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Understand these three basic rules before you begin:
1. Do not expect to make money right away.
2. Do not expect to make money at any time in the future.
3. Do not invest any amount of money that you cannot afford to lose
A novice should never start trading without the help of a broker for the following reasons: he or she has professional training and on-the-job experience. You need this help. This help won't be free of course, but you need to be guided by someone as you learn to trade.
An employed stockbroker has a four-year college degree. If you are college-educated your field of study would likely not be the same. Your degree may be in "Health Care Administration" or "Social Anthropology" for example. That would not prepare you to trade in stocks and futures. Consider the five legal requirements he or she must have fullfilled:
A stockbroker must pass an exam administered by the "National Association of Securities Dealers."
A stockbroker must also pass National and State exams to be licensed.
A stockbroker must be working for a securities broker-dealer licensed in his state.
A stockbroker must be registered with NASD by his employer.
A stockbroker must pass a background check.
You can see that you won't sign up for a trading account and immediately begin acquiring stocks and futures that will transform you into a wealthy person. You can't learn in a six-week online crash course what the trained stockbroker learned in five or six years of higher education. This doesn't in any way diminish your intelligence. It does mean you haven't invested enough time to become proficient.
Even with the level of proficiency acquired by the licensed stockbroker the acquisition of wealth is not a sure bet. You can lose your shirt. The trick is to lose lesser amounts and win greater amounts over a period of time. An unspoken rule -- don't use you child's college fund to gamble on stocks or futures.
With an informed decision made to try your hand at trading in futures and stocks. You have researched the bank or firm that you want an account with. You have read as much as possible to educate yourself. You have talked with others who tried it. You feel as ready as you'll ever be. Now is the time to request as many free trial offers as possible. Sign up for some of the free starter kits and the introductory courses offered. Be sure they're "no strings attached" offers. Don't give your Visa numbers to anyone just yet.
Try to choose a name that's well known such as Charles Schwab or Forex. Your fees will be higher but your protection against fraud is ensured.
The firm with a good reputation is going to protect it by treating people fairly. Another point, make sure the Firm has been in business for a reasonable length of time. You are strongly advised to open the account which gives you full access to the help of a stockbroker...
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