i made errors that bother you , i shall try to correct it next time!
    www.Joethejoe.weebly.com

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