In North America, most firms want $500 as a minimum deposit to open an account, no firm on the face of the earth would let you start trading with only $5
Don't worry about getting rich, with a $5 account you wont.
Come back when you've got $495 dollars to with that five. At a minimum you need $500 bucks.
No one will open an account for five bucks. You're just not worth their time.
Sorry, cold cruel facts of the investment world.
Commission ion stock trades is a flat fee, not a percentage...lowest I have seen is about $6 per trade. Also, you cannot open an account for less than $500, so your $5 trades aren't going to happen.
Trade on a simulator while you learn at Investopedia. Good site to learn and define terms also. You're not ready to risk real money, and don't have enough to start with anyway. Develop a trade plan and test your plan on the simulator.
Getting Started In Stocks
http://www.investopedia.com/articles/bas...
Five Minute Investing: How To Evaluate A Trading Strategy
http://www.investopedia.com/university/f...
The Cardinal Sin Of Beginning Investing -- And How To Avoid It
http://www.investopedia.com/stock-analys...
Investing Tutorials - Basics
Read a good book or three, like Investing For Dummies, available at your local library for free.
http://www.investopedia.com/university/b...
http://yourportfolio101.com/index.html/l...
http://www.howthemarketworks.com./
http://stockmarket.makemoneyideas.in/
http://beginnersinvest.about.com/od/inve...
http://www.fool.com/School.htm
On places like Scottrade you need a minimum opening balance of $500.00. That and fees are normally $7.00 for buying and selling You can't buy a couple of stocks for a few pennies and sell them for a few pennies more. The bandwidth you take up making a transaction like that is worth 1000x that. Stock trading is for the big dogs not the afternoon dabbler.
Read the lowdown on penny stocks here:
http://www.investopedia.com/articles/03/...
If you are trading SMALL amounts a new website is opening soon.
It allows small investments of around $20.
But they have it set over a 25 year period based on property, in theory there method a $10 investment could IF they perform end up worth about $800
I heard of penny stocks and i wanna give it a try, i want to put 5 dollars max into an account and hopefully end with 5.05 dollars. I'm mostly going for experience, to dip my feet in the water as it were but everywhere i go tells me I either need to minimum invest 50 dollars and pay the website $5.0003 for a $0.03 stock. im looking for a place that charges me like 5% of the money i make on each trade or maybe 10%, i could probably go up to 25% I don't want to get rich when I'm investing nickels but i do want to be able to try this out without spending hundreds of dollars when I know nothing.
Any Recommendations?
