How To Buy Stocks For Beginners Opening simple ways to make money fast A Trading Account Stock Trade TV

How’s it going today guys? So I have another video here, and this is actually something that one of you guys simple ways to make money fast who watch my channel sent me a question and wanted simple ways to make money fast to me explain, basically, how you go about opening up your first trading account simple ways to make money fast and it’s really cool that I got this message because a simple ways to make money fast lot of the times I don’t know what you guys want to see and this simple ways to make money fast is something I never would have thought of because I simple ways to make money fast did this so long ago. I opened my first trading account over a year and simple ways to make money fast a half ago, so it didn’t really occur to me that this would be something simple ways to make money fast somebody might want to know, like how to go about doing this. If you guys have any other questions that you want simple ways to make money fast me to answer, send me a message on . Probably the best way to get ahold of me is simple ways to make money fast on twitter because I’m most active on that.

Send your message there and if you have something you simple ways to make money fast want to be covered in a video, I’ll try to work it in somewhere to explain things simple ways to make money fast to you guys better. What we’re going to be talking about is how to open simple ways to make money fast up a trading account and some of the stuff that’s involved with that process. So the first step with this is you want to simple ways to make money fast have a cash cushion and here’s why. I actually made this mistake myself. If you don’t have enough money to cover all of your possible simple ways to make money fast expenses for the next six months, you shouldn’t be trading because here’s what’s going to happen. If you’re investing money that you might need in a pinch, you could get caught in a situation where you have simple ways to make money fast to sell regardless of if the market is up or simple ways to make money fast if the market is down. This happened to me because I was, I had too much money tied up in one of simple ways to make money fast my mutual funds and I was buying a car at simple ways to make money fast the time and I didn’t have enough money to cover the taxes and DMV simple ways to make money fast fees because I really never thought of it.

So I had to go “oh shit, I better sell some of my mutual fund”, and I didn’t have the ability to see if it was a simple ways to make money fast good time or a bad time to sell. I had no choice. I had to sell because I needed to cash within simple ways to make money fast like a week and there was no other way for simple ways to make money fast me to get it. So you don’t want to tie up money that you could possibly simple ways to make money fast need because then you’re going to put yourself in a bad situation where simple ways to make money fast the market is down and you have no choice, you need the cash. You’re taking a loss at that point. So your first step with opening a trading account is simple ways to make money fast to make sure you have a six month cushion in simple ways to make money fast place.

But as far as it goes for beginning trading, trading for beginners, you know, if you’re just getting started, and as far as everyone I know, they mostly use these online discount brokers. I mean, there are some people who have a live stock broker. You know, you go call them up on the phone and make simple ways to make money fast your trades, but for the most part it’s just added steps in the process these days. I mean, if you want really specialized advice and if you want simple ways to make money fast some market insight, sometimes people will go for a human stock broker, somebody you actually can talk to, but for the most part, if you’re just looking to trade stocks kind of for fun simple ways to make money fast or just as a hobby, you’re gonna use an online discount broker. These are the most common ones that I see people simple ways to make money fast using. I’ll let you know which one I use too, just so you know. But fidelity is pretty popular, charles schwab, TD ameritrade, etrade, an scottrade. For me, I use scottrade because what I was looking for was simple ways to make money fast the cheapest cost for trading and a low cash balance simple ways to make money fast carry.

Some of these brokers require you to carry a large simple ways to make money fast cash balance, so that’s, this is the thing with this guys. You want to do your research with these. See what they all have to offer you, because everybody has a unique situation. Whether or not you’re bringing in a large cash balance, so that’s how much you’re depositing into the account. So let’s say that somebody was depositing 50,000 dollars and then there’s somebody else depositing 2,000 dollars. There’s gonna be different advantages to these brokers, so you’re gonna want to do your research with that. For me, I chose scottrade because they had a low trading fee simple ways to make money fast of seven dollars a trade and they may, I don’t know if they’re going to change that by the time you’re watching this video, but I’m pretty sure it’s been seven dollars a trade for a while now, so I’d be surprised if they changed that, and they also didn’t charge like a maintenance fee. I know some of these accounts, if your cash balance goes too low, they’re going to charge you a maintenance fee, which is gonna be wiping out your account every month, so you don’t want to be dealing with that.

