Makes it so simple!
Written: Mar 01 '00
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Product Rating:
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Pros: Easy to use; gives lots of options
Cons: Takes at least $500 to open an account
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| Tmayf63350's Full Review: Ameritrade |
My husband and I have discovered Internet stock trading thanks to my parents. They use Ameritrade.com, and so far seem to be doing really well.
Right now they have a deal where you can sign up with $500 (normally need $2000). This is the deal my husband and I took them up on. We took $1000 from our savings and decided to take a chance.
Messing with the stock market is fun and fast. It truly is a sight to behold! One minute I am up $20 and the next minute I am -$3. Then I shoot up back up to $13 then back down to $1 ahead. It can give you an ulcer if you take it too seriously!
Using Ameritrade is relatively easy. You sign up and fill out an application. You send them a check for at least $500. Once they get your money they set you up with an account and pin number. Your account number is given to you when you sign up and they mail you out your pin number.
Then you go onto the website and look to see if there are any stocks you might be interested in buying. For the first 10 days after your account opens you cannot buy OTC (over-the-counter stocks), nor can you buy stocks that are going at a rate lower then $5.
Trading stocks with Ameritrade is fairly easy. After you find a stock you want to buy you go to stocks and fill in the information. It asks for the name of the stock and how many shares you want to buy. Then you have the option to buy the stock and the going price (which costs you $8 a trade), or you can put a Limit on it (as well as two other choices but I have never used them so I can't say how well it works) for $13 a trade. Then you place the order. After it allows you to preview the order it gives you a confirmation order.
If you did a Limit order the fun begins. Then it becomes a race against The Market. If the order goes through you pay the price of the stocks plus the $13 fee. If the order does not go through you do not owe $13.
It's really easy and it does give you a chance to get rich online. However, if you don't have the money to spare its better to just simply put it in the bank and let it accrue interest. However, if you do decide to trade stocks online I say go with Ameritrade.com as they give you the most options for your money.
Recommended:
Yes
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Epinions.com ID:
Tmayf63350
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Member: Heather Mayfield
Location: Texas
Reviews written: 118
Trusted by: 45 members
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