Online Brokers

Discussion in 'Community' started by scem0, Nov 14, 2004.

  1. scem0 macrumors 604

    scem0

    Joined:
    Jul 16, 2002
    Location:
    back in NYC!
    #1
    I've been reading a lot about stock investing, and I've decided that I feel comfortable entering the stock market. However, I want a good online broker so that I don't become..... broker.

    Anyways, I'm only 17 so I might be doing this through my parents. I don't know how my age factors into brokers.

    The type of investing I'm interested in: income (70%) and growth (30%) stocks, but I'm not prescribed to any set plan. I like the security in income stocks, but the potential of growth stocks.

    Another thing - I want to do my research myself. I want the broker to be simple but, please, no training wheels. I'll research companies myself and decide what I want to buy.

    I plan on being a longterm investor, so a broker that charges high per transaction fees is okay, but I certainly don't want to waste money :cool: .

    I also don't want a margin account. I couldn't get one anyways, I have no credit, and I'm not interested in margin trading anyways. So, I obviously want a cash account.

    I've been looking at different online investors, but it's hard to make sense of all of them. Plus, I don't know which broker review sites are trust-worthy.

    Thanks,

    scem0
     
  2. scem0 thread starter macrumors 604

    scem0

    Joined:
    Jul 16, 2002
    Location:
    back in NYC!
    #2
    Oh, and I forgot to mention. I've been stopped at every corner because of those damn minimum investment on signup requirements. Lots of brokers require you to invest at least 2k on signup. Well, unfortunately, I have about 2k to my name, and I'm not about to invest all of that ;). I'm not sure how much of that 2k I will be investing, but it won't be too much.

    I want to get into the market with the smallest amount possible, because I don't want to lose my life's earnings ;). I do realize that I can only make so much profit with, say, $750 worth of stocks, but that's okay. I'm trying to get experience before I start investing a substancial amount.

    So, I need a discount cash broker who won't put me on training wheels.

    key word: discount ;)

    scem0
     
  3. Jaz macrumors regular

    Joined:
    Sep 7, 2004
    Location:
    Sydney, Australia
    #3
    Can't recommend a broker, those are peculiar to your region.

    However for research, Yahoo Finance is excellent. No joke. Also whatever broker you sign up with should provide good charting and research tools in the member area. If they don't, why are you with them?

    Good luck!
     
  4. scem0 thread starter macrumors 604

    scem0

    Joined:
    Jul 16, 2002
    Location:
    back in NYC!
    #4
    Thanks,

    I was going to use my own resources to analyze the companies, unless I know the broker is trustworthy. The reason I'm with the broker is to buy/sell stocks, nothing more, really :p. I'll play around with Yahoo Finance, thanks.

    scem0
     
  5. JasonL macrumors regular

    Joined:
    Feb 13, 2004
    Location:
    Ware, MA
    #5
    I think that you probably have to be 18 to open an account.

    Scottrade may be the way to go for you. The last I checked they didn't have a minimum investment. Their fee schedule is very nice compared with most other brokers as well.

    I'm also unsure why you'd want to go with 70% income stocks at your age. Not terribly tax efficient if you are holding them in a taxable account.

    I'm glad to see someone your age interested in investing. Start a Roth IRA as soon as possible. I wish I had started a Roth much sooner, and within a couple of years my wife and I will not be eligible to contribute to them anymore.

    Also, you may wish to get a Morningstar online account. It costs like $12/month but has all sorts of research and investment tracking tools.
     
  6. scem0 thread starter macrumors 604

    scem0

    Joined:
    Jul 16, 2002
    Location:
    back in NYC!
    #6
    I was going to put 70% of my investment assets into income stocks because they are more secure than other stocks. I really don't want to lose my money :p. Even if I don't have that much of a chance to profit from them, it will help me get into the stock market.

    I guess, if you have to be 18, I'll see what I can do about getting into my dad's account.

    scem0
     

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