OCCOM BILL wrote:
I just read they only have a $500 overall balance requirement. I don't think there is a minimum order, so you could treat it like a savings account. But remember; If you don't move a decent # or shares, it will be nearly impossible to pay for your trades, even at $7 per. Example: Make $.14 per share on 100 shares, and you break even.
Yeah those fees can really kill you. You have to take them into account before making any trade.
If you choose a virtual trading game, try to start off with a small initial balance to learn how to trade efficiently.
And like poker, the most important lesson anyone can learn is to know how to accept a loss, cut it loose, and move on. Before making any trade set a minimum sell point either mentally or by actually placing a stop order and never ever deviant from that point. The most dangerous thought in all of trading is "It'll go up, again." In fact some many people place stop orders not because they're convenient but because they know they might not have the will power to sell and accept the loss on their own. If the stock moves up, you will have to adjust the sell point accordingly.
I've heard it put this way once... Over a lifetime, half the stocks you pick may be winner and half of them losers. But as long as you cut your loses quickly, the winners will more than make up for the losers.