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Stock Market - Scottrade

Discussion in 'The Okie Corral' started by whitetiger7653, Jan 19, 2010.

  1. whitetiger7653

    whitetiger7653 NRA Life Member

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    I'm looking to invest my tax return when it comes. I really could use a supplemental income to help pay bills in these tough times. I was thinking about the stock market but I'm a complete novice. A co-worker recommended Scottrade.

    Any advice for me?

    *edit* Edit to add, I'm not looking to get rich quick or quit my job. I just need something to help me pay my bills. Yes it would be nice to make enough to pay for school.
     
    Last edited: Jan 19, 2010
  2. HKUSP45Css

    HKUSP45Css

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    If it were my money, and I know it's not, I would buy a nice High-cap mutual fund and hold onto it. Buying one stock puts you in the unenviable position of putting all of your eggs in a single basket.

    The upshot here is that you're buying it cheap during one of the worst economic periods in recent history. Never, ever forget, when it comes to stocks, you haven't lost anything until you sell it.
     

  3. steve1988

    steve1988

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    I actually had a long discussion with a friend (who has a degree in finance) about this last night. He opined (backed up by several of his professors in school) that the best option for most people is an S&P index fund.
     
  4. janice6

    janice6 Silver Member

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    First of all, I have been with Scottrade for many years.

    Second of all, I know nothing of "getting rich quick".

    Third, My approach is to buy low.........and wait for the market to get up to speed. I cannot do "daytrading" because, as I said, I know nothing about how to be successful at it (if it is possible).

    I am very happy with their services. I have purchased stock in companies I know something about and I have also bought stock in companies that are so low it's ashame.

    I watch trends, previous history, and try to realize that I am not special at this.

    It has been good to me. As I said, I am not rich but, I have made some money being careful and realizing my limitations. Remember that if you double a "penny stock" you can make just as much money *** doubling an expensive stock. ( know all about this cause I have SIRI.) (an in joke)

    Don't try to make a killing without a large investment. My father used to tell me "that to maker money, you had to have money", another is "money begates(?) money". And I know you know this one,"There is no free lunch". "you get what you pay for" and a number of others.

    The point here is that unless you have a 24 hour a day knowledge, don't try to make a killing. Just try to "not lose too much", and you will do OK. Work up to it.

    As I said, I like them and I will stay with them, they even have a "full featured McAfee" free for their customers (save $50 right there)

    Go for it. You will do OK, if you go slow. They seem very helpful to me.
     
  5. chessail 77

    chessail 77

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    Scottrade is excellent ..been with them for years.....
     
  6. Wolfgang

    Wolfgang Millennium Member

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    pay bills?

    pay for school?

    supplemental income? when?

    sounds like you want safe and secure, not stocks or mutual funds, but you really didn't indicate time frame, age, or enough to really say. so i'll say:

    Ameritrade
     
  7. mitchshrader

    mitchshrader Deceased

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    The amount you can reasonably expect to spend from your investment is your principal minus fees and downside losses, NOT SOME HYPOTHETICAL PROFIT.

    If you MUST gamble, go to vegas and enter a poker tournament, your odds are better.

    Little guys just starting out are minnows, and sharks swim there.

    Don't call your first attempt to call the market anything but a learning experience, and your investment is tuition. You don't get it back as a rule.

    This isn't pessimism, 80% of start up restaurants go broke the first year too, and some businesses do worse. This is realism. Plan on losing money.

    That said, there may well be some investment that does make sense, but the deals that count on sweat equity, where you can leverage your own labor into a profit, at least have some sensible plan for extracting wages. Or should. I have no clue what size your tax return is, but at this point jumping in the market is like taking up hang gliding. One downdraft and you're flying too close to the ground. Can you actually look at the last 18 months and say it can't happen again?

    No matter what, I'd have some fraction of that money hedged against inflation, and a slice dedicated to improving ongoing income, which might mean buy various things cheap and sell them profitably, from computers to cars to lawnmowers to bicycles, small time trader is for SURE cash income that doesn't show, but you need the tangible to hang some salesmanship on.

    doesn't show. get it? a beater car can be several hundred dollars profit, if it's the right one. You have some skill or some interest that fits into entrepeneurship. Maybe it's glock holsters, or raising cats, but you LIKE it. Do some of that. Stock market? Have you ever made money in the market? Do you REALLY expect to go nose to nose with pros and not get skinned?
     
  8. Half-Breed

    Half-Breed ..... CLM

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    Last edited: Jul 28, 2010
  9. Easterbrook

    Easterbrook Wagon Burner

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    I know nothing about Scottrade, but I do know that the market for online brokers is competitive and thus I imagine they are as good as any.

    As far as investment advice, my favorite relevant book is A Random Walk Down Wall Street by Burton Malkiel. It's considered a classic.