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Player01
Registered: Oct 2012
Posts: 14 |
11-18-12 04:24 AM
IB is not necessarily the best choice... because the activity fees will eat away your small account over time.
Instead, choose a broker with no minimum trade requirements.
I will take that advice into account when I choose my broker. On the contrary, do you know a reputable source to read brokers review?
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comintel
Registered: Jun 2008
Posts: 1119 |
11-18-12 06:40 AM
Quote from Player01:
I will take that advice into account when I choose my broker. On the contrary, do you know a reputable source to read brokers review?
People here will likely suggest some.
See also
http://online.barrons.com/article/S...2419871332.html
and
http://online.barrons.com/article/S...abs_article%3D1
As oldtime points out, there is no one best broker for everyone. It varies drastically depending on your needs. Reviews often assume an active trader, which you are not.
Also, you probably want to add some Canadian brokers to the list of contenders in your case. Why? Most U.S. brokers do not allow you to trade options on Canadian stocks. Also U.S. brokers do not have Canadian retirement accounts usually.
Maybe TD Waterhouse and other Canadian discount brokers. I think that the Globe and Mail site has reviews on Canadian brokers.
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oldtime
Registered: Jun 2011
Posts: 7479 |
11-18-12 07:17 AM
Quote from Player01:
"What are you planning to do with that 3k?"
I'm planning to open an account with little money first and do as much simulations as possible before I trade and actually I have up to 5k to start on this. I definitely would not trade without some form of education and a reasonable grasp on the situation.
"Will there be more to come later?"
As long as I have my part time job I can guarantee stable income
"Do you want to try your hand scalping the market? Glued to the screen trading everyday?"
I wouldn't mind glued to the screen trading most of the time and with time I might reconsider to spend even more time on behind the screen.
"Is your idea to look for a good stock you can buy and hold?"
I have definitely considered buying and holding under five years. Actually, I'm not too sure. I still need to learn more about this trade before I decide my first step.
"Will this be the start of your retirement account?
I think it's still too early for me (18 year old) to start on it but I'll consider it when I'm 19-20.
"Do you want to get into the business of full time trading for a living?"
Yes, my ultimate goal is to become a full time trader if that is possible
I know somebody who did excatly what you are trying to do. He started with a very small account his first year in college. After four years he had a respectable bachelors degree in some thing like architectural design. By then with some help from his parents he got a small house and traded stocks full time. He married a nice normal girl, and they had nice normal kids. Now he drives a nice car, but it is nothing outlandish, and he owns a nice house, but it is not a mansion. He has no bad habits, and is very poite to everyone. But he has never had a real job. All he does, and has ever done, is trade stocks and bonds. As far as I know he has never put on a futures contract.
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oldtime
Registered: Jun 2011
Posts: 7479 |
11-18-12 07:26 AM
Quote from oldtime:
I know somebody who did excatly what you are trying to do. He started with a very small account his first year in college. After four years he had a respectable bachelors degree in some thing like architectural design. By then with some help from his parents he got a small house and traded stocks full time. He married a nice normal girl, and they had nice normal kids. Now he drives a nice car, but it is nothing outlandish, and he owns a nice house, but it is not a mansion. He has no bad habits, and is very poite to everyone. But he has never had a real job. All he does, and has ever done, is trade stocks and bonds. As far as I know he has never put on a futures contract.
oh yeah, online broker. I personally use ib, but I haven't talked to this guy for like five years. back then he was moving a lot of bonds. He used Schwab. But I don't think commissions meant very much to him.
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