So do your research when it comes to deciding on simple ways to make money fast what broker you want to go with, and there’s a lot of websites you can go on and simple ways to make money fast just compare all of them so you don’t have to combing through all of the websites. There’s ones that lay it all out for you, so that’s nice. So as far as the steps go, we kind of talked about the first one already, where you want to build up your cushion. A six month cushion, that way you’re not in a pinch when you have to sell. You know you don’t wanna be in that situation guys, trust me. Your second step is to decide on an online discount simple ways to make money fast broker.

And I’m assuming that most of you are going to go simple ways to make money fast this route because the human brokers, as far as trading individual stocks, it’s really just makes the process a lot slower. I mean, if you wanted to sell your stock, would you rather log on to your computer and sell simple ways to make money fast or pick up your phone, call your stock broker, tell him “hey, sell this” and then he gets on his computer and sells? It just adds steps to the process and for the simple ways to make money fast most part, human stock brokers are a lot more expensive. So you don’t want to be paying more commission, usually, than you have to. So then the third step is actually opening your trading simple ways to make money fast account. And a lot of people don’t realize this, but there’s a lot of information they need from you in simple ways to make money fast order to open that account. I know for me, I was all excited about trading. I was like, ready to rock and roll, and it was like, pump the brakes man, we gotta like, verify your identity.

I think it took over two weeks to get my simple ways to make money fast account activated because I had to mail in a form, send in copies of my license, send in a copy of, I may have, don’t quote me on this, but I may have sent in my birth certificate too. They needed some serious information from me to verify my simple ways to make money fast identity because I didn’t have any buying history at the time, so there was nothing to go off of as far simple ways to make money fast as my identity. But the most common information they’ll need from you is your social security number or simple ways to make money fast your tax ID, a license or a passport, a copy of that generally, they want to know what your employment status is, they want to know your annual income as well as simple ways to make money fast your net worth, and they also want to know what your investment objective simple ways to make money fast is. So you know, popular trading, that’s where you kind of choose what your strategy is. If you’re speculative, if you’re investing in futures, they kind of just want to know what type of simple ways to make money fast investing you’ll be doing. They really do ask for a lot of information. The reason they need your social security number is because simple ways to make money fast you’re going to be paying income tax on your returns. Let’s say you make money on a stock, you’re going to pay taxes on that at the end simple ways to make money fast of the year.

That’s why they need to have your tax ID or simple ways to make money fast your social security number, in order to send that over to the IRS to simple ways to make money fast make sure that they get their fair share of that simple ways to make money fast money. Okay, so that, keep in mind, can be anywhere from, I don’t know, a week to maybe even a month. I know mine took at least two weeks as far simple ways to make money fast as I remember. So plan on this step here taking you at least simple ways to make money fast two weeks as far as opening your trading account goes.

Okay, so then at this point, you have your trading account set up. Alright your first step is going to be transferring your simple ways to make money fast funds. The way I do it is just through my checking simple ways to make money fast account. So when I set up my trading account, I just did my account number and my routing number simple ways to make money fast and then I think after three days or so, that was active and I could send money in or simple ways to make money fast request money, but you can also, if you want to, do a check. You can mail a check in or you can do simple ways to make money fast a western union cash transfer. I have a mutual fund with franklin templeton and I simple ways to make money fast know for that account, I mailed a check just because that was the way simple ways to make money fast I did that and it works just the same as simple ways to make money fast doing it through checking.

Your fifth step is to familiarize yourself with stock market simple ways to make money fast order types. Now, if you guys want more clarification on this, I actually just finished my e. Book on my stock market trading strategy guide and I simple ways to make money fast will link that up in the description. There should be a button on the top as well simple ways to make money fast somewhere there if you want to learn more about that. But, in that e. Book, I actually go in depth about stock market order types simple ways to make money fast and which ones would be best for you. There’s other resources available too. I’m sure any stock market broker, any stock broker I mean, any online discount broker, they’re gonna have a website set up to educate you simple ways to make money fast because they don’t want you just screwing around and losing all your simple ways to make money fast money, because they’re making money off of you when you’re trading.

