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I readily admit as I write this up on 8/17/2009 that I still have one day to go before I can honestly say I have been a an online stock trader for a full two weeks. Yes, it was scary for a guy that has never done it and knew zip about trading stocks online. What kind of trouble would I get myself into? Would I mess up, accidentally break the law, and be fined? Would I lose a lot of money? (For me a lot of money is a few hundred dollars, not a few ten thousands.)
In any case last week was my first full week, it went well, and to prove even a fool gets it right sometimes I made a little less than $ 200 profit (actually bought and sold and so it was not just a paper profit). That was encouraging but I have also found there was a few things I did not know about until just the last (guessing here) 3 days or so that it would have been better to have known earlier. These are things if you are a beginner you need to read up on before you get started. Don't worry about it though if you mess up. You are not going to jail or be fined. It was a comfort to learn that.
I don't want to talk about all of these 3 or 4 things in this one article for then what would I write about later but here is one thing I did not know and learned after the fact. One thing you need to learn early is about "settlement dates" and how they affect your ability to buy and sell. One mistake I made was thinking that because everything is done on the computer electronically that when you buy you buy and when you sell you sell and it is all done instantly. The fact of the matter is that with stocks it is not a legally done deal until 3 business days (trading days) have expired since you bought the stock. If you buy or sell on Monday it does not become a legally done deal until Thursday. Thus the money you thought you had on hand to maybe make a purchase of stock because you just sold another stock to finance it is not really there and will not be until Thursday. We might say the banking process of transferring funds is a 3 day deal. It is very helpful to know that when starting out.
This does not mean you cannot use funds from a sell of stock you have just made but it does mean there are some qualifiers. It is not the purpose of this article to go into detail. There are a zillion online encyclopedias and investing resources on the web explaining "settlement dates" in detail. I encourage you to go to it with a little Google search on the term.
Why was this article important to the beginner? Glad you asked (just kidding). Because as a beginner myself I know I had never heard the term "settlement date." It was just kind of taken as a matter of course that a guy knew enough about trading stocks to know what it meant and how it affected your trading. It is like the teacher you had in school who asks if there are any questions and you do not know enough to ask even one because it is all over your head.
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