Just started trading today

I just started trading stock today for the first time, I bought 15 shares of 4 stocks each, however I paid 20-25 dollars in trading fees. Is there a system that doesnt charge per trade

there will always be a charge for trading (unless it's some kind of promotional offer). That's how the brokers make their money. Some are cheaper than others however and it is probably worth hunting around. Also, if you are only trading small amounts you might like to narrow your selection down to just one or two stocks to save on fees.

When i bought my first stocks i spent something like £150, and the fees were £12, almost 10% of the value of the shares. You really don't stand much of a chance with the odds stacked against you like this, as you will most likely have fees for selling the stock also to the same sum. In my case, i would have needed a 20% movement in the stock just to break even! Needless to say, i didn't buy any shares again until i had enough capital to buy a decent amount of shares.

About brokerage commissions

Flamespitter,
Flame if your purchases are for long term, then about 6 bucks a round turn is average. If you are tradign short term that would be too expensive.

Hello DC.

Later
R_T in Maryland

flamespitter said:

I just started trading stock today for the first time, I bought 15 shares of 4 stocks each, however I paid 20-25 dollars in trading fees. Is there a system that doesnt charge per trade

Click to expand...

Interactive brokers

for shares less than <=300,000 Shares commision is USD 0.0035 (thats right, a third of a cent)

so those 15 shares you bought would have been - 15 * 0.3 cents = 5.25 cents
whereas you paid 380-476 times as much as that ($20-25)

thats the way forward pal

visit there site, do the math, then give them a call

Interactive Brokers

Hello richie rich,
You might have to mention Flame that to open an account with IB there's a minimum. Not sure who he's trading with.
Thanks
R_T

richi rich said:

Interactive brokers

for shares less than <=300,000 Shares commision is USD 0.0035 (thats right, a third of a cent)

so those 15 shares you bought would have been - 15 * 0.3 cents = 5.25 cents
whereas you paid 380-476 times as much as that ($20-25)

thats the way forward pal

visit there site, do the math, then give them a call

Click to expand...

You can buy stocks for £0 commission on Free Portfolio, Share dealing, ISAs, PEPs, SIPPs, CFDs, Spread betting - Interactive Investor until 31st December 2008 (£1.50 after). You just pick which day you want to buy then they bundle your order with everyone else's. You can't limit the price you buy at...they will just fill it at the market. You still have to pay the full £10 commission when you decide to sell. It's a good offer if you are just investing a few hundred quid here and there and gradually building a portfolio.
If you just want to do some short term trading you'll be better off spread-betting (no stamp duty or commission just the bid-offer spread)