hi i am 19 and im emberassed to say i never even started high school but im not stupid and i want to start investing online with ameritrade i have been practicing with www.virtualstockexchange.... and i have been doing ok but i want to know if this is how it realy is if not tell me how its different please if you have ameritrade or somthing like that please let me know how it works or leave me your email
also i dont know how the tax will effect me if anybody knows a web site or somthing to see how high my taxes will be let me know thank you and god bless
2007-11-19 09:31:48 · 13 answers · asked by Anonymous in Society & Culture ➔ Religion & Spirituality
The fact that you posted this to Religion and Spirituality suggests you might not quite be ready.
2007-11-19 09:34:36 · answer #1 · answered by Anonymous · 3⤊ 0⤋
Don't. That's not how it really is. You can (and eventually will) lose large amounts of money as often or more often than you're ahead. Keep in mind that those losses you have on the virtual stocks will be REAL MONEY. You also will have fees every time you trade - very bad for day trading. Also, any profit you make will be taxed at 15% (capital gains tax). But if you make the money on December 31, 2007, and then lose it on January 1, 2008, you will still owe your 15% tax to the IRS for your 2007 taxes (even though you don't have the money any more). Trust me - it almost never happens that someone who actively trades does better than the market average. I can't tell you enough what a bad idea this is. If you really want to invest, pick a good mutual fund or something where an experienced manager manages your money for you in a diversified portfolio. You can compare them and track the progress of any you have at www.morningstar.com. I personally have several of the American Funds mutual funds, and they typically do very well (here are some quotes to get you started: agthx, anwpx, awshx, aivsx). Don't day trade, though. I've heard all kinds of stories of people who've lost lots of money doing it.
2007-11-19 11:09:14 · answer #2 · answered by missemilily 2 · 0⤊ 0⤋
Just my opinion, but I would suggest you look at Scottrade or Tradeking they offer better commission rates for trades. Just to tell you as someone who used to swing trade a lot it takes a lot of practice and work to be successful at trading "individual" stocks. It is also a very stressful thing to do. It is a lot different when you are using real money as opposed to virtual money. I personally found it wasn't worth the time and effort it took, and also it was simpler to invest in quality mutual and index funds from a company like Vanguard.
2016-05-24 05:56:11 · answer #3 · answered by ? 3 · 0⤊ 0⤋
R&S is not the place to start.
Although I have a suspicion that day trading is one of those careers that wouldn't be terribly adversely affected by not having any appreciable education.
2007-11-19 09:35:52 · answer #4 · answered by Doc Occam 7 · 2⤊ 0⤋
1
2017-03-06 05:29:24 · answer #5 · answered by Marvin 3 · 0⤊ 0⤋
I think you were right in posting this question in the Religion and Spirituality secton of this website because you dont have a prayer.
2007-11-19 09:45:55 · answer #6 · answered by WhatsYourProblem 4 · 1⤊ 1⤋
YOU'VE BEEN STOOGED!
http://home.neo.rr.com/grizzly/images/stooges.gif
2007-11-19 09:35:33 · answer #7 · answered by Anonymous · 1⤊ 0⤋
Beware lest any man spoil you through philosophy and vain deceit , after the tradition of man , and not after Christ
2007-11-19 10:35:52 · answer #8 · answered by Anonymous · 0⤊ 1⤋
Just send me all your credit card details, and I'll work something out.
.
2007-11-19 09:39:38 · answer #9 · answered by ABB 6 · 0⤊ 1⤋
Do you want us to pray for you?
2007-11-19 09:38:01 · answer #10 · answered by HALLALJPAA 4 · 0⤊ 1⤋