I want to start buying stocks but dont know where to begin. Have you used etrade, scottrade, sharebuilder, charles swaab, or any of the other interent sites to buy and sell stocks? I am doing online research, but wanted personal stories of how you found the service to be, were there hidden fees, were the tools onthe site helpful?
For all my bosses warts, he is still a financial genius. He makes great deals every day and tells us stocks to watch and I've seen him really do well. He just bought a whole bunch of American Airlines stock last week at 25c a share when they declared bankruptcy. Its at .68c a share today. So, he took his profit out and kept the original investment in AMR stock. I am missing out on deals like that! I want to double my money too!
We've used Scott trade.
Do your research. Talk to a pro and someone you trust.
You boss will tell you about all the "ups" he has but what people fail to share is how much loss they've had.
Be very careful, watch out for all fees.
A guy I know at work swore by TD Ameritrade for low fees...he was a former cop, and very thorough in his research. Seemed to do well in the market overall.
Let us know which you decide. Like you, I've wanted to get "in the market" for some time, but it is outside my comfort zone. I've done okay with my 401k, but choices are waaayyy more limited and not so intimidating.
I use Charles Schwab and love their site. It is "user friendly" and the transaction fee is only 8 or 9 dollars.
I use Sharebuilder. The fees are very low. We also opened an ING Savings account because you can easily move money from saving to Stocks and vice versa. I keep my money in my ING savings account to earn interest and then when I feel like buying a stock, I do a quick transfer, which moves the money instantly to Sharebuilder for no fee (the two companies work together, so no fees).
If you are thinking of getting into stocks, now is the time. When the economy is sucking like it is, stocks are generally not doing well... which is the time time BUY. Buy low, sell high. Too many people wait until the economy is doing well and they see that a stock is doing well, so they buy it. They are buying high, so the potential for gain is not as great.
You know what stocks I own right now? House builders/manufacturers. Because their stock is at an all-time low! But, people will eventually start building houses again and my stock will go up (has already gone up some). The key is to find a company that you believe in and stick with it through the bumps in the road. I am up 28% overall from last year. Yes, some stocks aren't doing well, but some are doing awesomely. So, an overall gain of 28%, I'll take it :-)
Hope that helps. I am always trying to encourage my friends to take the plunge. But, no one wants to risk their hard earned money. It's only risky if you are not smart about what you invest in and how you invest it. You need to do research and not buy on a whim!
I would recommend you read Charles Schwab's "How to be Your Own Stockbroker" or Charles B. Carlson's "Buying Stocks Without a Broker"
I use Fidelity. $7 p/trade, but obviously, you have to keep the account funded so you can miss out on earning an interest elsewhere while you are not trading. My husband uses direct trade with his bank which is more expensive per trade but gives him more flexibility, his funds earn interest all the time.
I used Scottrade for a while. No hidden fees, 7 dollars a transaction.
