I am completely new to the world of trading stocks or currency, but I want to get started. I see ads for all these different websites (ameritrade, etrade, etc.), and I was wondering, which (if any) would be the best for a beginner? I’m not looking to get rich quick, but I would like to start investing my money for the long term.
Also, which if any of these sites offers a way to trade currencies? Ideally, I would become a member of the site with the best combination of both of these (trading stocks and currency).
Thanks
Trading indicators are best used along with money management and good risk control, using trading indicators alone will not enable you to be a successful trader, the market is just too random and unless risk is controlled over time your account will slowly get wiped out, regardless how good a “trader” you think you are.
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There is no “best” on-line company
Mostly all brokerage firms provide their clients with on-line services, including trading platforms, latest market & financial news and research.
Customer need to select the site that is best for them. Traders have requirements in a site, while investors have other requirements.
Although most sites are geared to general securities and commodities, however customers may have special needs for the types of products they trade, and the markets in which they trade.
It seems that the most popular firms for on-line investing all of which provide excellent platforms and services are; Scottrade; Chas.Schwab; TDAmeritrade; Fidelity; E-Trade and Thinkorswim.
Based on your question, the last thing you should be looking for is an "on-line" site,
You should first educate yourself about the securities markets and the products traded on each.
Get to learn the terminology, the rules and the various strategies.
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/
Other – http://www.investorshub.com/ http://www.1source4stocks.com/
There are several sites that you can log on to. Most of these sites have education tools which help you become more knowlegeable of trading. Just a word to the "wise", you better know what you are doing because really you can lose everything you invested so fast it will make your head swim. So if you do decide to do this, become informed and start small. Most sites require minimum investments. I have seen people make money and I have seen people lose a lot of money. Anyway here are several sites you can visit, trade king, pfgbest, optionshouse, market club. Of course all of these start with www. Good luck to you but really please be careful.
A. Wait 5 years (after getting a lot of trading experience) before doing currencies. THIS IS NOT AN AREA FOR A NEW INVESTOR….. (no matter what the "adds" suggest).
B. Schwab or Fidelity Investments may be the best place for a "newbie".
C. Read a few books on investing before putting down one penny. I guarantee this alone will save you thousands of dollars. Start with a couple of books from the "Dummy" series….. they’re a great way to start.
A friend of mine has en etrade account. I have an ameritrade account. I cannot trade currencies but she can. She was showing me different teaching tools that are available from etrade. I asked if ameritrade trades currencies, and they said no.
good luck and trade carefully. I do know you can open a "practice" account for currencies. That cost nothing and you can trade like its your money. You get 50,000.00 to "play with"
I’m a relatively new investor and I use Zecco.com. You get 10 free trades/month with a balance of $2,500 or more which is great for someone like me who just invests a little at a time each month. The 10 free trades really save on commissions and let me diversify my portfolio by making it feasible for me to buy smaller numbers of shares in a wider variety of stocks.