Starting out investing

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PeteC

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Joined
Jul 26, 2019
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Location
Mississippi, USA
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Model 3
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#1
I may be in the wrong place for this, but I want to buy Tesla stock. I've never purchased stock in my life. Any suggestions?
 

Dr. J

Private
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Sep 1, 2017
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Location
Fort Worth
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#3
I may be in the wrong place for this, but I want to buy Tesla stock. I've never purchased stock in my life. Any suggestions?
You can open a brokerage account at any of the big firms: Fidelity, TDAmeritrade, Vanguard, etc. Trading costs are cheap. I advise putting your brain rather than your heart in charge: build a diversified portfolio of ETFs or mutual funds (including some bonds) and make TSLA a (small) part of a balanced breakfast.
 

AutopilotFan

Active member
Joined
Oct 6, 2018
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146
Location
Boston, MA
Tesla Owner
Model 3
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#4
I may be in the wrong place for this, but I want to buy Tesla stock. I've never purchased stock in my life. Any suggestions?
If you have an account at an investment company like Fidelity, Vanguard, etc, you may have funds that can be used to buy stocks. I ended up with an taxable investment account funded with some stock options that paid out, and used that to buy Tesla stock online.

Read up on it before buying any stock so you know what the basic terms mean. Compare the different fees that different companies/brokers want to charge you. These links might get you started:
 

Dr. J

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Sep 1, 2017
Messages
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Location
Fort Worth
Tesla Owner
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#7
Thanks! Of course, an Investment company would be the place. In my ignorance, I thought stock was purchased directly from a company. Thanks for the links to get me started.
If you start wondering about the numerous options for trades, this will explain them: https://www.sec.gov/investor/alerts/trading101basics.pdf . I nearly always use limit orders (buy n shares at or below x price, or sell n shares at or above y price) rather than market orders, which execute at whatever price is available at that instant. A limit order may not execute (because the price may never get to my limit), but I know I won't be screwed by the broker or end up having bought or sold at an unfavorable price. In a stock like TSLA which has high trading volume, this is less of a concern, compared to thinly traded stocks. But I still use limit orders to nail down the price.

If you use a limit order and think it may not execute any time soon, you can make it GTC--good till canceled, which in reality is about 2 or 3 months until it's canceled. An alternative is to make it good until the close of trading the day you place the order (or any date in between).