@Minxyglams Question about stocks!

ClandestineX · February 2014

@Minxyglams

I vaguely remember you saying you're doing quite well with stocks? I was wondering what online broker you recommend for a beginner?

I have been researching this topic for a while now, I am currently doing simulations and doing fairly well (I wish I had 100k to start with IRL lol). I am just wondering if you have any preferences and any advice as to literature or any links you found helpful.

Anyone else with experience, advice, links, etc.. feel free to chime in.

JSS1002 · February 2014

I use an actual trader / financial planner,but I've heard good things about eTrade.

love4b · February 2014

Where to start...this is like trying to fit a book into a paragraph.

In terms of online brokerages, I use Scottrade. I like them because it's a $7 flat fee per trade no matter how many shares you buy or sell. I also like their Quotes and Research section and the site is really user friendly. They have actual brick and mortar locations as well, in case I wanna talk to someone face to face.

I also have my whole portfolio entered into google finance with up-to-date trade info along with a bunch of companies I'm interested in (ie. companies I may want to buy shares of in the future, or just generally wanna keep an eye on). I do this because the google finance format allows me to see how much money I've made on each particular stock since buying it and what percentage my entire portfolio is up since day one. You can find this info on Scottrade, but it's just easier for me to have both windows open all day.

As for what to buy, that's totally up to you. First you have to figure out what you want your money to do for you and whether or not you can afford loosing it. If you want to just put it aside for ten years and watch it grow, then I'd opt for buying as many shares as you can of one or two very safe stocks, preferably ones with a decent dividend, and then you just let them sit. If you want to introduce more risk, then you also have to be able to stomach drops and the potential loss of your principle.

I have kind of a split - a good group of long term holdings and then an equal number of more volatile stocks that I trade on a weekly or sometimes daily basis. It's not great for taxes, but it mitigates a bit of the risk for me.

In terms of specific stocks, I would post my current holdings, but quite a few of them are stocks I've held for a long time, but would not necessarily initiate stakes in now (ie. Facebook which I bought at 17.39 when everybody was saying it was a bomb, it's now 67.09, which I'm thrilled about, but I wouldn't necessarily buy at the moment - I'd wait for a good sized dip and then buy in tranches). The market has been flying the last few years, and especially last year hitting some crazy highs, so for me, it's a totally different story than if I was setting up a brand new portfolio.

As far as research, I keep an eye on wsj, forbes, zacks.com, insidermonkey.com, scutify.com and Thompson Reuters, MarketEdge and S&P's Capital IQ which are on my Scottrade page. Research as much as you can and then go with your gut. And feel free to ask me questions, I feel like I didn't cover nearly enough in this post.

ClandestineX · February 2014

JSS1002 said:

I use an actual trader / financial planner,but I've heard good things about eTrade.

Yeah, I researched them along with TD Ameritrade, they both sound good. I was also looking at Trade King.. I am just trying to find places with lower fees for things I probably won't even use.

ClandestineX · February 2014

@minxyglams

Thank you so much for your input.

I don't want to take a lot of your time, I know stocks are kinda difficult to explain because there is so much. I have been researching in several places and been to a lot of forums, but I don't know if people are trolling others and I know at least on here you seem like a genuine person. (I mean some people on a forum were saying stuff like buy marijuana businesses and what not lol)

As for specific stocks, I have some in mind. I don't know how much I want to invest in it yet because I am so green. That flat rate of $7 sounds great, I plan on doing the same as you someday, having some sit for the long run and having some volatile.

I have only been on google finance a little, but they do have a nice set up. Right now I am on Market Watch and using the simulator. haha, I know it doesn't make me a pro or anything, just I am in a game with a group of people (500 people) and I am at the top 5% from what stocks I would have chosen IRL. So it is giving me a bit of confidence.

As for the FB stock, I hear a lot of people saying it will tank after $100/share. I was thinking about getting some and some other social media ones, though I don't know if in the future FB will go the way of Myspace.

Thank you for that list of places to look at! You're awesome for giving me a lot to think about and some more knowledge

JSS1002 · February 2014

ClandestineX said:
@minxyglams

Thank you so much for your input.

I don't want to take a lot of your time, I know stocks are kinda difficult to explain because there is so much. I have been researching in several places and been to a lot of forums, but I don't know if people are trolling others and I know at least on here you seem like a genuine person. (I mean some people on a forum were saying stuff like buy marijuana businesses and what not lol)

As for specific stocks, I have some in mind. I don't know how much I want to invest in it yet because I am so green. That flat rate of $7 sounds great, I plan on doing the same as you someday, having some sit for the long run and having some volatile.

I have only been on google finance a little, but they do have a nice set up. Right now I am on Market Watch and using the simulator. haha, I know it doesn't make me a pro or anything, just I am in a game with a group of people (500 people) and I am at the top 5% from what stocks I would have chosen IRL. So it is giving me a bit of confidence.

As for the FB stock, I hear a lot of people saying it will tank after $100/share. I was thinking about getting some and some other social media ones, though I don't know if in the future FB will go the way of Myspace.

Thank you for that list of places to look at! You're awesome for giving me a lot to think about and some more knowledge

I don't know much about trading but I do know that now that Facebook has figured out how to monetize in the mobile space their outlook is a lot better.

ClandestineX · February 2014

@Jss1002 - That is true. Facebook is still a lot simpler compared to Myspace too, which translates to easier phone use. It is just, will something else better come out? Twitter is meh, to me at least, but I know a lot of people who prefer that over Facebook. Also Reddit is gaining popularity.. though I dislike reddit's layout so very much. And I know it is a forum mostly, but if they add a profile thing I can see them getting a lot more users and a lot more popularity.

JSS1002 · February 2014

ClandestineX said:

@Jss1002 - That is true. Facebook is still a lot simpler compared to Myspace too, which translates to easier phone use. It is just, will something else better come out? Twitter is meh, to me at least, but I know a lot of people who prefer that over Facebook. Also Reddit is gaining popularity.. though I dislike reddit's layout so very much. And I know it is a forum mostly, but if they add a profile thing I can see them getting a lot more users and a lot more popularity.

It's all about ad sales. It doesn't really even matter as much which is "better" or has the biggest user base as much as it matters how much the company can sell advertising to vendors. THat's what makes it profitable.

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