The good news: You can go online and trade stocks on your own.
The bad news: You can go online and trade stocks on your own.
While it’s super fun to sit down at the computer and play the stock market, it’s also easy to forget you are risking real money. Your money. Your hard-earned retirement money. So, the first rule of amateur dabbling in online trading is, well…don’t.
But if you plan to join the ranks of retirees who choose to ignore rule number one, be sure to follow rule number two: Take the time to educate yourself by consulting one of the many online stock trading classes and calculate just how much money you can afford to lose - with the understanding that it could go either way.
According to Investopedia, the classes below offer comprehensive education for beginners and advanced beginners.
- Investors Underground
- Udemy
- Bullish Bears
- Skillshare
- Bear Bull Traders
- Bulls on Wall Street
- Financial Edge
Investing? Or Trading?
Where the goal of investing is to hold long term assets to gradually build wealth, trading is about maximizing returns on a short-term basis, such as daily or monthly. So, if you are trading online, you will have to monitor the situation constantly and carefully to know when to make your moves.
Zero Commission
Most popular online trading sites offer zero-commission online trades for stocks, exchange traded funds, and options. Be aware this doesn’t eliminate trading costs completely. And remember, these companies have done their math homework. They know the lure of a “free trade” will entice you to risk more – and lose more.
Now What?
If and when you decide to enter the wild and crazy world of online stock trading, you will need a trading platform. Here are a few choices to help you get started.
Fidelity
According to financial experts, Fidelity is a great option for beginners since it provides a wealth of educational tools to help new investors get started. It is known for its low costs with a fee schedule that is described as compelling and transparent. On the downside, there is a minimum balance for some index trading and only two digital coins are available to trade.
Charles Schwab
Known for its vast library of evergreen learning materials, coaching programs, and regularly scheduled live training events, Charles Schwab is also popular with beginner investors. Its user-friendly, easy to navigate platforms are a definite plus. On the list of cons, you’ll find relatively high margin rates and no direct investments in cryptocurrencies.
Interactive
Designed for more experienced traders, Interactive is known for its international trading capabilities as well as its capacity for generating stock trading ideas. On the downside, the tiered pricing can be confusing.
E*TRADE
As a pioneer in both mobile and online trading, E*TRADE is a leader in developing a user-friendly mobile experience that features portfolio and risk management capabilities, deep research, and trading tools that serve investors and traders of all levels. Negatives include the lack of direct crypto investing and international trading.
Why sit alone playing the market when you can join a welcoming community of like-minded peers and share stock trading tips over cocktails at Happy Hour. Book a tour at the Overture senior apartment community of your choice today. The future members of your Stocks for Seniors club are waiting for your input.
Time to start packing. Those stocks won’t trade themselves.
The content provided is for informational purposes only. The information provided should not be considered as professional financial advice or a recommendation to buy, sell, or hold any securities or financial instruments. Readers should consult with a licensed financial advisor before trading stocks and/or making any investment decisions.