Signed up for a brokerage account, completely new to stocks, but ready to give it a try…Dumb idea?
Just signed up for an individual account on a site called sharebuilder, haven’t invested anything yet (says markets are closed) but I am thinking of purchasing a maximum of $100 of stock in various small start ups. I am thinking companies that are working on renewable energy and green products, seeing as the new recovery act is going to promote purchase of renewable energy. Is this a good way to get started? 100 is my limit, if I lose it, it won’t be the end of the world. I am a 20 year old college student looking to get into investing. Am I doing this right? Any tips from experienced investors?
I’m with Sharebuilder myself, so I know a lot about them. I really like Sharebuilder, because they have no account inactivity fees or maintenance fees. If you have $100, you should only invest in one stock. Why? Because the trading fees will eat up your profits if you split that $100 into separate purchases. Sharebuilder has automatic investing, which costs $4 to buy on Tuesdays. You’ll have to create your order before 5:00 p.m. Monday night for the trade to process on Tuesday. The trade usually goes through around 11:00 a.m. on Tuesday. It also costs $9.95 to sell any stock or buy in real time. Since you are only investing $100 dollars, a real time trade would take away 10% of your profits right off the bat. Some people wait an entire year to make 10% interest! So you should not trade in real time unless you decide to sell a stock with profits.
I got in the stock market right after the stock market crash of 2008. I thought the market had bottomed, so I bought GE at $16.00 per share. But I was wrong. GE went as low as $5.73 per share in March, but I was patient and decided to wait it out. GE has since rebounded, but I still have small losses. However, I made money off other stocks. Here are some things to avoid in the stock market from personal experience:
Stay away from penny stocks – Their cheap price can be intriguing, but they are very dangerous. My sister bought SIX Flags at $0.18 per share, and they have since filed for bankruptcy. When they exit bankruptcy, her shares will wiped to nothing.
Don’t catch a falling knife – This is the mistake I made on GE. Watch the stock price for a while. Wait for it to bottom, and then pull the trigger.
Don’t be deterred by short term losses – With a global economic recovery, you are sure to make make money in the long term. Bank of America and Citigroup are strong plays on a recovery.
Don’t be greedy with short term gains – If your investment surges in price, that’s a good sign. Don’t sell. Let your profits run a little more. It is very agonizing to sell out too early, when you could have made more money.
Some elite investors would say it is a dumb idea to only invest $100 dollars, but don’t listen to them. Right now is a once in a lifetime opportunity to buy stock and ride it through an economic recovery. I wouldn’t be surprised if you more than doubled. You certainly won’t get rich investing $100 dollars, but if it’s disposable money, why not invest it?
I hope this helps and good luck!
Renewable Energy Centre launched in Ferns, Co. Wexford, Ireland
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