Online Stocks
I would like to start buying and selling Stocks Online and am only 16 how do i do it?
How do i start buying and selling stocks online. What do I need to start, and not to spend a lot, all i want to do is start off with around $100 and see how it goes. If it doesn’t work out so i can stop the buying and selling stocks with out any fines or problems. And my parents don’t really want me to but if i do it with me own money there ok with it. Thanks
I would suggest that you first do some basic research on the stock market and stock trading.
Some good websites:
http://education.wallstreetsurvivor.com/beginner
http://www.investopedia.com/university/buildingblocks.asp
Before you try trading with real money practice trading with the Investopedia Stock Simulator.
Note: In the “Terms of Use” section it says that “if you are under 18 you may only use this site with the active involvement of a parent, guardian, or other supervising adult”.
Try “simulated” stock trading with one of your parents for 3-6 months. After that time period take a look at your simulated account balance. Based on your simulated trading performance would you have lost your $100.00 if you had actually been trading during that time period?
If you are determined to try actual stock trading with your $100.00 and your parents agree to let you then:
Your parents would have to open a “Custodial” account for you at a brokerage firm.
http://www.investopedia.com/terms/c/custodialaccount.asp
$100.00 is a very, very small amount to start trading stock.
One brokerage firm that has no minimum balance requirement is Sharebuilder.
http://www.sharebuilder.com
You will have to pay commissions each time you buy or sell stock.
Watch live online stock trading strategies Dec 7 Part 2
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