What Brokerage Should I Use As A Noobie?

[NLTInvestor]

Hey guys I just joined today but I have some knowledge about the markets. I want to just trade in stocks and do some swing/position trading. I'm 20 and still go to school so I have about 2000 to play around with. I plan on trading in an IRA account since its not taxable.

Let me know:
1) what brokerage I should use
2) if theres any special deals for t2w members for brokerages
3) if what I'm doing is "correct"

Thanks

 

[pboyles]

Hey guys I just joined today but I have some knowledge about the markets. I want to just trade in stocks and do some swing/position trading. I'm 20 and still go to school so I have about 2000 to play around with. I plan on trading in an IRA account since its not taxable.

Let me know:
1) what brokerage I should use
2) if theres any special deals for t2w members for brokerages
3) if what I'm doing is "correct"

Thanks

3) no you're going to blow 2k.

 

[NLTInvestor]

i mean i'm not going to actively trade. i'm going to hold positions for awhile

 

[Aspen Trading Group]

i mean i'm not going to actively trade. i'm going to hold positions for awhile

Well, unless you are trading micro-lots (.10 per pip) a $2k account may not be enough from a risk exposure standpoint. Consider this - bearing in mind everyone has different risk tolerances.

Long EUR/USD at 1.3300 with stops at 1.3200 - that is a $100 or 5%.

Risking 5% of my account on any one idea does not work for me - too aggressive. If you have 3 losing trades in a row (each 100 pips) - not at all out of the ordinary, you are down 15%. That is a tough hole to dig back from.

Look no further than this table on draw-downs.

 

[bigmistake]

I advise you should start trading with a min deposit to get familiar with Forex trading.
So you should pay attention to small account broker as Hotforex or Exness.

Then you can invest larger amount to earn profit.

 

[Giovan]

Hey man "Some knowledge in the markets" isn't the best to have. Cannot advise you start trading now. Get some training, which I suppose your "playing around" should be enough for that. Once you get the grip, then you may think of starting out small with low risk, slowly advancing later. As far as the broker is concerned, do your research, but if you plan to invest more than $10K go for citi or barclays, you should be safe

HTH

 

[NLTInvestor]

I don't plan on doing Forex.

I'm looking to just do buy-hold strategy for the S&P 500 index funds and just dollar cost average and have a smaller portion of my money to experiment with swing trading.

 

[john_doe]

I have two questions.

1. Are you based in the US ? If that answer is no why would you stay up all night watch stock when you could get up earlier keep an eye on it whilst at school ?
2. I would look at investing 45% in a FTSE100 company 45% in a AIM company and keep 10% share capital.

Just my opinion.

 

[john_doe]

Hi,

Might be me but I think you shouldn't be touching spread betting if you are 2 weeks into trading. You could loose a lot of your money quickly and end up owing the company money. Finally do you know anything about strategies, analysis or are you just going with what Spread Co say ?

You are playing a risky game dude.

 

[NLTInvestor]

I'm based in the United States. I have no interest in spread betting. All I want to know is buy and hold for weeks even months at a time.

 

[bigboyfx]

Hey guys I just joined today but I have some knowledge about the markets. I want to just trade in stocks and do some swing/position trading. I'm 20 and still go to school so I have about 2000 to play around with. I plan on trading in an IRA account since its not taxable.

Let me know:
1) what brokerage I should use
2) if theres any special deals for t2w members for brokerages
3) if what I'm doing is "correct"

Thanks

There is no special deal here cus T2w aint no broker. You have about $2000 to start with? Its okay, with patience and hardwork you can make good profit with that. First you have to learn how to trade either with a demo account or a micro account. A micro account allows you to deposit as low as $1 to test you skills by trading live. There are a few reliable brokers that allows micro accounts such as Oanda, Profiforex, Instafx and others. Whatever your options are, it would be wise to consider it carefully or your small $2000 will be gone in few minutes.

 

[Gavroche]

NTL, you should be focus on your school for now to graduate in top of your class or near.
Trading is a business, must be treated as a business. Why do you think that +/- 95% of so called traders are loosing their money? Lack of a serious education (I'm talking about trading related education), lack of a trading plan (risk management, trade management...), no focus, no discipline, under-capitalized, etc.