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Online stock trading for virgins

TheAceFace
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TheAceFace Silver Member

TheAceFace

Posted
Posted

Hi All

Forgive my ignorance.....am looking for something to pass the time and burn a hole in my pocket in my free time (well hopefully make some small money).

The current thread in the Pattaya forum regarding investing got me thinking, I can not attend the course due to work commitments so I am looking for other avenues for newbies / virgins to this game.

It's something I have been wanting to try for a while now, rather than pi$$ my spare cash up the wall I may as well try to do something worthwhile and that would also give me something to do.

Hence this post.....I have no clue about trading et al, no flaming please, I am looking for guidance and advice. Odds are I won't make anything but I do want to try....so any advice would be appreciated in regards to a reputable brokerage site where the client can use a virtual account first to get used to the system and the potential pit falls involved, essentially playing with toy money first. I do not want to get into currency trading, I am thinking of company stocks in various industries....paying low ie under 5-10$ per share and going from there.....and I am willing to take the time to study anything but as I said I need pointing in the right direction. Searching online there is just too many sites, would rather hear of people currently doing this here and hopefully learning the ropes from them.

Your probably correct in thinking I would be better just throwing my money away or just giving it the missus tongue.png

But seriously this is something I want to try, any constructive adivce / pointers would be great.

Thanks in advance

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Halfaboy Silver Member

Halfaboy

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Have a look at the Morningstar site related to your country. Study their advises and create an artificial portfolio and fill it with anything you like and see after a while what the result is. You cannot lose any money but may at least gain some insight.

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AyG Platinum Member

AyG

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OP, do you really mean trading? Buying and selling several times a day? Or are you thinking of investing? Choosing good stocks and holding them for months or years?

By the sound of it, investing is probably a better match to what you want to do. Spend a few hours a week investigating companies and reviewing your existing holdings, then decide whether to buy or sell. Do it well and you even stand a reasonable chance of growing your money.

Trading, however, is much more demanding, needing quick (almost instantaneous) access to company and market developments. You end up competing against the big investment banks with their massive resources. The risk of losing a lot of money either quickly or over time is significant.

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eddie61 Silver Member

eddie61

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I have used Interactive Brokers for many years, it is very comprehensive, giving access to most international markets, dealing costs are pennies

I have also had very positive experience with interactive brokers (once you get used to it)

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Estrada Gold Member

Estrada

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If you are in Phuket then open an online trading account with Maybank Kim Eng all info here http://www.maybank-ke.co.th/

I have had an account with them for 20 years. I gave up working 3 years ago as I am making Baht Millions more than working overseas by trading the Thai Stock Exchange (SET). You can also trade other world markets with Maybank.

They provide stock trading guidance and daily tips and analyses. You can find more info on the SET web site which also provide trading guidance: http://www.settrade.com

They have branches all over Thailand including Phuket:

Phuket Branch
22/39-40 Wanich Plaza Building,
Laung Por Wat Chalong Road, Talad Yai,
Mueang, Phuket 83000
Tel. (076) 355-730-6
Fax. (076) 355-737

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qdinthailand Silver Member

qdinthailand

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My advice is to read an investment book first - and I'd recommend books from William Bernstein, like "The Four Pillars of Investing", or "The Intelligent Asset Allocator". His investing website

His books are available on Amazon.

It should open up your eyes to what you're up against - and help you decide how to invest.

Edited by qdinthailand
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travelman Senior Member

travelman

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I have been in trading Forex and futures for 8+ years. In my opinion newbies should get in touch with professional traders and trade with them side by side for roughly 6 months. It will develop a solid base for them. Stay away for trading robots, forums and discussions.

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Straight8 Silver Member

Straight8

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Personally, I would never take the advise of anyone regarding stocks on this website. If they were any good they wouldn't post anyway.

Well that all depends on what tip they give you and the type of investment.

If the stock trades on decent liquidity and is highly capitalized [not a penny stock], I would definitely look into why not?

If it was good they would have bought the stock and in actual fact it is in their best interest to spread the word so to speak. They have nothing to lose [not much to gain also giving a stock tip especially on a non financial forum], so I disagree with what you say.

I am tipping INTC [intel] as a medium to long term stock with a great dividend yield and a leading tech giant. I got in a 22.05 about a week ago.

Let's see where it sits in 6 months.

Edited by Straight8
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TheAceFace Silver Member

TheAceFace

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Thanks all for your replies.

@ Chang Mai...this has f#$k all to do with Walen, I did however ask if he did personal tuition because I work away alot so am unable to attend the seminar. He said no. So there loss I guess. I reside in Pattaya so thought this made sense.

Hence why I asked TV for a advice for me and anyone new to this.

As stated it will just be a hobby which will keep me busy, it is something I have tethered on doing for while, but getting back from work I just get sidetracked lol.

In answer to some of the above replies, I am manly interested in just buying stocks at a cheap rate....anything under 10$ the cheaper the better, will I keep hold of them for the long term...I doubt that as it will just be a game to me (can not really gamble here like the UK so this is why I want some thing to do). My idea would be to get rid of them if they make a profit.....and wash and repeat the cycle. I am not after big money or indeed am I willing to invest big money. I have a budget on what I will use and stick to that. If it goes within a short time then hey its a lesson learnt. No harm in trying.

I have been looking at E.Trade...any opinions of them?

Can I open an account using my Thai bank card....do not have any credits or other card from the UK?

Hopefully this thread can continue and give advice to people like me trying to start out in this game.

