Melvin Feller MA Looks at Buying Stocks Online and Making Money

Melvin Feller MA Looks at Buying Stocks Online and Making Money

Melvin Feller MA Looks at Buying Stocks

Melvin Feller is known as “The Entrepreneur’s Mentor” because Melvin walks his talk. Melvin Feller has been there and done that and more importantly, Melvin Feller knows how to transfer the skill set for success. This is main reason that he has been the sought after coach to hundreds of small business owners, entrepreneurs, Realtors, Real estate investors and service professional internationally. Melvin Feller’s main talent is to show you how the step by step process to build and enjoy a successful 6-figure plus business while having a balanced life. Melvin Feller maintains an office in Texas. Melvin Feller is currently pursuing another graduate degree as an MBA.

In years past to buy stocks, it was required to contact a full service broker. Many people still use full service brokers today but online has become a new favorite of many.

There are very few reasons you would not want to consider using a discount broker to buy stocks online. Before we get into the details involved let us look at some of the reasons you should consider buying stocks online.

When you are investing for your future, you should always ask yourself first should I be in the stock market. It is always a good idea to develop a strategy for any investments you are going to make. I believe this is one of the key mistakes that many people make when planning for retirement.

They get into the market without a real plan. They may have heard that they should buy stocks online or invest in mutual funds or even buy gold.

Without a clear plan, you will always struggle to make consistent gains in the stock market. We will discuss some strategies in the stock market later. For now let us focus on why and how to buy stocks online.

Why Buy Stocks Online

The biggest reason to consider using online methods to buy stocks is speed and convenience. You can quickly log into your account and buy or sell a stock in minutes.

The second biggest factor is going to be lower commission rates. Full service brokers charge full service prices. Many of the online discount brokers provide excellent service but at significantly lower costs. They can do this because they generally do not have the same level of overhead that a full service broker does.

Melvin Feller MA Looks at Buying Stocks

If you enjoy doing things yourself and like more control over the process, then using an online broker to buy your stocks may be a perfect fit for you.

Getting Started

The first thing you will need to do it create an account. You can find many online discount brokers that make the process easy. I personally have used Ameritrade, ThinkorSwim, eTrade, and Scottrade. Each of them have their pros and cons. The main areas you want to look for in an online broker to buy stocks online are ease of access, cost of trading, and research tools.

Before you can compare the brokers, you need to know how much you plan on trading. Some people still prefer to buy and hold stocks. They do very little trading. Other people are very active and may even reach the status of being a day trader. The platform that works best for one may not be the best one for others.

Melvin Feller MA Looks at Buying Stocks

So some questions to think about as you rate each broker should include

1. How often do I plan to buy stocks online? Do they offer discount rates for higher volume?
2. Do I plan to use options as well? What requirements do they have for options? (Warning: This is not something to consider if you are still new to investing.)
3. What is the minimum required investment to get started?
4. Do I plan to use mutual funds as part of my portfolio?
5. Do I want to use margin? What interest rates do they charge? (Warning: Margin trading is not for the faint of heart. Do not consider it unless you have a decent level of experience in the market)
6. Do I need to talk with someone at times? Do they offer phone support?
7. What kind of research tools do they provide?
8. Will this be an after tax account or a pre-tax account?
9. How do they require you to fund the account?
10. How do they allow you to take your money out?

Once you have the answers to those questions, you can start your process of evaluating the different online brokers.

Melvin Feller MA Looks at Buying Stocks

How to buy stocks online

Once you have gone through and evaluated several brokers, pick one and open an account with them.
The vast majority of online brokers make it easy to set up your account. You will need to provide them with some information to get started to buy stocks online.

They will need your social security number. They are required to report any gains or losses you have in the stock market to the IRS. You will be required to report them on your taxes as well.

You can often set up a link between your bank account and your stock trading account. This way you can transfer money quickly back and forth if it is an after tax account.
So to summarize how to get started.

1. Determine what your strategy is going to be
2. Evaluate the online brokers to determine which one provides you with the best options and lowest cost.
3. Sign up for an account with them
4. Fund the account
5. Buy stocks online

Getting started to buy stocks online is not a hard process. The toughest part is having a solid strategy in choosing the stocks, consistently investing in your strategy and not becoming emotionally attached.

Melvin Feller MA Business Consultant, Business Owner, Entrepreneur, Melvin Feller Ministries and MBA Graduate Student Candidate

Melvin Feller MA is in Texas and in Oklahoma. Melvin Feller founded Melvin Feller Business Group and Melvin Feller Ministries in the 1970s to help individuals and organizations achieve their specific Victory. Victory as defined by the individual or organization are achieving strategic objectives, exceeding goals, getting results or desired outcomes and a positive outreach with grace and as a ministries. He has extensive experience assisting businesses achieve top and bottom line results. He has broad practical experience creating WINNERS in many organizations and industries. He has hands-on experience in executive leadership, operations, logistics, sales, program management, organizational development, training, and customer service. He has coached teams to achieve results in strategic planning, business development, organizational design, sales, and customer response and business process improvement. He has prepared and presented many workshops nationally and internationally.