Marijuana Penny Stock Trading brokers are now becoming cheaper thus making it easier for retail investors to invest their savings. It can be frustrating to find a good trading platform and depends on the type of stocks you plan to trade (whether pinks sheets or OTC), the amount of capital available to you, and how frequently you trade. Each week I receive dozens of emails inquiring about which brokerage to use but it is a challenging question to answer since it involves multiple factors.
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3 Important Things to Look Out For
Surcharges: Depending on your broker, most add surcharges to shares less than a dollar. TradeKing charges an additional 1 cent for every share below $2 meaning that if you buy 5,000 shares it will cost you an additional $50. If you don’t keep close watch on those small charges they can easily add up and eat into your potential profits. You should choose a brokerage with a flat commission rate or one that offers sizeable discounts on large orders. For instance eTrade, Charles Schwab, and TD Ameritrade all offer either flat fees or massive discounts and no hidden fees.
Stock Trading Restrictions: You should be capable of trading shares through an online platform and be wary of firms that force you to make your trades over the phone. Some brokers have restrictions in place especially with regards to issues such as short selling your penny stocks.
Volume Restrictions: The number of shares you are ideally allowed to trade is unlimited.
Different brokers have different account minimums, trade restrictions, commissions, and fees. Other important considerations include market maker routes, executions, software/trading platforms, and the quality of customer service. The greatest hindrance is not having sufficient starting capital and brokerages don’t like to deal with poor traders. If you live outside the U.S. in a country such as the U.K. or Australia, finding a penny stock friendly broker will be harder.
Marijuana Penny Stocks have had a negative reputation over the years and for good reason. The vast majority (90%) of those companies represent poor investments that are not something anyone would like to put in a 401k. Most of them are simply shell companies created with a sole purpose of ‘pump and dump’.
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Etrade is an obvious top choice overall since it charges a flat fee and offers outstanding trading software. Currently, Etrade has a promotion where traders with accounts of over $10,000 can trade free for the first 60 days.
The minimum deposit for a cash account is $500 and $2,000 for a margin account. Discounts are offered on large orders and penny stocks have no surcharges. Great research investment tools are available and the executions are very fast.
It is best suited for traders that trade frequently due to the tiered pricing structure, meaning that it is not recommended for non-active investors since they will have to pay additional commissions. The customer service is below average when compared to others while 24/7 phone and email support is available. The basics of the stock market are taught through video lessons.
The major limitation is that it does not accept traders from some countries. It is currently Tim Sykes favorite broker.
Interactive Brokers might have poor customer support but are still your best bet if you plan to short shares priced below $2. They have some of the best borrows for Cannabis Penny Stock Trading even though shares for shorting go fast.
Fees are levied for canceling or modifying an order and a monthly inactivity fee of $20 is charged. Unless you are a day trader, the commissions can be expensive. Interactive Brokers traders comprise mainly of massive institutions and high net worth individuals.
Unlike Etrade, Interactive Brokers accepts international traders and does not discriminate against particular countries.
This broker has been operating for more than 40 years. In 2009, Ameritrade took over Thinkorswim. The broker has a solid trading platform with helpful charting tools as well as tutorial options to help you get started. In spite of this, their trading platform has experienced minor technical errors in the past leaving those customers that were looking to exit trades quite angry.
TD Ameritrade has no inactivity or monthly fees making it perfect for long term investors. Trade execution is great and the borrows are decent if you would like to short penny stocks. The broker offers free paper trading demo, which is great for beginners looking to test strategies and get a feel of the market.
The main drawback of TD Ameritrade is the $9.99 fee, which is much higher than that charged by other brokers. It can be argued that by charging more than the competition they are able to offer better customer support or it could be that they are greedy like the rest of the players on Wall Street.
One of the best things about SureTrader is the chance to bypass the pattern day trader rule since it is located offshore in the Bahamas. The pattern day trader rule is a rule set by the SEC that does not permit traders with accounts below $25,000 from executing over 4 or 5 day trades over a 5-day business period. This can be quite annoying and makes it hard for traders to grow their accounts fast but still protects day traders from losing money.
Recently, SureTrader’s CEO, Guy Gentille was indicted by the SEC for manipulating penny stocks. It should be noted that while SureTrader was not involved in the schemes this scandal has tainted their reputation. Hearing such news about a company’s CEO would make any trader feel uneasy and for this reason, trading over $2,000 with them is not recommended.
