Use For Online Purchases?
Q: I'd like to take a gamble and buy $250 or so in Delta Airlines stock (DALRQ: PK). It will be my first stock purchase. Yes, I can afford to lose all $250. My questions are, Scottrade seems to require a $500 dollar minimum to open an account. Is there any reputable online trade company that will let me open an account for less, preferable for $250? I don't need a service that executes trades in seconds, and I won't be doing any day trading nor will I need real time access to the prices. Second question, I don't want the account associated with my checking or savings account. Will I be able to open the account with a prepaid credit card (it's actually a debit card with the MasterCard name on it) that I use for online purchases?
A: -I don't know much more than you do, but I would strongly advise you NOT TO TAKE A GAMBLE. Stock investment or trading should be based on a lot of research and observation of the market. Do not buy this stock. Even the best investors like Warren Buffet will advise against airline stock. NEVER INVEST WITH CREDIT CARD MONEY. Even if your stock goes up, your interest on the card will eat up the gains you make. Investing or trading in the market is not safe, and it is not for gamblers. You can open a savings account at ING and possibly other places offering almost 5% yearly interest. I would suggest you go to the library and back the truck up for basic books on the stock market. Your first obligation is to learn "money management." -There is a manditory $2000 required for a margin account. Nothing for a cash account since that implies zero risk to the broker. A broker can set any minimum they so desire and here is why: I sure as hell would not want you for a customer. You are going to cost me money to open an account. You make 1 buy of a WORTHLESS company stock. You go belly up. I get stuck with your paperwork for years and years. Get lost loser. Learn to look at things from the other person's point of view.
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