How to Trade Gold Stocks Online
- 1). Open Trading Account
Open an online trading account with a reputable broker. Try Scottrade, Zecco, Trade King, Ameritrade, Charles Schwab or another stock trading broker with a good reputation.
Open a margin account. Opening a margin account normally requires a deposit of at least $2,000. It is important to open a margin account even if you never use the margin (loan) because with a margin account you will not have to wait for trades to settle. Your other option is a cash account, but with a cash account you must wait three days for the settlement of each trade.
Read all of the policies and rules of the company that you use. Find out what fees you will incur for each transaction. - 2). Research Stocks
Invest your money in gold by buying gold stocks, gold mine stocks, ETF (Exchange Traded Funds), mutual funds or bonds. You will want to research the differences of each investment before you put your money at risk. Every investment has a certain amount of risk. Nothing is a sure deal.
Always research every trade even if the stock is recommended by a friend, you still need to know what you are getting into.
Gold mines can be a very safe investment as well as mutual funds that are heavy in gold investments.
Knowing how to trade gold stocks online will help you to bring in some passive income for your family. - 3). Seek Help
Look for a website that will offer you daily, weekly, monthly and yearly stock advice. There are many websites that offer free advice for long term investments and short term investments.
Each time you place a trade, you will need to understand how the trade will be executed. Learn about buy and selling stocks by placing different orders such as limit, market and stop loss orders.
Have a plan before you trade. Here is a good trading mantra that you should follow daily "plan your trade, trade your plan". That means that you should not when you will sell at the time you buy or sell short. Then you should follow the plan that you made.
If you need more information on how to trade gold stocks online please look below in the Resources section.
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