If you’re totally new to self-directed investing, or you’re expanding beyond basic retirement accounts, now may be a good time to open a new account. Here’s what you need to know to get started, including: where to go, how much to deposit, position sizing, and some investment ideas.
Section 1: The Brokers I Currently Recommend
- IRAs and brokerage accounts for stocks, ETFs, and options: TradeKing, Fidelity, TD Ameritrade, Scottrade (about to merge with TD Ameritrade)
- Futures: TD Ameritrade / Thinkorswim, TradeStation
- FOREX (currencies): Oanda, TD Ameritrade
Section 2: Opening an Account
- Search for deposit bonuses or free trade promos first to make sure you’re getting the best offer
- I appreciate when you use my links, because some of them provide me with a commission when you open an account – You still get the best signup bonus, while helping support the work I do and the free content I provide.
- How much to deposit?
- Wait until you have at least $15,000 available, across all your trading or investing accounts
- Paper trade while you’re building up to $15,000
Section 3: Trading Ideas
- Select your investment universe
- Options (puts and calls)
- FOREX (currencies)
- Position sizing: how much to invest in each trade?
- Technical analysis framework
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