TRADING REAL MONEY STARTING MONDAY
Share Builder ROTH IRA $300 Capital
Yep, you read that correctly. After continuing to have issues with paper trading on the Stock Wars app and now the Market Millionaire app I've decided to use the most reliable tool I have at my disposal without spending the money I'm saving to start my SureTrader account.
Several years ago I started a ING Orange account which since has been converted to a ShareBuilder account. I bought into a few index stocks like QQQ, EEM, and GLD to name a few. The account grew to just under $900 with my biggest gainers being BP which I bought right after the stock crashed due to their oil spill, and QQQ that I bought back when it was trading for $95 a share.
There are a couple of pros and cons to this decision.
The cons are the pattern day trader rule that I'll be facing. This forces me to trade carefully, buy in, take profit, then take all out. I'll only be trading with roughly $300 capital while leaving the rest in the account as the original positions. This means that I should really focus on stocks with prices less than $2 a share to maximize my positions volume. I'm not able to touch the funds until retirement age without heavy fines.
The pros are having a reliable platform to learn from. I'm less likely to run into technical issues when using an actual broker to learn from. Sharebuilder has a mobile app that I already have on my iphone. Using compounding trading I can still grow the capital of $300 quickly. Also, anything I grow in my ROTH IRA with not be effected by the same tax rules as other money market accounts.
At some point I will still be starting a SureTrader account, but for now Sharebuilder is my new learning tool.