Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.

What Should i do trust scottrade?

( im new to this investing world ) is scottrade a good to invest money is it like stockbroker can i buy sell stocks how much can i make how does this all work

3 Answers

Relevance
  • 7 years ago

    If you are a beginner, Scottrade is just fine. They have decent tools that can give you advanced data but not to the extent that other day trading services do. You might want to read up some more about investing, follow business news and trade paper stock before you jump in. Check out Investopedia, CNBC, Bloomberg, etc.

    Quick tip: If you get others to use your referral code Scottrade will waive your $7 commission on 3 trades. So you save $21. Use mine to sign up if you haven't and we both get $21 worth of free trades. Code KAXF8815.

  • 7 years ago

    Scottrade is just the middle man between you and the stock market, all they do is buy stocks you ask them to buy and for that they charge you $7.00 each time you buy or sell stocks. They are called Brokers and are authorized by law to execute buy/sell stocks on the market. If you try to buy stocks yourself from the stock market, chances are you won’t be able to, so you need a broker.

    As to making money, that’s entirely up to you and your knowledge of the stocks, Scottrade will not tell you which to buy, when to buy and when to sell, on their site you will find lots of information’s about the company you wish to buy shares but ultimately the decision is yours, they may however advice you if you ask for it and pay for the service.

    In simple words:

    If you decide to buy shares in Microsoft, you can’t go to Microsoft or the NY Stock exchange and say “I want to buy stocks” you need a broker.

    So set up an account with a broker, put some money in the account and once you decide which stocks to buy, they will use your account money to buy stocks, if you sell stocks the proceeds of the sale will be deposited in the broker account, of course they will charge you a fee each time you buy or sell.

    Personally I have a Scottrade account and only use them to buy/sell, I do my research in their site and other places on the net.

  • 7 years ago

    It would really help if you could use proper punctuation when asking questions.

    Scottrade is fine. Many investors use their services. They are a discount brokerage; a sort of "self-serve stock broker", where you make the trades yourself (although you could call in and request manual assistance).

    Yes, you can buy and sell stocks through them.

    Profit is entirely dependent on how you perform. There are no guarantees, but know that the company you choose does not dictate how much you earn. Just know that, if you have zero knowledge of the stock market, and are blindly jumping in and making random trades, expect to lose all of your money within weeks or even days.

    You should take some time to look things up and educate yourself before investing. Start with Investopedia.

Still have questions? Get your answers by asking now.