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Online Stock Markets...? - FMX - 04-07-2014 08:55 PM
I want to start some. I know alot of the market, as I just finished my 3rd book on them. I signed up with sogoinvest.com I heard its good...But besides that, when I say buy a stock, do I own them right away? (all onlnie markets, for general answer) Is it as simple as buying them, and then if I want to sell, sell them. If I just keep like 20 shares. and want to leave them for like years, is that okay? and why does it need Social Security Number? Do I get taxed?
- Jo Blo - 04-07-2014 09:09 PM
read a couple more books
- Robert L - 04-07-2014 09:13 PM
When you buy a stock, you own them right away.
Social Security Number. If it is not a deferred account like an IRA, you will be taxed on any dividends the stocks pay, ordinary income tax. Then when you sell the stocks, you may have to pay a capital gain tax if you sell them for more than you paid for them.
.
- sharkbite321 - 04-07-2014 09:21 PM
You might want to pick up a 4th book. You seem a little confused. I'd suggest staying away from the trading strategy books, but looking for one on basic investing strategies. A great read is William O'Neil's "how to make money in stocks"
- enoriverbend - 04-07-2014 09:25 PM
When you place an order to buy with your broker, depending on what kind of order it is, it may take a little while to fill, or in some cases it will not be filled. But if you put in a simple 'market' order, which is saying that you will buy the stock at whatever the current price is, that order would typically get filled in seconds to minutes. And then you do own the stock. The same is true for selling.
The longer wait would be if you put in a limit order to, say, buy only at $20/share. If the price never hits $20 then your order will just sit there until it is cancelled. (You can designate how long to wait when you place a limit order.)
You do not have to sell that stock at any particular time You can sell it the next hour, or keep it for years. For some brokerage accounts, there may be a 'maintenance' fee if there is little or no activity in the account for a long period of time.
The Social Security is because the IRS wants its cut in taxes. So if you make capital gains (you sell the stock for more than you paid for it plus commissions) or get dividends, you know the IRS wants to tax you on it. This goes on your tax forms (Schedules B&D).
- lastinv - 04-07-2014 09:31 PM
i agree with this book, William O'Neil's "how to make money in stocks",
- cmeduck - 04-07-2014 09:33 PM
You need to read a bit more than 3 books on trading, especially if you're thinking of keeping a stock for 20 years. You should at least reallocate every 2 years or so. Make sure you diversify.
Here's a great book on trading for beginners:
http://www.best-stock-trading-systems.com/trading_for_beginners_review.html