How do you start day trading with no experience and little money?
I am a college student and would like to earn a few extra bucks here and there in the market. I know the market is not strong right now but i would like to try anyway. Can somebody give me the best tips and tools (websites, resources, etc.) for starting out with little market experience and money. Even if i could just turn a few dollars profit it would be worth it to me.
May 17th, 2010 at 4:44 am
The internet.
Ebay can turn you a profit
May 17th, 2010 at 5:37 am
You don’t! It’s too big of a risk for someone with very little money.
May 17th, 2010 at 6:21 am
Tip: don’t do it. Gambling is not a good way to make money, particularly when you really need to make money – which generally means you cant afford to lose any.
If you need a few extra bucks:
– Get another job
– Ask your parents for money in exchange for some work around the house
– Sell some things on ebay / craigs list / yard sale / etc
May 17th, 2010 at 6:46 am
Illegally obtain the Ebook version of those over-priced ‘get rich quick’ schemes on the internet. They’re everywhere.
May 17th, 2010 at 7:24 am
Scottrade is probably your cheapest per-trade stock broker out there – but if you don’t have a good amount of cash to invest then you are probably just throwing your money away.
A buy is $7 and a sell is $7 – so to flip $100 worth of stock you’re going to have to make a 14% return of $114 just to break even…
Unless you have some pretty impressive prophetic abilities, or you can increase that number to over $1000 per trade – then you just need to put your excess money into a Roth IRA, 401k, or savings account.
Good luck
May 17th, 2010 at 8:08 am
i have access to a website where you can download expensive trading courses for free. im not kidding. i will transfer one to you for free if you are genuinely interested. contact me.
i am a college student too.
May 17th, 2010 at 8:31 am
Buy a good growth stock mutual fund
May 17th, 2010 at 8:39 am
Start by getting an education in economics, read the WSJ and IBD. Open a brokerage account that is Roth IRA, and contribute monthly to it until you have enough money in there to start doing some trading. Many on line accounts will charge $10 per trade so you need to make more than $20 just to break even.
Read some books on stock trading and economics. If you can not open an account right away, then start a Roth at the local credit union.If you are uncertain about any of this information, do some more research at the library about retirement accounts and open accounts.
Start by playing paper games aboiut the stock market, pick 10 stocks today, research them for price, activity, shareholders, high and low in the past year, dividends, bond rating, PE ratio, IBTDA.
May 17th, 2010 at 9:00 am
There is no easy or quick way to make money in stock market. The way market is behaving nowadays, even the most experienced investors are losing money big time. With no experience and little money, you will be better off getting a part time job.
May 17th, 2010 at 9:15 am
I’m afraid you do not.
The market is no place for small traders — the odds say you will trade yourself to $0 in less than a year if you start with less than $100k…much, much less time than that if you don’t know what you are doing.
May 17th, 2010 at 10:06 am
The best advice I ever head was to invest only in things you know about.
If you know nothing about real estate, don’t get into that market.
If you are very up on new musical trends, then invest in music production companies who are going with today’s trends. Study each company on internet. You have to get your hands into the dirt so to speak.
Don’t let some broker make your decisions. They are not connected to any lose of your money so they have no stake in losing.
I was well informed on one business. I bought 25 shares @ $5 each. Was given advice to sell stock. I knew company was making some bad decisions but kept reading up on them & knew they still had a few good irons in the fire before going belly-up. I stayed with them. My stock split (meaning I now owned twice as many shares. 50 shares @ $5 each.) Then later each share doubled in price. (now 50 shares @ $10 each.) I spent $125 to make $500. I new I could hold out for a few dollars more, but now things “felt” shakey so I sold shares & took my money. It was an 18 mo. investment through a firm that allowed 1st purchase for free. So I had net profit of $375.
Problem was that I had to file 1040 long form on taxes which meant I had to itemize all of my deductions which did not even come close to the “standardized” deductions I would have received so it was all a loss of money in the end.
Unless you can make so some nearly guaranteed money, I’d invest in a Roth IRA. At least that your money & you can deduct from taxes & still go for higher “standardized” deduction if on a low college income.
May 17th, 2010 at 10:30 am
Simple.
You don’t.
May 17th, 2010 at 10:39 am
To day trade requires 25K minimum.
May 17th, 2010 at 11:27 am
If you said you have little money then you are not ready for day trading. A day trader required minimum 25k.
But you can still trade for cheep. If you think you know market and wants to know more then trading is definitely a good idea.
I will recommend Sogo Trade. Initially they will give you 100 free trades and then 25 extra when you refer someone.
After these 100 you will get $3 per trade. But you can upgrade to premium account and get $1.5 per trade/ unlimited shared for just $10 a month.
Can anyone beat that??
You can use this code when you create account 339749 or the link below.
https://www.sogotrade.com/Setup/Default.aspx?rf=339749