New to trading. Clueless on where t ostart

[afojagipugja]

Hey guys! Just joined. I have never bought one share of stock in my life, but im thinknig about starting (hell, why not?). The stock I am interested in buy (RNN Rexan pharmaceuticals) is currently under 1.30 cents per share. I would like to buy like 20 bucks worth and see what happens. Can I do this? Where do I start?

[aitzjida84]

Well it is easy. You choose a broker, I use scottrade. Ever who you get you can download their forms on the internet. Next send them a check and open up your account. How much do you think you will be able to open up an account with. I suggest nothing less that 10 thousand?

[agemuwoy]

haha I call shenanigans. RNN....???? really? You've never traded before in your life and you pull out RNN? And you don't work somewhere that's holding a big stack of RNN that they can't get rid of?

Where's my broom?

[agvamihuuzo]

Who would spend $10 in commissions to buy $20 worth of stock?

If you spend $19.65 you can buy 15 shares of RNN at $1.31 per share. A very very cheap broker charges $4.95 per trade, so the stock price would have to increase 66 cents just for you to be able to break even. And that's IF you could find a broker who would let you buy only 15 shares of a penny stock.

Not a good game plan, buddy.

[admin]

$20 bucks worth? It would have to go to 2.60 just to make another $20 and thats if your commission is free. You'd be better off buying $20 of a $0.0001 stock and pray.... Or just work you're ass off and save up a couple grand then come back and try something that is in play at that time. In the mean time, learn as much as you can and practice on a simulator or 'pick' contest somewhere. Learn first, trade second....