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Is there a broker w/ a $250 minimum opening, no minimum balance, who allows both limit orders and OTC trading?
2 Answers
- Anonymous1 decade agoFavorite Answer
When you consider the commission fees, you should save up a $1000 before trading. I started with $500 at Scottrade, which only charges $7 commision and realized that the stock has to rise by too great of a % in order for me to make a profit when taking the commissions into consideration. $1,000 is the magic number. Save it up and start out right. When you get there, you'll be glad you did.
Until then, do paper trades with a fictitious amount of money. Go ahead and open the Scottrade account and use their FREE real-time quotes. They require a $500 minimum to trade, but you can open an account with no money and use the free real-time quotes while the account grows to $500, I did it that way.
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