So if you make two trades and you accidentally did simple ways to make money fast the wrong order type and then you end up closing simple ways to make money fast your account, you know, they want you to stay there. They want you to be a happy trader because they simple ways to make money fast make money from the commission of the trades. So that’s step five is familiarize yourself with stock market order simple ways to make money fast types because there are a lot of different ones and simple ways to make money fast I made mistakes before too with not realizing what the simple ways to make money fast order exactly meant, doing late orders, trailing stops, it gets very confusing. There’s a lot to it, so you really wanna know what you’re doing with that. And then step number six, very important step. Familiarize yourself with the trading platform. You don’t want to be ready to sell your stock. This is like “okay, yeah, I’ve got my profit here.

I want to sell my stock” and then go “oh, crap. How do I sell?” you want to know exactly how to sell your stock simple ways to make money fast that way you can just log on quick and unload simple ways to make money fast it. Another pointer too, I want to add, I didn’t have it on the board here, but most of these online discount brokers have an app simple ways to make money fast you can download on your phone. I know scottrade does. So I can do all my trading right from my simple ways to make money fast smartphone, which is cool. So it’s not a bad idea to have that app as simple ways to make money fast well if you wanna log on quick and do your simple ways to make money fast trades from wherever you are, if you’re not gonna be stuck at your desk all day simple ways to make money fast or whatever it may be. And then there’s a couple of other things I wanted to talk simple ways to make money fast about as far as trading accounts go. They all have a different policy, for the most part, on your uninvested cash.

I don’t know how big of a factor this is for simple ways to make money fast you, but some of them will put it into what’s called, it’s like a cash pool and they will basically give simple ways to make money fast you a small interest rate or dividend in exchange for simple ways to make money fast you having your cash there. So that way you may be, you might want to consider, if you’re gonna have that cash sitting there for a long simple ways to make money fast time, what the interest rate is based on the different brokers. They might have different interest rates and some of them simple ways to make money fast may not even have that policy of what they’re doing with your uninvested cash. The other thing too, when you’re making your account, this is very very important. If you wanna open a cash account versus a margin simple ways to make money fast account. The way a cash account works is when you buy simple ways to make money fast a stock, buy shares of a stock, you’re paying for the stock at the time of purchase simple ways to make money fast in full with cash in your account. When you open a margin account, your stock broker is giving you a loan on the simple ways to make money fast funds that you’ve put in, so it’s possible that you may put in 10,000 dollars and then you’re gonna get a loan of 10,000 dollars in the margin account. So your buying power is actually 20,000 at that point.

Here’s a major problem with a margin account. There’s something called a margin call and every stock broker simple ways to make money fast has a different policy on this but what this generally simple ways to make money fast allows the broker to do is if your stock goes simple ways to make money fast way down they can call you up on the phone simple ways to make money fast and say “you need to deposit cash by the end of the simple ways to make money fast day because we don’t trust you to make the payment”. Or, this is even worse. They may have the ability to sell any securities in simple ways to make money fast your account to cover the loss. So you could be trading a stock on margin, have it fall in value, they’ll sell off shares of a completely different stock to simple ways to make money fast cover that loss. Not something the average investor wants to be involved with, not gonna lie.

I don’t think I ever will to be honest with you. But that’s pretty much it guys. That’s your steps to opening a trading account. Like I said, scottrade is the platform that I use and I know simple ways to make money fast a lot of people who use these other ones too. I just want to throw out there too, I’m not like getting paid by scottrade or anything to simple ways to make money fast mention them in this video. I just like to be transparent about exactly what I’m doing because I think it helps you guys out simple ways to make money fast more. And then, like I mentioned earlier in the video, if you guys are interested, I do have my e. Book on my stock market trading strategy and that’s pretty much what I learned over many months of simple ways to make money fast reading books and guides and talking to stock market traders simple ways to make money fast and investors. I compiled all the best information into this e. Book and it pretty much lays out my exact stock simple ways to make money fast market trading strategy.

I’ve been able to make consistent profits every week trading simple ways to make money fast stocks and I only spend about an hour or two simple ways to make money fast a week doing it, so it’s a nice little income source for me and it simple ways to make money fast can be for a lot of people. It’s really not that hard to do it. But I hope this helps you guys out as far simple ways to make money fast as getting your account opened up and getting started out simple ways to make money fast with stock market trading. And like I said, if you have any other topics you want me to simple ways to make money fast cover, please drop a comment below or send me a message simple ways to make money fast and let me know. I’d be happy to do that.

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