This article, 1/25 Stocks, focuses on providing stock market and financial advice, beginning with an introductory article. For today’s article, Alan Jacob aka Willet, will be taking us through opening an account.
Thoughts from Alan Jacob aka Willet
At Win Daily, we have always strived for top notch, second to none service. We’re always thriving to separate ourselves from the rest, WD wants you making money all day every day. I am proud to introduce and help merge our knowledge of stocks and sports and help it happen. The skies are the limit with the right tools and education!
We are pumped to bring to our family the start of our next chapter and look forward to helping anyone with basic education and lead the process. Our mission is to help teach the basics through a series of articles for anyone new to trading and quickly gear up to start helping with stock ticker advice. However, as soon as we get through a few basic articles of importance, we’ll ramp up fast with weekly and then mid week updates.
Moving Forward
As we progress, our focus will be geared towards all stocks that have “something “ to do with our love for sports. However, as I write, I’m certain I’ll find a way to make any ticker relate to the sporting nation; without 5g we cant even watch anymore let alone game! As the world of stocks and sports merge, Win Daily is on top of it all for you. Don’t miss us as we evolve our team bigger and stronger than ever.
Once we build a basic understanding of what the stock market actually is and how it works, profitable daily trading for Win Daily is here to stay for anyone or everyone. Let’s get started with some basics and ramp up to profitable trading with some real stock direction. There are likely many traders or investors in here already. As we move forward, I cannot wait to teach and learn along the journey with you. Everyone has different trading skills and styles or investment strategies, my goal is to provide your style with a great winning formula and help keep the ship in the right direction. Green daily goals!!
1/25 Stocks – How to Set Up Accounts:
We can’t get involved In any market obviously without an investment trading account somewhere. There are many for us to choose from but I would say that depending on your trading experience and style, getting your own broker is a wise move to have set up. Today’s pandemic world has definitely made this more of a challenge but should inevitably be allowed again at some point.
The human touch when you do have questions down the road, is something you will appreciate having. Of course, I don’t recommend today trading through any broker. It is a complete waste of time but many times you’ll find situations where you may need to call and knowing your broker is a good thing.
1/25 Stocks – Example Brokerage Apps
Personally, I use E-trade and TD Ameritrade. Some others I know are Speed Trader and Trade King, but there are many today to choose from. For whatever it’s worth, I do not recommend Robin Hood at all. Maybe when they IPO as a public company we’ll buy the stock. Before you pick a platform, go through them to see what is more user friendly to your eyes. Basically, explore the sites and simply choose what looks best to you.
Once you Select a Platform
Once you pick your platform, I recommend downloading the advanced version which will allow you access into utilizing the many charting tools and guides they offer you to help with your future education. Trading to me is best calibrated combing forward thinking with current momentum but mostly I enjoy understanding of reading the charts.
For TD Ameritrade , this is “Think or Swim” and for E-Trade, this is “Power E-Trade”. Once you’re inside the site you have chosen, downloading these advanced trading version are quite simple and will allow you to trade with many more tools than just your brain. This is how and where the work is inevitably put in!
1/25 Stocks – When you’re deciding which site to pick, some important things to consider:
What is the minimum account balance allowed in order to open one?
Typically $500 is your minimum and do not think it isn’t enough to start. After all, profit can be made from the minimum! To trade freely without any ridiculous trade restrictions, a minimum of $25,000 is law in the US to my knowledge. This “rule” will apply across the board and is crucial to understand prior to starting.
In today’s world, can I actually physically go to a location anymore so I have the opportunity to meet someone face to face?
If there is a day you have a need or want to speak to someone -IMO this is important to know!
What am I allowed to trade? Does the site allow more than trading stocks and bonds? Do they offer options, futures etc ?
Most sites offer it all but you should be certain. In order to trade options you will need to request this ability through your account typically and or you may need to have a specific dollar amount. All sites have slightly different rules.
What are my fees? Are you charged for opening an account? Do they offer free trades with low commission or are they going to take money from you every time you can’t control your fingers?
Most sites are done charging per trade but this is a big deal.
Once your platform is chosen I recommend downloading their advanced trade platform so you have proper access to all the research and tools you want or need if any.
1/25 Stocks – Can I trade on Margin/what is that term?
Trading on margin allows you to trade with money leveraged against your portfolio’s value. Think of it like borrowed money from the casino. They allow you to use more money than you have based on how much you do deposit. This make sense once you have traded with experience. I find it helps me to grow faster if I have more to play with, otherwise I recommend keeping the account at its real cash value and avoiding potential margin calls. Margin accounts will lead to many more question we can get to down the road. They come with several rules which change taxes and some risk for certain. However, in a nutshell, it’s a loan to give you access to more money.
Make sure to hop in our Expert Discord Chat for FREE! Alan and Rich will be there answering questions all day and all night! Follow Rich on Twitter @JFan303 and be sure to be on the look out for future articles at https://windailysports.com/stocks/
