If you're a long-term reader of kodoninja you know investing and trading is a big part of what we do here. So where do you start if you want to begin your investment journey? I have a few options for you. But first, lets address the elephant in the room. We all start the race in different places, some may have a few dollars, a few hundred, or thousands. Regardless of where you're starting the race, these apps will help you get started.
Depending on how much money you're starting your accounts with; or where you are located this will limit what you can do, like day-trading or shorting stocks. We are focusing on investing, however, if you wanted to day trade, you’d need an account minimum of $25,000. That’s 25k minimum after each trade. No worries if you wanted to day-trade there is an overseas-based platform that goes around the Pattern Day Trader rule… However, if you like most who cannot get started with $25,000. We can easily grow your accounts with swing trading. Next to day trading, this is my second favorite form of trading. It doesn’t matter how much you start your account with, there aren’t any limitations regarding swing trading, as long as you exit the trade a day or two later.
Alright, so you have your seed money now which apps are good for beginners? I’ve listed some of my favorite go-to apps that I use regularly. But before you even get started I hope you’ve at least watched a few YouTube videos, and maybe a book or two on investing and swing trading. The risk can be multiplied if you go in uneducated on investing.
Beginner
1. Webull
Webull is my favorite out of everything I’ve tried. This platform is loaded with all kinds of analytical charting and measurements to help you make the best trades possible. The stock screener, in my opinion, is one of the best and closely relates to StocksToTrade my go-to stock screener for years.
2. Moomoo
Moomoo is new to me but so far this app seems to be amazing. Very similar to Webull this app comes loaded with all kinds of charting software to ensure you make the best trades possible. May I also mention like Webull, Moomoo also has an amazing desktop and app platform.
3. E-Trade
E-Trade has been around for quite some time… It offers everything you’ll need in a trading platform. It’s even a bank I have a checking and debit card from e-trade, along with a Robo-advisory account, and a few more accounts I use for trading and investing.
4. M1
This one is a bit more unique out of the ones mentioned on the list. There is no desktop version but there is a powerful mobile app that allows you to see and manage your investments at a glance on a pie chart. The pie chart from M1 Finance makes it so much easier to manage just how many shares you have invested in any given stock. They offer fractional shares which allows you to stretch your money so much further.
5. Robinhood
Despite the mainstream controversy with GameStop, this is a pretty amazing app. Like e-trade and M1 Finance. You have an option to have a debit card linked to a checking. This is such an amazing feature because If you like me and love to spend money made from your trades. You can sell full shares of your stocks or fractional shares. Then spend that money on your card.
Conclusion
Alright, so I gave you a few options you’ll want to choose to get started with your investment journey… I have everything mentioned in the list above. Of the accounts mentioned above, I only have thousands invested in these mainstream platforms. One thing I love to do is start new accounts within the same platform, no more than a few hundred, then grow them. All my accounts started from a few hundred and have grown to what they are now. If you follow me closely you know I don’t like to own anything and am working towards starting my own holding company to hold my assets beyond my monthly expenses.
Since I started all my accounts under $25,000 I couldn’t do day-trading in the beginning so I relied on swing trading and lots of it. Once those accounts exceeded 25k then I could day-trade freely. Although many use these platforms for day-trading. I only use the mainstream apps for supplemental investing. The approach I took was different on each account. But I diversified in some shape or form. We’ll get more into trading methods in a guide. But for now, I recommend you research swing trading, & blue chips.
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