I've been out of the stockmarket since 2011 so I am rusty. But how I got into it was I read books for 2 years on it which in reality taught me very little. I opened a brokerage account with Scottrade, put 500 dollars into it and bought mostly resource stocks. sometimes 5 shares, sometimes 20. I did great. The biggest mistake for me was getting into penny stocks. Of all the ones I bought only 1 got anywhere, so it is the biggest gamble, so be captious if you decide to play with penny stocks.
When I got into stocks, Scottrade was the cheapest broker, I don't know if that is still the case. You don't need a stock broker, just do everything online to avoid the traditional broker who will charge you crazy prices.
You are an absolute beginner. In fact, you're worse than an absolute beginner because of the trading contest. That sort of thing is active trading over a short period of time. It's very hard to make money doing this consistently. You can't buy stock without a broker who is a member of an exchange to clear the trade. Many no-load mutual funds will take periodic deposits auto-debited from your checking account in small amounts.
I would recommend going to a low-commission online broker such as TD Ameritrade. They even offer commission-free etfs such as IVV, which is basically the S&P 500. Avoiding commission is very important, especially if you're investing with small sums such as $1000 dollars, since commission is typically around $5 to $10 every trade. This means that, in order to buy and sell a stock, you would need to trade twice, which effectively doubles the commission you have to pay. That means that every $100 you're planning on adding to your account every month would get commissioned at least $5 for the buy, even if you never sell. That's 5% of earnings wiped away from the very beginning.
In terms of what to buy I'd recommend just buying IVV from TD Ameritrade for no commission, and just continuing to add whatever money you have to it, since index funds are the best way to get consistent, care-free gains with very little work involved.
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The only way you can go without a broker is through a company sponsored Dividend Reinvestment Program. However, this locks you into one company and only a minority of companies even offer DRIPs. If you are planning on investing in the stock market and giving yourself access to purchase/sell all stocks listed, you have to use a broker.
From experience it is better to concentrate on blue chip stocks. Money can easily be lost on the stock market. Consider buying a Vanguard ETF which tracks the S&P 500 You could use dollar cost averaging to top up your investment
What you want is an online broker, trading fee is as low as 5 per stock trade. Now to visit a office broker or make trades by phone can cost 50 and up per trade. Assuming your in US.
Pick an index fund instead. Consistent returns and you dont have to worry as much. As another poster said, Vanguard, T. Rowe Price and Fidelity offer such funds. They usually require a $3000 minimum, but there might be options with a $1000 minimum.
The best way of investing in the market is to do your own research, do not trust blindly on what they say on various business channels, most of them is bad advice and will land you into trouble, keep in mind no matter how wide your research is you will still make mistakes, but don't get disheartened, have patience.
There are some time-tested mantras of investment which have always proved right in the long term, these rules were also followed by World's most successful investor Warren Buffet, who is one of the richest person in the world.
Here are the basic rules of investing:
1. Always invest for long-term, the real money is made only when the money is given a chance to grow, do not involve in day trading or short term trading. Think of a stock as you have bought a part of a company and not just a piece of paper or a ticker on the screen. I vesting for long term also helps you save taxes on your earnings.
2. Buy when there is blood on streets. Always buy stocks when there is panic in the market and everybody is selling, it sounds stupid, but that is the only time when you get good stocks at a very cheap price.
3. always invest in companies with strong fundamentals, Read the annual reports of the company, analyse the financial statements of the company. read books on how to analyse financial statements of a company. do not invest till you are fully convinced about the company's health and profitability.
As far as broker is concerned, you cannot trade or invest in market without opening a demat account with a broker, do negotiate your brokerage with your broker before opening an account, beware that there are many fraud brokers in the market, so before trusting someone, it's better to ask your friends about the reliability of the broker.
Hope this answers your question.
To continue your education select some of the following:
Let's get a list of essential books to read for people of all knowledge levels. These don't have to be hardcore academic books or "how to make $$ trading 20 minutes a day" books. I'll start with these:
When Genius Failed - Roger Lowenstein
Den of Thieves - James B. Stewart
The Big Short - Michael Lewis
Barbarians at the Gate - Bryan Burrough & John Helyar
Beating the Street by Peter Lynch
From Riches to Rags, by I.C. Freeley
How to Make Money in Stocks” by William O’Neil
24 Essential Lessons for Investment Success by William O’Neil
The Intelligent Investor, by Benjamin Graham
Common Stocks, Uncommon Profits, by Philip A. Fisher
One Up on Wall Street by Peter Lynch
Stocks for the Long Run, by Jeremy Siegel
The Interpretation of Financial Statements by Benjamin Graham
What Works on Wall Street by James O'Shaunessey
You Can Be a Stock Market Genius by Joel Greenblatt
Your Money and Your Brain by Jason Zweig
Websites that can provide instructions and help with procedures and terminology are Investopedia - http://www.investopedia.com/ http://www.investorshub.com/ and Google Finance - https://www.google.com/finance or yahoo finance https://in.finance.yahoo.com/
Visit some of the more professional websites like Trifid Research - http://www.trifidresearch.com/ , http://currencytips.co.in/ , http://commoditytips.org.in/ and http://stocktips.org.in/ Some of these web sites will have advertisers who are worth looking into also. And remember, if they offer free information, get it.
I'm not an absoulute beginner. We had a stockmarket game in high school with a couple hundred groups and I placed 6th so im not completely new to it. So I was wondering how do I invest without a stock broker. I was thinking of only starting with 1000 dollars and adding maybe 100 or 200 dollars every month. Where should I go first? Any tips would be helpful thank you!
Over the last few decades, the average person's interest in the stock market has grown exponentially. What was once a toy of the rich has now turned into the vehicle of choice for growing wealth. This demand coupled with advances in trading technology has opened up the markets so that nowadays nearly anybody can own stocks.
Skip the btokers and the middle men. Go directly to a
mutual fund company, such as Fidelity, Vanguard or
TR Price and open an account with them. They have
many good mutual funds at a low cost..
Any discount broker, although it will be a stretch to find one who will let you open an account with only 1000. Perhaps a retirement account.
You cannot "invest without a broker" EXCEPT buy buying shares directly from the issuing corporation....."broking" is the very act of matching shares for sale by one set of people with other people who want to BUY shares...
It's good investment
Yes
you have to find a willing buyer with stock ownership first, good luck. that is why there are markets and brokers.
You should go With professional advisory services like MMFSolutions.com
cool
I do not know
true
