$1000 to mess around with...

[Yukon Cornelius]

Saved loose change until I hit $1000.

I want to dabble in an online brokerage account. I never did.
I don't want to day trade, I don't want to set it and forget it.

What is a good online service?

What is some good silver stocks?

 

[CableNewsJunkie]

Scottrade sounds like a good brokerage to go with in your case. As far as stock recommendations...well, they've all had really good run-ups recently...so it might not be the best time to buy.

At this point in time MAG Silver (MVG, MAG.TO) might be a good one to keep an eye on. I do not currently own it but am considering accumulating it on the dips.

 

[Yukon Cornelius]

Thank you, that is one I am considering.

What about an online service that allows foreign markets and currencies?

 

[Zippyjuan]

Foreign markets adds a layer of risk- that of currency risk. If the value of the dollar goes up against the currency you are invested in, the value of your investments in that currency goes down. But all investments carry risks. Use what you can afford to lose.

 

[muzzled dogg]

Go to the 2011 southern republican leadership conference in new Orleans!

 

[CableNewsJunkie]

Thank you, that is one I am considering.

What about an online service that allows foreign markets and currencies?

I use Interactive Brokers...only the most BASIC functions though. It's used mostly by professionals. It still intimidates me as to everything it offers.

 

[Michael P]

A couple things to keep in mind... At $7 a trade you will spend 1.4% of your starting investment each time you buy and then sell a stock for profit. Another thing to remember is it can create a real pain in the ass come tax time (Although Scottrade does make it as simple as possible).

The silver stocks I like the best (&own myself) SLV, EXK, MVG and PAAS. SLW and SIVR are also good options.

 

[CableNewsJunkie]

A couple things to keep in mind... At $7 a trade you will spend 1.4% of your starting investment each time you buy and then sell a stock for profit. Another thing to remember is it can create a real pain in the ass come tax time (Although Scottrade does make it as simple as possible).

The silver stocks I like the best (&own myself) SLV, EXK, MVG and PAAS. SLW and SIVR are also good options.

This post reminds me...

Holdings like SLV and SIVR - or any ETF designed to track an underlying commodity - are going to be taxed differently than regular mining stocks. So if you're going to buy them, it's probably a good idea to hold them in a traditional or Roth IRA...

...until they confiscate the IRAs...

 

[cubical]

Foreign markets adds a layer of risk- that of currency risk. If the value of the dollar goes up against the currency you are invested in, the value of your investments in that currency goes down. But all investments carry risks. Use what you can afford to lose.

There is a currency risk even if you stay with US stocks. Some might say the risk is less, but some would say its more now.

 

[steve005]

better off getting 200 in food, 300 on a water disteller, 100 on tent, 200 on hunting gear and 100 on ammo, and 100 on silver

 

[CableNewsJunkie]

better off getting 200 in food, 300 on a water disteller, 100 on tent, 200 on hunting gear and 100 on ammo, and 100 on silver

good point

 

[eduardo89]

Buy yourself a bag of silver coins, you can get them at under spot price

 

[jclay2]

better off getting 200 in food, 300 on a water disteller, 100 on tent, 200 on hunting gear and 100 on ammo, and 100 on silver

What steve said. You need to cover the basics before you go dabble in an online brokerage account. Also, physical metals over the last years have done considerably better against the precious metals stocks on average. Go with physical. It is way more fun to hold and has less risk than the mining stocks.

 

[xd9fan]

as of today you cant even buy a silver roll of maples anymore.....

 

[Legend1104]

If you really want to do something productive, give it to me. I will use it to pay off some bills. That will free up more of my spending money to be able to buy more goods and services. Then I will be able to help further full the economy. You will be creating waves of goodness into the economy for years to come.

 

[libertybrewcity]

Lol, the world is not going to end.

I have a tradeking account because the trades are only 4.99. Personally, I always buy stocks with dividends. A little income is better than no income at all. I think mining companies are great to invest in if you pick the right ones. Look for companies that already have a solid stream of income if their exploration projects fail.

Here is a good review site to help you make the best choice: http://online-stock-trading-review.toptenreviews.com/

 

[brandon]

I use scottrade and like it. As another poster pointed out, at $7/transaction the fees will kill you if you make several small investments. So your best bet is putting the full grand in one place. Since putting all your money in one stock carries very high risk, your best bet is probably finding a good mutual fund that will let you buy in for a grand. Alternatively, since I guess you really don't need the money that much, you could throw it into a small cap stock and hope to see it double or triple over the next year.

 

[Zippyjuan]

Besides the dollar cost per trade you will also be taxed on any gains. If you have had an investment less than one year, it is taxed at the higher rate for captial gains. More trades equals higher costs which eat into your returns. A couple general types of investments I have and you may want to check out are Dividend Re-Investment Plans (or DRIPs- these are dividend paying stocks and the distributed dividends are rolled over into more shares- you do get taxed but at the lower rate and the costs are incredibly low-once you are in, less than Scotstrade or any other online service) or Index Mutual Funds (there are many which track all kinds of investments- there are hundreds of indexes you can track- they buy and hold the underlying stocks of a certain index so they are not frequently trading either and their transaction costs are extremely low and so are the tax implications). DRIPS can have very low minimums to start- you usually just need to get a single share (mine - SRE a utility- has only a $25 minimum even on additional investments or purchases and those are at little to no cost too!) but index mutual funds may have a larger minimum starting amount than your $1000.

 

[Corydoras]

Another thing to remember is it can create a real pain in the ass come tax time (Although Scottrade does make it as simple as possible).

Michael is right. I very strongly recommend that you take a good hard look at Schedule D and its instructions.

 

[Yukon Cornelius]

Thanks guys.

Yeah, this $1000 is purely for playing with. I have precious metals, an emergency fund, food, guns, etc...I just never did any online trading. I am not looking to day trade or to set it and forget it either.

Just buy a stock or two and get accustomed to whatever broker I decide.