I wouldn't recommend trading stocks with such a small capital because you can't make any significant profits with it b/c commission would eat it all up (ok, it depends on the broker etc.) Instead my advise would be the following: since you know what you can afford to risk (ie. your said 300 per week, that's about 23% of your capital) then you better should buy some high volatile stock options for that amount (ie. for the 300). Of course you should do your same analysis you would also do for the underlying stock. If things go well you can double, or even more, this amount in a week, or simply lose it all. That's the same risk you had planned, but the reward with options is much more than is with the underlying stock or index. Here I posted an IMO a useful table which shows what i mean: http://www.trade2win.com/boards/tra...a-traderum-using-demo-acct-4.html#post1013934 And: as also said by other posters you should first use a Demo Account for training. You will learn much with it.
You should pick a blue chip undervalued stock. Pile your $1300 into it and for the next 12 months add $500/month to it. Give yourself 12 months before making decisions about the best time to take profits. In the meantime, you paper trade the stock and put in some screen time observing its movements (and other stocks,too) in all kinds of economic conditions. Set up some paper option trades and follow them along and get a firm grip on trading options. At the end of the 12 month period, you will have a sizable chunk in your account which you can cash out of when you feel it's the most opportune time. Furthermore, you would have learned much and you will be able to do much more with the capital you have accumulated.
Mind, my opinion is that there is more stop gunning in individual stocks and more nasty surprises intraday due to insider use of incipient news releases. With an index a lot of that is averaged out and you are left with only events that move the entire market to worry about. But I am just a paranoid home-bound old bridge troll.