What type of software/brokerage setup do I need as a Beginner

[stevenmac2]

Hi Everyone,

I am a new recent big fan of following Falkin Investing and Rich Dad. I am at the point that I would like to get started investing into the stock market by creating an account with a few thousand to fund my new account.

Given this, I am not sure what would be the best setup that I need in order to effectively invest. I have considered opening up an account with Scott Trade and use their Scott Trader web software, but it doesn't have a L2 facility. Though I won't use it right away, I would like to just become familiar to seeing it.

I recently came across Quote Tracker at QuoteTracker
which will allow the L2 screens, but you have to buy some subscriptions, and unsure really how that software can place buy/sells for you and at what additional costs (I don't have enough information to understand how it all connects together).

The type of investing I would do would be more of an immediate - long term position.

Any help or assistance on what packages & software (such as Quote Tracker)I need as a beginner to get off the ground would be very appreciated.

Thanks very much,
Steven

[MDZ]

Hey Steven,

Welcome to the site man, glad to hear that you like it!

I don't have all the answers to your questions, but I can tell you what I do, which might be of some help. I use a Scottrade account that I started when I was a little younger with just $500. I personally like it, but I have not really compared to other sites. I do occasional trading, but nothing like day trading where I am by the computer all day.

Hope this helps some, and look forward to seeing you around more.

Mark

[spncr2]

Steven. Glad to have ya at FIO!

I personally, have two scottrade accounts. I cant complain about them. Also, I use their program, Scottrade Streaming quotes. Live quotes, tickers, charts, etc etc. Pretty simple. Nothing too complicated.

My dad has a few accounts as well. Once you have a total of $25,000 or more (not sure if you read about this or not on their website) then you can use Scottrader Elite. Elite is a little more complex program. It actually allows you to view all of your accounts on one screen AND manage them. That is, if they are linked together. But you mentioned a few thousand $$ to start.

That's what i did! Took some side cash and threw it in an account. It was a great experience and ya learn alot! Best of Luck Steven. Check out my blog if ya get a chance. It might help. (Stock Lingo)

All the best,

Spencer

[anfern057]

I use Ameritrade. 10 dollar trades great tools. If you sign up you get 15 free trades.

[spncr2]

anfern, I'm sure i've asked this question before, but i need a quick refresher. $10 flat fee for all trades correct? Including limit and stop? Thanks.

-Spence

[stevenmac2]

Since some of you guys have a Scott Trade account, can you answer a few questions about their trading:

1) Does Scott Trade support trailing stop feature?
2) If you open an account with $500, is there a penalty or free if you drop below $500.00. What is the minimum you have to keep in the account at all times? or is there one?

Thanks very much,
Steven

[MDZ]

Hey, no problem Steven.

Yes, Scottrade does allow you to use a trailing stop. I am pretty sure that you don't have to stay above 500. Someone else might correct me on this, but I think that they just require that you start an account with that much. To be allowed to sell short, you need approval, and like 2,000 in your account.

[anfern057]

Spencer,

I'm pretty sure its flat for all those types of orders. The only areas that it is different are mutual funds, bonds, options, and maybe a few others.

-Andy