The account minimum is $500 and the charges are $4.95 for every trade for up to 1,000 shares but an ECN fee of .003 is charged for routing. The leverage currently offered is 6-1 and future plans are to increase this to 20-1.
The information pertaining to this company available on Google is very limited and while the company was established in 2000, it does not even have a Wikipedia page.
ChoiceTrade is better suited to OTC stocks and only costs $7 for every OTC trade. The broker has a volume surcharge of 1 percent for any trade over 500,000 shares. There is no account minimum but an inactivity fee of $30 is charged for every quarter.
However, this is not how it works. Patience is needed and you should paper trade for not less than 3 months. Keep in mind that you need to learn before your earn. Once you are ready, it is advisable that you start trading with not less than $2,000. Interactive Brokers and Etrade are the top 2 online penny stock brokers with great reputations.
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You will always be wondering if you should have bought this stock, if you should have sold that stock or if you should hold on to a stock. As time goes on your gut will give you more and more, but the stock exchange is a wondering game, so don't let that wondering stop you from getting involved now.
Making money on the stock market requires experience, practice, patience, education and skills. It's best that you start with some basic research. That basic research will give you more knowledge and as time goes by you will find yourself learning more and more. You need to learn the basics to get to that point.
Being a beginner is much easy today than it ever has been. Now being a beginner is much easy because of the Internet you can now start by entering the stock market online. To get you started we have compiled a list of things to do for online stock market trading, for beginners.
* If you are a beginner, online stock trading can be scarey. The very first thing you need to do is read this list and go through our advice, you will then feel comfortable to build on our advice and make your own way.
* The second point in our guide for online stock trading for bginners is to find out about your markets. Learn about stock trading, forex trading, what kind of markets are available at the moment. You can do this by signing up to free newsletters and looking about websites. You might also want to get familiar with local and not so local business newspapers. You don't have to purchase them, you can generally find out about these newspapers online and read them on their websites.
* Online stock trading can be worrying for a beginner who has done all the reading and in most cases it would be benifical for you to make contact with a few online traders. Online traders will generally charge you less in commissions because they don't have to spend many man hours with you. You need make sure your trader will offer you up to date information and perhaps send you notification when your stocks go up, down, should be sold or have been sold.
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You can't just jump into the deep, vast ocean if you don't know how to swim. That is the best analogy for somebody who is too eager to dive into forex trading without much know-how about the business yet. Forex education is necessary for those who want to enter the forex trading scene and succeed.
The appeal of the forex trading business is that it is highly liquid. Its greatest advantage is the huge potential for profits. For people who want to earn big money and think that forex trading is an easy way - they have to think again. In order to become successful in this business, you need a solid forex education to back you up.
Reading a few websites about forex or watching the news as they deliver the forex-related information are not enough. You need to know the terminologies, the processes, the tools conditions and methodologies. Many of those who have been successful have spent a great deal of time studying the market over the years. They have undergone tutorial sessions on forex. They plan their investments based on trends they have established watching the market. The best traders have learned over time how to see disaster and how to respond accordingly. These learned investors know how to profit big time, and how to minimize losses.
Forex education is key in making the soundest of decisions when it comes to forex trading. The market is open 24 hours a day, 5 days a week so there really is a lot of room for making money and a bigger room for losing it - unless you're already a smart investor.
The first step is always to know about the ABCs and 123s. Forex education is the foundation for every transaction you will make. When you lose some, you gain some experience and additional knowledge. Stock this information for future reference, so you would know better next time the same blow comes your way.
Most sessions involved in forex education are programmed to provide beginners and even the more experienced ones with all the tools necessary in buying and selling currencies. Charts, trending, analysis, and interpretation of data are also critical in making it through a forex market day.
Aside from the training sessions, you have to continuously update yourself by digging deeper into what you hear from the news, and what you read from the papers and books about forex. If you read up you will understand what's happening and what the factors that affect the prices are. Economic issues are the main catalysts in forex trading but there are other issues like political events, countrywide sentiments, new laws, natural disasters, and cyclical process in the finance market that affect a countries currency.
A person with a firm foundation on forex education is the likely candidate to reap substantial benefits. But, aside from his intellectual and logical take on things, he should also be emotionally balanced in all his forex investments. He should be able to use his forex education while checking and balancing it with his emotions. A good combination will certainly make one very successful and rich forex investor.