College student trying to get started in online trading. . .

Spoudazo said: "Howdy! Well, I guess I'm going to introduce myself and ask some questions! :) I started reading financial books about 6-8 months ago, ranging from Robert Kiyosaki to Peter Lynch. Just did a Google of Kiyosaki and came up with this, [url]http://www.johntreed.com/Kiyosaki.html[/url] Anyway, I'm trying to get started with E-trade, Ameritrade, etc. or some of them. I'm hoping to get started with a well-established company that doesn't require a lot of money to get started, I'm in college mind you, "money" is not something I have in abundance :p Anyway, what "criteria" do I need to meet to start trading? I just want to get started, I have read books, done some "fantasy" stock investing, etc. but would like to physically get started! I even bought a laptop for trading online, but then someone wanted to trade a car for it (car was worth over $2300, the laptop at the time was worth about $900, lol) so of course I traded it, but may buy another one later. So, which company would be easiest for a "newbie" and a college student, eagar to learn, do my own research, and not interested in borrowing on margin. Just want to do cash, no option/cash or option/cash/margin, etc. Thanks again and sorry for the rambling post, I'm tired! :D"

AlfredSokol said: "ScottTrade and Ameritrade are both affordable and work well. You don't need a ton of money to start. More of what you need is a willingness to learn."

chahinemm said: "[QUOTE=AlfredSokol]ScottTrade and Ameritrade are both affordable and work well. You don't need a ton of money to start. More of what you need is a willingness to learn.[/QUOTE] i started with 500$ money is not the key but continually evolving with the changes,stability and adjustments of the market to spot opportunities. chahine"

AlfredSokol said: "Small fortunes can be grown from very humble beginnings. And with the amount of information available on the internet, now is an unbelievable good time to be an investor. Yay for US :)"

IntelligentInvestor said: "Ya, individual investing before the 90's must have been quite tough I imagine cause no one had Internet, which is quite a nice place for research as you've all discovered... A lot more reliance on brokers and such, which can be tough and you aren't really making your own decisions."

HappyHarry said: "The diversity of information is what's most impressive. If you have an open mind about a stock, you can get so many differing standpoints its really amazing."

chahinemm said: "that does have a negative edge too though as if the amount of information available can falsify ur judgement because not all information is accurate some are speculative, chahine"

Spoudazo said: "I called E*Trade and they said I can start an account for $1000. I've heard this is a good company but have no first-hand experience. Tonight at church, I'll ask two CPAs I know that I know that go there for their advice, but would surely appreciate advise from others as well. :)"

Spoudazo said: "[QUOTE=AlfredSokol]ScottTrade and Ameritrade are both affordable and work well. You don't need a ton of money to start. More of what you need is a willingness to learn.[/QUOTE] [B]I now know why you didn't mention E*trade I think[/b] lol, just read this, [url]http://www.dogsofthedow.com/etradefeed.htm[/url] I guess I'll mark E-trade off the list. Just got through reading a lot of "reviews" by users of various companies and I think Scottrade is the WINNER! :cool:"

xAnDienx said: "hey, I started reading about investing last week, and I got out a ton of books. I'm 16 two more months, but I'd like to get as much information as I can, and practice as well. The funny thing is that it was because of "Rich Dad Poor Dad" that I started, and I just went to John Reed's site and read everything about Kiyosaki... Anyways, I recently finished a book on real estate strategies and I learned more about the 1031 tax-deferred exchange and about buying/selling. However, I wanted to ask anyone if they would recommend any books for me to read because I only have a background knowledge of investing in general, and I'd like to have a more indepth knowledge. Also, is there any way that I can actually start investing into stocks now, or should I start now? One last question, I promise - is MSN or Microsoft Money a good program for managing a stock portfolio? Thanks a lot, Dan"

Spoudazo said: "[QUOTE=xAnDienx]hey, I started reading about investing last week, and I got out a ton of books. I'm 16 two more months, but I'd like to get as much information as I can, and practice as well. The funny thing is that it was because of "Rich Dad Poor Dad" that I started, and I just went to John Reed's site and read everything about Kiyosaki... Anyways, I recently finished a book on real estate strategies and I learned more about the 1031 tax-deferred exchange and about buying/selling. However, I wanted to ask anyone if they would recommend any books for me to read because I only have a background knowledge of investing in general, and I'd like to have a more indepth knowledge. Also, is there any way that I can actually start investing into stocks now, or should I start now? One last question, I promise - is MSN or Microsoft Money a good program for managing a stock portfolio? Thanks a lot, Dan[/QUOTE] Since you're 16, you'll need someone else to buy/sell stocks for you. I forgot the "term" (was just reading about it last night!) but you basically get someone to be "you." I'm sure others can help you with the other questions ;)"

chahinemm said: "[QUOTE=Spoudazo]Since you're 16, you'll need someone else to buy/sell stocks for you. I forgot the "term" (was just reading about it last night!) but you basically get someone to be "you." I'm sure others can help you with the other questions ;)[/QUOTE] its called custodian account if im not wrong.in terms of books i remember writing in one of the post about possible books. here are couple [url]http://www.superiorinvestor.net/thread510.html[/url] [url]http://www.superiorinvestor.net/thread16.html[/url] try to do a search on books on the forum on the top bar and im sure u willl find quite a bit. hope it helps chahine"

xAnDienx said: "Ok, Thanks a lot! Dan"

xAnDienx said: "oh hey, I was just reading the stock market basics, and it says the NYSE closes at four-thity. Are there any Stock Exchanges open 24/7?"

chahinemm said: "im not sure of that question but i think the only one is the currency market where im sure u can trade at any time but the only thing would be that u would be trading different currency at different times. but im not sure however if its open 24/7 chahine"