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Where can I buy stocks?

  • #1
  • First Post: Jun 8, 2007 11:05pm Jun 8, 2007 11:05pm
I have been trading FOREX for 1.5 years and I have not been successful. I am now very depressed. I think I am going to leave FOREX and now I am thinking about trading stocks. But I know nothing about trading stocks now. I am in Canada now (I am not a canadian though). Can I trade American stocks registered with NASDAQ in Canada? If I can, where can I buy them and where are the brokers? If you know any of the brokers or their website, please let me know some of them. Do I need to pay taxes for trading stocks?
When I buy it, it moves down. When I sell it, it moves up.
  • #2
  • Jun 9, 2007 8:41am Jun 9, 2007 8:41am
Man, you are asking too much questions at a time...

Yes you can trade US stocks from Canada. I have been trading US stocks while I live in Egypt for 6 years...

There are many brokers where you can trade stocks through. Examples are: Scottrade, Ameritrade, Schwab, Etrade, Interactive Brokers, Trade Station and others...

If you are a non-US citizen and at the same time a non-US resident, you don't pay taxes for your gains through the US markets.


Thanks,

Nader
  • #3
  • Edited 11:23am Jun 9, 2007 10:50am | Edited 11:23am
Whoah!... Stop right there. I'll suggest a broker but consider a few things first.
It's great to trade more than one market but the idea is to expand, not replace.
First of all, you're probably closer to success in Forex than you think. With what you've learned so far you're certainly closer in Forex than you are in stock trading.
Probably you have a few problems that are holding you back. If you jump to stocks you will bring those problems with you and your results will suffer there too. And you will have to learn an entire new market.
I trade both and here is my opinion:
A You will need more capital to trade stocks

B You will pay the spread plus a commission. This will kill you on small positions.

C There are many more rules regarding daytrading, shortselling, etc.

D All the bad stuff, stop hunting, news, changing spreads, etc will still be there too. Along with earnings reports and a raft of other things.

I could go on and on but there is just too much. To sum it up: Keep working on Forex instead of tossing away what you've learned. When you conquer Forex, that's the time to expand into other markets.

Hopefully Merlin or Bemac or one of the other Well Rounded Traders of Many Markets will add to this.

With that being said, Scottrade is good and Schwab offers good tutorials. But please think hard before you send any of them a check.
  • #4
  • Jun 11, 2007 8:35pm Jun 11, 2007 8:35pm
Quoting pujolshomerun
I have been trading FOREX for 1.5 years and I have not been successful. I am now very depressed. I think I am going to leave FOREX and now I am thinking about trading stocks. But I know nothing about trading stocks now. I am in Canada now (I am not a canadian though). Can I trade American stocks registered with NASDAQ in Canada? If I can, where can I buy them and where are the brokers? If you know any of the brokers or their website, please let me know some of them. Do I need to pay taxes for trading stocks?
Whoaah there Big Fella.;

Slow down.

Lesson # 1 in trading Anything is "Do Not Make Rash Descisions."


Let's talk about you. {slowly & from the beginning}
Let's start right after you heard about this E-Trading Get Rich Quick thing that attracted you.

What did you do then? {remember; slowly}

btw. I am in Canada now (I am not a canadian though) also.
  • #5
  • Jun 11, 2007 8:57pm Jun 11, 2007 8:57pm
Quoting pujolshomerun
I have been trading FOREX for 1.5 years and I have not been successful. I am now very depressed. I think I am going to leave FOREX and now I am thinking about trading stocks. But I know nothing about trading stocks now. I am in Canada now (I am not a canadian though). Can I trade American stocks registered with NASDAQ in Canada? If I can, where can I buy them and where are the brokers? If you know any of the brokers or their website, please let me know some of them. Do I need to pay taxes for trading stocks?
You may not like hearing this, but I say it with only your best interest in mind.

If you have not been successful with Forex, then switching to Stocks is not going to help you one bit. Why? Because you will still be the one doing the trading.

The problem with your trading is not with the market you've chosen; it is inside you. The problem is not you, but rather is inside you. It is a demon that must be cast out before you can see success in any market. It is the same demon that all traders must identify within themselves and work to get rid of.

You've been trading a year and a half? Sir/Madam, you are only getting started. You're education has just begun, and Forex is the least complex market you can trade. Stick to Forex until you are successful before venturing into other, more complex markets.