Thanks again for taking the time to reply and lets not turn it in to a pi$$ing contest thumbsup.gif

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TheAceFace Silver Member

TheAceFace

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If you are in Phuket then open an online trading account with Maybank Kim Eng all info here http://www.maybank-ke.co.th/

I have had an account with them for 20 years. I gave up working 3 years ago as I am making Baht Millions more than working overseas by trading the Thai Stock Exchange (SET). You can also trade other world markets with Maybank.

They provide stock trading guidance and daily tips and analyses. You can find more info on the SET web site which also provide trading guidance: http://www.settrade.com

They have branches all over Thailand including Phuket:

Phuket Branch

22/39-40 Wanich Plaza Building,

Laung Por Wat Chalong Road, Talad Yai,

Mueang, Phuket 83000

Tel. (076) 355-730-6

Fax. (076) 355-737

Thanks for that, just had look at the site, is it correct 500,000 Baht is needed to open an account? Was thinking more in the 50000 Baht range.....Im not RockerFella ;)

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monkeycountry Gold Member

monkeycountry

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If you are into thai shares you can open a trading account with most thai banks, such as Bangkok Bank, Siam Commercial Bank etc. If there is a minimum amount necessary it will be very small, nowhere near 500k. There is no tax on the potential profits (capital gains tax), except a 10% tax on dividends.

Trading fees are generally quite low, like 0.1-0.2%.

You can trade online of course, but I do not know if they have virtual accounts, where you do not use real money.

Make sure to apply at the head office, as many branches have no clue how to open an account for you.

Good luck :-)

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yoshiwara Platinum Member

yoshiwara

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In answer to some of the above replies, I am manly interested in just buying stocks at a cheap rate....anything under 10$ the cheaper the better, will I keep hold of them for the long term...I doubt that as it will just be a game to me (can not really gamble here like the UK so this is why I want some thing to do). My idea would be to get rid of them if they make a profit.....and wash and repeat the cycle. I am not after big money or indeed am I willing to invest big money. I have a budget on what I will use and stick to that. If it goes within a short time then hey its a lesson learnt. No harm in trying.

Well good luck with that one. The trouble with limited budgets and diversified portfolios is that trading costs lock you in.

It has been mentioned so many times, set up a dummy account and trade for 6 months on that.

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itchybum Gold Member

itchybum

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Personally, I would never take the advise of anyone regarding stocks on this website. If they were any good they wouldn't post anyway.

Why not, some people like to share their knowledge.

I see some mention around here somewhere of someone doing that.

And trading stocks is not really atell nobody kind of game I would think, if someone does well out of it, where is the harm in them telling someone else what they are doing and think and then up to the individual. We are all grown ups.

Well, most.

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TheAceFace Silver Member

TheAceFace

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Yoshi

Thanks for the advice. Trying to slowly learn....in regards to locked in on trading cost, would I be right in saying. For instance:

Scenario, I have 10 sets of stocks and looking to sell when / if they hit a 5 - 10% gain. I would then have to pay a trading cost on each sale?

In laymans terms. If I am getting charged 5$ per sale (trading cost) then this is taken on each sale I make? Regardless of profit does the broker only take a set amount of each trade?

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yoshiwara Platinum Member

yoshiwara

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Posted (edited)

Yoshi

Thanks for the advice. Trying to slowly learn....in regards to locked in on trading cost, would I be right in saying. For instance:

Scenario, I have 10 sets of stocks and looking to sell when / if they hit a 5 - 10% gain. I would then have to pay a trading cost on each sale?

In laymans terms. If I am getting charged 5$ per sale (trading cost) then this is taken on each sale I make? Regardless of profit does the broker only take a set amount of each trade?

I cannot comment on the US market, but for UK you pay a fixed fee to the bank/broker for buying and selling (frequent traders get a discount) , plus 0.5% stamp duty on the value of the trade.

Plus you should factor in the spread really.

So for for buying shares value £1000 you might pay £1000+£5+£15 = total commission of £20 = 2%.

Well even if your shares went up 10%, that would be £100 less the £20 less another £15 for selling. Grand profit of £65. Not much is it?

Edited by yoshiwara
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rambling Advanced Member

rambling

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A couple of thoughts to share:

1. Dabbling in stocks here and there is a recipe for throwing your money away. Trading is a profession like any other and the pros win fairly consistently and the rest lose. So you need to decide if you want to invest the time and money to be able to compete with the pros. Most people don't have a clue what it takes and when they find out they realize it's just not for them.

2. No book or a course will teach you how to invest/trade (two very different things btw). You can pick up basic concepts from these sources, some of which may be useful and some will surely be completely useless and misleading. People who can really trade seldom run courses or write books, even if they do they don't normally share everything and the stuff they do share fits their own personality which doesn't necessarily mean it'll fit you.

3. The broker and any other tools you choose should be the least of your concern at this point. Basically you need the right broker and tools to get the job done in the best possible way while spending the least. So first order of the day is to learn how to get the job done and then match the right broker for your needs.

4. If after reading the above you still feel you really want to dive into this then I recommend two ways: 1. the hard way - fine someone who knows how to trade and is willing to share information and get you started in the right direction and learn from that person as much as you can. 2. the harder way - start reading up on trading for free online. For example there's a ton of information here: http://www.investopedia.com/university/ read until you find a topic that speaks to you and catches your interest (there are many many ways to trade the markets) and then dig deeper into that topic.

5. While you're still learning at this very early stage there's no point risking real money, trade in demo mode / paper money till you get some level of consistency and then you can try real money with very very small amounts at risk on any trade idea or at any point in time.

Good luck.

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