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I used to be a futures trader. That is a person that has discresionary power over accounts. The brokers out in the field would solicit customers whereby they would deposit a minimum of 25,000 dollars.
We would group the clients by amount deposited. Each group would be traded the same way. We would risk only 8 percent of the equity. We were on salary and received 25 percent of the originating brokers commission, thus there was no incentive to churn the accounts.
Stock brokers normaly start by cold calling for months to develop a client list.
There would be at the local offices recommendations on which stock to push. They were completely on commission. They had no training in futures trading where 90 percent trading on their own loose money.
Iwould suggest if you are young that you set up a no load medium risk mutual fund where money is automatically deposited into the fund each month.
There are companies where you can deposit money into a stock account of theirs with out commission.
Next I would suggest a whole life insurance policy. The monthly cost of the policy aftr a time will be fixed since the payments come out of the interest of the policy. It also is a good way of accumulating money. If you need to borrow money you can do it against the policy equity without interest. If you do not repay it back the gov will come after you for penaties and taxes.
Next investigate if you have or planning to hae kids a program with the college of your choice to place into your account on a monthly basis a certain amount of money.
Lastly if you want to day trade stocks go with a company such as Etrade. Get a powerful PC with three monitors. Study, study with enthusiasm before trading. Only drawback is that you must be home. Floor traders are slippery. If If you purchase a stock, and immediately put in a sell order if it goes down, they will drive the market down and your stock will be sold at a loss.
I know that it is hard to part with one’s money, but you will not regret it.
Joe
gonzal13