How much reading have you done, and what have you been reading? There is a lot of bad information available on how to trade, but there are many good sources and books as well.

Can you provide a list of trading books that you have read? If you do that, then the good traders on this forum can guide you in your reading choices.

Whatever you do, don't jump ship now! The grass is NOT greener in other markets. If the grass on the Forex side of the ship is not green enough for you, then instead of abandoning it, nurture it instead. Feed it, water it and keep it trimmed.

You have found THE best place on the internet to learn about Forex and about trading in general. There are many good people here who are willing to help those who are willing to work and pull their own plow (but are rightly unwilling to spoon feed lazy traders). So, start asking questions with a demonstrated willingness to listen and learn, and you'll get a million dollars worth of help here for free!

Dial
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  • #6
  • Jun 11, 2007 11:40pm Jun 11, 2007 11:40pm
I have been using ScotTrade for about 2 years now. I do not have any argument with the service I have received. I think they may have raised their commission to $7.50/trade now. I really should know these things but I only place 2 - 3 trades a month... mostly funds. Prompt withdrawls when I asked for them, someone always picks up the phone, platform for both 25k+ and sub 25k accounts are good.

Are you interested in daytrading? Or longer term investing?
The market is my nation. Traders, my family. Hello, brothers and sisters!
  • #7
  • Jun 12, 2007 6:15am Jun 12, 2007 6:15am
Quoting pujolshomerun
I have been trading FOREX for 1.5 years and I have not been successful. I am now very depressed. I think I am going to leave FOREX and now I am thinking about trading stocks. But I know nothing about trading stocks now. I am in Canada now (I am not a canadian though). Can I trade American stocks registered with NASDAQ in Canada? If I can, where can I buy them and where are the brokers? If you know any of the brokers or their website, please let me know some of them. Do I need to pay taxes for trading stocks?
I'm happy trading through the Royal Bank, though they are a bit more expensive than discount brokers. Toronto Dominion also has a brokerage which is supposed to be good. If you are going to trade US stocks it's easier if you set up a US $ trading account and trade US stocks through that, and Cad stocks through the Cad account. Discount brokers seem to come and go here, partly because of the regulatory mechanism, and partly because they don't seem to function well in Canada. Maybe they just don't like the climate.

Yes, you have to pay taxes like everyone else, but there's a number of ways to work it depending on your circumstances and style (income, capital gain, etc.). You can also trade through an RRSP account, which means no taxes unless you take the money out of the account. RBC (and I assume the others) carry everything US from the NYSE &NASDAQ to pink sheets & options, plus you have access to the smaller Canadian exchanges.
  • #8
  • Jun 12, 2007 6:17am Jun 12, 2007 6:17am
If you cant succeed on just a few a dozen or so currency pairs how are you going to concentrate on thousands of diffrent companays?

Quoting pujolshomerun
I have been trading FOREX for 1.5 years and I have not been successful. I am now very depressed. I think I am going to leave FOREX and now I am thinking about trading stocks. But I know nothing about trading stocks now. I am in Canada now (I am not a canadian though). Can I trade American stocks registered with NASDAQ in Canada? If I can, where can I buy them and where are the brokers? If you know any of the brokers or their website, please let me know some of them. Do I need to pay taxes for trading stocks?
  • #9
  • Jun 13, 2007 4:46pm Jun 13, 2007 4:46pm
I highly second what Dial said. Being unable to achieve success in 1 market will lead to the same result in other markets. Yes markets differ slightly from each other, but the success factors are always the same, just as the success factors in normal businesses are the same regardless if you sell semiconductors or life insurance.

Whatever the market you are trading, you must know how to manage money, how to manage positions, how and when to take profits and how and when to get out to protect what you have or what you made.


Thanks,

Nader
  • #10
  • Jun 13, 2007 4:51pm Jun 13, 2007 4:51pm
I think markets can make a difference. I was and still am scared to hold stocks overnight. The only ones I will hold are large and mega cap stocks such as KB Home, Wal Mart, Microsoft etc etc. I like forex and trust it more because outside of weekends, there will never be any suprises, no gaps down 20% or the failure to open at all. I see the price happening and I do not feel helpless as I have with the stock exchanges.
The market is my nation. Traders, my family. Hello, brothers and sisters!
  • #11
  • Last Post: Jun 14, 2007 4:26am Jun 14, 2007 4:26am
Do they pay dividents? Do you have any kind of hipothetical "vote"?
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