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DAP Forums > DREAM Act > The Lounge

How can I invest in the stock market?

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#1
07-01-2009, 06:42 PM
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I don't want to pay a broker and e-trade and all those companies ask you for a SS number.

I'm also 15 and I've been wanting to do this for a while, I have the money to invest and I've done practice investments for a long time and have gotten good margins.

Please advice on how I can invest in the stock market.

My parents have an ITIN.
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#2
07-01-2009, 06:45 PM
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If you have money to invest why not put it into your education? I don't know how you'd do what you're asking about, but personally I would put it toward either college or save up for a car or whathaveyou.
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#3
07-01-2009, 07:13 PM
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Instead of a SSN you can give them your ITIN, it's for tax purposes so it's fine.

You don't know how to invest the stock market, good brokers know and they sometimes make a profit.

Want to practice? Get a demo account with 100,000 imaginary US dollars and practice for free.
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#4
07-01-2009, 07:16 PM
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I work in trading systems in NYC so yea. We see stocks go through every day. Unless you have real capital I don't think playing stocks will earn u much. You will most likely need a broker to find you the best spread.
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#5
07-01-2009, 07:23 PM
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In you want to invest in the market, you'll need a broker.

Like bn1 said, you can enter your ITIN instead of a SSN.

I would suggest ScotTrade over E-Trade, but E-Trade is more user-friendly.
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#6
07-01-2009, 07:28 PM
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Quote:
Originally Posted by qingshu View Post
I work in trading systems in NYC so yea. We see stocks go through every day. Unless you have real capital I don't think playing stocks will earn u much. You will most likely need a broker to find you the best spread.
This is wonderful advice. You should not be risking your money on stocks unless you have "extra" and "enough" capital to do so. If anything, I would just pick up some CD's. If you have more money, I would look into mutual funds. Otherwise, just keep practicing. Besides, you have 15, you will have more than enough time to invest in the future.
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#7
07-01-2009, 08:30 PM
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Quote:
Originally Posted by drvenom View Post
This is wonderful advice. You should not be risking your money on stocks unless you have "extra" and "enough" capital to do so. If anything, I would just pick up some CD's. If you have more money, I would look into mutual funds. Otherwise, just keep practicing. Besides, you have 15, you will have more than enough time to invest in the future.
I have enough money, I live with my parents, I don't pay rent, I don't need money for a car.. because well like I said, I don't an a SS therefore I can't drive.

Education is the only thing I would save up for but the money that I want to use to invest is extra money.

Does scotrade or e-trade check for residency status? Because I'm not legal here at all.
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#8
07-01-2009, 08:35 PM
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Enough capital means tens of thousands of dollars.
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#9
07-01-2009, 08:36 PM
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Wow. Your parents must be successful then if you got secondary education already handled.
Well I'd say if you're doing for long term investments go with mutual funds.
I suggest you find a primerica employee to get you ready to invest monthly on what you want to invest.

Take note that mutual funds or atleast the company that primerica does those matters with gets a little over 12% return. Meaning every 6 years your money will double. (Take note thats the average for all 30 years its been in business, which is extremely good)
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#10
07-01-2009, 08:40 PM
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Quote:
Originally Posted by drvenom View Post
Enough capital means tens of thousands of dollars.
It depends.
If you're doing short term investments, then yeah you're absolutely right. However, if you're doing long term investments such as for retirement, then no. I've seen data that only people who put about 200 dollars into the market (Mutual funds) every month for a period of 30 years come out with a huge amount of money.
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