Online Trading - any advice to get started? (1 Viewer)

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I'm sure most "football guys", like myself, invest lots of time researching free agents, rookies, trade possibilities, lineup options, etc.

I've often thought that type of dedication could be used to make a few bucks with online trading.

Any Football Guys advice or recommendations for someone that might want to get his feet wet? e-trade? TD Ameritrade? Discount brokers?

PM Eminenc

Advice: Save your money and put it elsewhere

Don't.

Invest don't gamble

Dentist said:

Don't.

Invest don't gamble

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Who's to say he's not investing?

To those that suggest "not to" .... do you say so out of fear or past experience? 

What else do you propose? Money Market funds are paying 0.5% ... not 5%.

I should think stock in Amazon or Apple would serve one better. No?

Sounds like you've thought this through pretty well.  Good luck!

Index funds and forget it.

I started with Vanguard. You can buy their funds and EFTs for free. Do some research on diversification. 

When I felt ready to buy individual stocks I used Motley Fool for research and I hold long term. 

No short term trading.

Scottrade is a good site to use. I think the minimum account balance is something like $500 and trades are $7 each.

Give me half the money you are planning to trade with, let me kick you in the balls.   It will be a better outcome.

Otis said:

Who's to say he's not investing?

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I am

I've never heard anyone talk about "trading" in the way that FFL trades are done who's doing "investing"

I stand by my statement.

Buy low, sell high

It looks really easy!  What could go wrong?  

Steve Tasker said:

Index funds and forget it.

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There is probably no better advice you can get if you are dead set on doing this. 

It's appealing to take things into your own hands and forge your own trail but unless you are truly possessing a very rare skill or information, you are, at a minimum, gambling on something widely outside your sphere of control, and you are likely helping several people along the way put bread on their tables in the process. 

The fees that seem small to a lot of people can be eye-opening when you see how much it actually robs from you over the long term.  In many ways, it is a proposition where you are fronting all the risk and self-limiting your possibilities of a return simply by the way you agree to approach it. 

BUT...if you must, keep it simple.. Index funds.  VTSAX.  good one there. 

Real estate.  I know, not everyone wants to even think about it but its very generous tax-wise and, general speaking: LAND—they're not making it anymore.  Takes a bit of a stomach but it's no secret there is a lot of wealth to be made in it and it's well insulated against inflation when you are a landlord.  Like everything else, though, you have to do your homework and roll up your sleeves with it.

I use TDAmeritrade but there are many online brokers to choose from.  You can also try Robinhood, trades are free.

Johnnymac said:

I use TDAmeritrade but there are many online brokers to choose from.  You can also try Robinhood, trades are free.

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Merrill Edge gives you 100 free trades* a month also if you're going to do this.   You should definitely be looking to limit transaction costs unless you're working with big big big money.

*100 free trades assumes you keep 100k between bank of america and merrill edge, which i'm sure you have if you're going to embark on this.

Thanks to my fellow Football Guys for the helpful advise. Since online "trading" was discouraged ... you persuaded me to look into online "investing".

Set up an account with Vanguard, index funds about 10 months ago. I like the idea of the low fees and I wasn't really looking for bells and whistles.

Was really easy to set up. Research was barely needed as I used the "small cap", "mid cap", and "large cap", index funds. Pretty self explanatory.

I'm up over $27k in less than a year. I would have been up $0k leaving it in the bank. I understand that there is some risk but I'm young enough to live with that. 

I also set up college funds with them for both my kids. I'm no expert, if I can do it I would think most can. I'd recommend Vanguard to anyone with money to invest.

I don't even want to know how much I squandered by using my brother in law from Wells Fargo vs just doing a simpler, low cost Vanguard type strategy over the years.  You don't need to be lucky or brilliant.  Just smart and consistent.