|Lesson #2. This is a short but very important lesson as I am sure you will be attempting to|
make trades while you are learning.
1. Do not trade a stock with an average volume of less than 300,000 shares per day. I
personally avoid stocks trading less than 1/2 mil. shares a day and preferably 1 mil.
2. My favorite stocks trade under 10.00 per share. Usually under 5.00.
3. Trade stocks that trade on the NYSE, Nasdaq and the Amex. Avoid for now penny
stocks trading on the Otcbb and do not trade stocks on the Pink Sheets.
We will get more into this later.
4. Brokerage accounts. I have some experience with different brokers. I have used, First
Trade, Scottrade, My Trac, (track data), Zecco, IB, TradeStation, Think or Swim. and
probably a couple others that escape memory for now.
5. I currently have 2 accounts, One for day trading and one for swing trading.
6. For a small cash account you might consider one that offers free trades each month
as you don't have margin and cannot make daytrades such as Zecco I believe.
7 If you have at least 3,500.00 to open an account, I suggest Think or Swim. That is who
I have my swing trading acc't with. Super charts, limited live level II, very nice platform,
expandable and fills are nearly as fast as a direct access account.
8. I suggest stronly against using Scottrade. I had a scottrade elite acc't and had very
bad experiences with them and thier routing. If they were the last broker on earth, I
would rather dig ditches.
9. There is a very good screener at finviz.com . Go there and play with it. Don't judge it too
quickly. Read all the buttons and try different things. It's great for after hours and
weekends to search for some possible trades.
10. One last thing. Don't borrow any money to trade with. You will merely get yourself in
or deeper in debt. Take your time, I am truly commited to helping you. I dreamed of
someone that would take the time to help me when I started, but no one was interested
in us small acc't holders. Well I am interested in you and am dedicated to your success.
I ask nothing in return except that when you become successful, Teach others.
You have been freely given, you give of yourself freely too.
I have started a Forum, SHADOW ISLAND. Feel free to stop by and read about news and info you won't get from the main stream media. We trade ETF;s Gold and silver miners and small caps including otcbb, nyse, nasdaq, amex, Under 10.00 per share. Rules not firm. This is still America and we believe in freedom of
speech. No cursing please. http://www.thelion.com/bin/forum.cgi?tf=shadow_island